One of the best ways a mentor of mine has trained many of us to overcome the recession is with the use of joint ventures/strategic alliances. How is this accomplished with others? By understanding a concept known as incremental profit.
What does that mean?
So many businesses want to have the entire profit all the time. Business is a team sport. Doesn't it make sense to work with another business, tie in with their contacts by providing the value you can and then work out a fair and equitable split?
That is the essence of a joint venture!
Team up, create value the other business does not have and do this over and over again.
Next blog:
The key steps to a joint venture.
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