How Do You Handle A Joint Venture Crisis?
By Christian Fea
Every day, you are subjected to the slings and arrows of business. Machinery breaks down. Shipments get lost. Airplanes are delayed. And in each of these types of scenarios, you are tested on your ability to effectively deal with the situation in a manner becoming of a business owner and a joint venture partner. However, when your JV rubs against friction how do you handle it? Are you a pro, or do you wilt and become a feather in the wind?
Crisis is usually not easy and most certainly unpleasant. But your attitude and leadership toward solving the problem(s) and getting resolution tells volumes about the success of your JV and your relationship with your JV partner. If you can improve upon the ways you handle and lead crises, you can bet you”ll find greater satisfaction with your JV.
So what are the characteristics of an effective crisis leader? A great crisis manger will have the ability to:
See the cause of the crises - A crises happens when something happens that wasn”t according to plan or strategy. What caused the machinery to break down? Was it faulty maintenance, or perhaps a warranty problem? Knowing the source gives light to the path of fixing the problem.
Know what resources are needed to solve the crises - A solution to a big problem requires resources. Continuing on the broken machinery example, a good crisis handler will know the tools needed to fix it, the right mechanic to summon, or perhaps the right tech to call for an over-the-phone repair.
Admit strengths and weaknesses - You may have the right tools to fix your machinery, but you may also not have a clue how to disassemble the parts. Know what you can and cannot do, and lean solutions toward your strengths.
Identify the obstacles - Any solution may have obstacles that need to be overcome. You may not have the right tool, or it may be the weekend and a technician cannot be called for repair of the broken machinery, etc.
Find multiple solutions - A broken down machinery problem may have many solutions. One solution may be to fix the machinery. Alternately, you could hire someone else with the same machinery to do the work if you”re in a hurry. Another solution could be designing a client order that requires different machinery that is in working condition. Think outside the box.
Know that a solution exists - A good crisis leader doesn”t give up. There is a solution for every problem. It just requires creativity and thought to discover it.
Encourage others to do their best - A crisis puts stress levels on overdrive. A good crisis leader will have the ability to encourage and pep up another JV partner and believe in their abilities to work toward the solution.
Crisis leadership is not an inherited trait. It takes practice and experience. Learn to get a grip on your top JV problems as they arise and let your inner crisis leader emerge.
About The Author
Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.
To discover more Joint Venture Marketing Strategies join his free Joint Venture Wealth Report.
