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joint venture your way to success
Category: GENERAL
Tags: joint ventures team building jv simple jv

When businesses think of team building, business owners usually associate it with building their companyís internal workforce into a lean-mean fighting machine. †Team building, however, should be extended to include external relationships such as those with other businesses. †Enter joint ventures or JVs for short.

Joint ventures generally are business partnerships established between two or more parties (individuals, business groups, companies, corporations) for the purposes of expanding the business and achieving merits by joining forces and working as a team. The parties involved in joint venture agreements complement each other, leverage each otherís assets assets, compensate each otherís weaknesses, and at times equally share risks.

Less than 5% of businesses actually use joint ventures effectively and most donít even use it at all. †In order to get the most out of joint ventures correctly, multiple factors such as choosing who to partner with, approaching potential partners correctly, negotiating a win-win deal for all parties involved, and having a well-coordinated execution need to be taken into consideration.

There are several types of joint ventures. Big companies may join forces to become even more powerful and thus dominate the market, while small companies may team up to build a stronger presence in their market niche in order to fend off bigger, resource-rich companies. JVs can also be used to gain access into foreign markets. Foreign companies often form joint ventures with indigenous companies that are already present on the market, but lack capital or financing to truly take advantage of the market potential. Foreign companies can bring money, new technologies and competitive strategies into a joint venture deal, while benefiting from the relationships and the brand of the domestic company.†

These complementary partnerships benefit all the businesses involved if set up correctly with the right partner. †Hereís a powerful but simple example of a JV that many businesses can take advantage of to grow their small business fast. †It is a highly efficient method of increasing business profits by teaming up with another partner whose business is non-competitive and offers a highly valuable asset, a highly responsive client list that would be interested in your products or services. By tapping into this hidden goldmine, small businesses can save thousands of dollars in marketing expense to reach their target clientele while achieving the goal of boosting the bottom line. †The business offering the vehicle in which to reach these clientele, the client list, benefits from offering complementary products and services that it does not sell and makes a cut of the sales generated from marketing to this list.

Here are 5 tips for joint venture success:†

- Choose your partners carefully. †A joint venture has greater chance of being successful if partners have an excellent reputation. An essential component to good team building is having the right partners. †They must be trustworthy and have a high level of integrity.

Joint ventures involve extensive team building effort because it is a relationship between two parties and if the relationship is to last, it must be nurtured and kept going. †Both parties must be able to trust each other and deliver on each otherís promises. †To find the right partner, perform solid market research and approach only businesses you would want to do business with long term. †If you want to form a partnership with a certain company, make sure that its business practices are in-line with yours. It would be very difficult for you to form a reliable team with people who lack motivation or professionalism, so you should look for well-trained, open-minded potential partners.

- Know what to expect from the beginning of any JV relationship. †Know from the start what your goals are, what you want to accomplish, and see if your goals are attuned with the partner. †Each company should come up with a marketing plan and clearly specify what is expected from their potential partners.

Plan your strategy ahead of time and make sure you cover all the legal aspects stipulated in your joint venture contract, like resource availability and management, special allocations, mutual gains, deductions and income issues. Stick to the business development plan and establish new priorities and goals as you progress. By efficiently managing resources and by maintaining a good, competitive business policy, you will secure the longevity and the success of your business.†

- Draft proposals like mini-sales letters. †Compose a professional proposal letter explaining the advantages of the joint venture in a convincing way. Keep it short, clear, concise and coherent while briefly introducing your business and why they should do business with you. †Remember to tune in to the radio station your prospective JV partner listens to, WIIFM or Whatís In It For Me.

If you want to propose a joint venture to anyone you have to give them a really good reason why they should do it. †Otherwise, they will most likely decline your proposal. Big, successful companies receive many joint venture offers so you have to stand out. You should educate them about the advantages and the benefits of choosing you over the others. If this partner happens to be a dream partner, stay persistent as persistence demonstrates sincerity and determination to make it work for the potential JV partner.

- Avoid shooting too high with your offers. †If you are a smaller business, do not target your offer to a large company first as it will most likely be thrown away. †Instead of aiming too high at this point, establish successful joint ventures with small companies in order to get noticed by the bigger, powerful ones. †Establish a reputation as a solid business owner who knows how to turn joint ventures into gold for their partners. †Businesses naturally gravitate towards successful businesses. †Remember to toot your own horn by announcing JVs through press releases and/or articles in trade magazines. †As your business expands, the competition will quickly become aware of your presence, and there is a chance that powerful companies might come up with proposals of joining forces with your company. †

- Be honest and open with all business transactions always. †Once you have negotiated the details of the joint venture, the actual work begins. In order to keep things going, a lot of trust, understanding and expertise are needed for ongoing team building on both sides. †Maintain an open dialogue and always address issues upfront before it becomes a bigger problem that threatens to break up the partnership.

These are the basic rules for joint ventures and it is ultimately up to you to see whether a deal will be successful. †Learn with each joint venture deal to improve on the next deal. †Deals can only be made if you go after them. †With lots of hard work, youíll develop enough expertise to be a joint venture expert and take your business to the next level.

STOP THE COLD TREATMENT
Category: GENERAL
Tags: cold call cold calling sales training phone selling phone prospecting sales prospecting sales scripts telesales telemarketing mortgage sellin

When Prospects Give You The "Silent Treatment

If youíve been selling for a while, youíve probably had at least one experience in which your prospect suddenly started giving you the "silent treatment."

Anthony described this dilemma very poignantly when he called me a few weeks ago:

"Ari, I donít know what to do when I get hit with the Ďsilent treatmentí -- you know, when Iíve worked with a prospect for quite a while, and weíve had great conversations, and they've expressed interest in our solution -- and then all of a sudden everything stops.

I try calling them back once or twice. I even send a follow-up e-mail, but nothing. They just disappear. And I figure Iíve lost the sale, and I donít know what I did wrong, or what to do next. It makes selling feel like such a painful and arduous process."

If this has happened to you, you may have felt anxious and confused. You may have told yourself, "Itís not as if Iím the one who did anything wrong. I put everything into the relationship. How can I rescue the sale if I canít even get them to talk to me?"

The "Hopeium" Trap

There is a pressure-free way to reestablish communication when your prospect starts giving you the "silent treatment." But first, itís important to understand why the situation has happened in the first place.

Most of us who sell get caught up in "hopeium," a comical term that means we focus our hopes and desires on making the sale. But hopeium can be a trap, because it's impossible for you to keep in mind your most important goal: to learn your prospectís truth.

When we fix our minds on the outcome -- making the sale -- we automatically begin anticipating how the process will go, and we also begin expecting that things will happen as we hope they will.

But if weíre in that mindset and our prospect suddenly breaks off communication, we feel lost, anxious, frustrated, discouraged, and confused. We become preoccupied with what went wrong.

We may even feel betrayed.

Is there any way to clear up the mystery?

Yes, by giving up your agenda and learning the truth about where you stand with your prospect --and being ok with whatever the truth may be. "But how can I learn the truth when theyíre avoiding me?" you may ask. "And why do I need to let go of the sale?"

Letís take the second question first.

If you approach your prospect while you still hope the sale will happen, youíll introduce sales pressure into the relationship. This will push your prospect away from you and destroy any trust you have developed with them. Instead, you can eliminate sales pressure by telling them that youíre okay with their decision if theyíve decided not to move forward.

In other words, you take a step back instead of trying to chase and follow up with calls because youíre focused on getting a "yes."

The bottom line is:

When a prospect gives you the "silent treatment," it doesnít mean youíve lost the sale. It just means you donít know the truth yet.

What you need to do is call and learn the truth.

Why is learning the truth so important?

Here are 4 important reasons:

1. You stop losing confidence in your selling ability. The "silent treatment" threatens our "hopeium." We start blaming ourselves. We donít know where we stand -- a painful state of limbo. Our self-talk is negative and full of self-blame, and weíre on pins and needles wondering whether the sale will still come through somehow.

2. You increase your selling efficiency and decrease your stress level. Once you learn the truth about your prospectís situation, you can either stay involved with the prospect or move on. I often say, "A Ďnoí is almost as valuable as a Ďyes.í" Why? Because it frees up your time to find prospects who are a better fit with your solution. This lets you work much more efficiently because you can quickly weed out prospects who arenít going to buy. Knowing the prospectís truth lets you walk away without that guilt-laden voice whispering, "If you give up, you don't have what it takes."

Learning your prospectís truth translates into tangible results that equal real dollars. Youíll also put an end to the self-sabotaging stress that comes from living in "silent treatment" limbo.

3. Sales pressure pushes prospects away. When you respond to the "silent treatment" with calls and e-mails, youíre really telling them that youíre determined to move the sales process forward -- which means youíre looking out for your needs, not theirs. This makes them mistrust you and run the other way.

4. The "silent treatment" -- totally breaking off communication -- is how prospects protect themselves from sales pressure when they donít feel comfortable telling us their truth. The more we press, the more they run.

But the opposite is true, too. The more we relax and invite the truth, the more straightforward theyíll be with us. Prospects feel okay sharing whatís going on with them when they know weíre okay with hearing it.

How to Reopen Communication

After Anthony and I had talked about some of these issues, he said, "This all makes a lot of sense, Ari, but Iím still not sure what to say when I make that call."

Itís simpler than you might think.

* First, simply give your prospect a call. (E-mail and voicemail are very impersonal, so use them only as last resorts if you can't reach your prospect after several phone calls.)

* Second, take responsibility and apologize for having caused the "silent treatment".

Hereís some language I suggested to Anthony that will make prospects feel safe enough to open up and tell you the truth about their situation:

"Hi, Jim, itís Anthony. I just wanted, first of all, to call and apologize that we ended up not being able to connect. I feel like somewhere along the way maybe I dropped the ball, or I didnít give you the information you needed. Iím not calling to move things forward because Iím assuming youíve probably gone ahead with someone else, and thatís perfectly okay. Iím just checking to see if you may have some feedback as to where I can improve for next time."

When you respond to the "silent treatment" this way, the results will probably surprise you. You may even learn that the prospect has legitimate reasons for not having gotten back to you.

Youíll also find yourself more productive and less frustrated. Itíll make a world of difference in your productivity level, your stress level, your income, and how much you enjoy what youíre doing.

RememberÖ

You havenít lost the sale. You just donít know the truth yet.

Building Your Network That Supports Your End Goals
Category: GENERAL
Tags: network goals motivate

Building Your Network That Supports Your End Goals

Networking is creating a foundation of connections that can boost your business, motivate and support you with all of your efforts. If you're an entrepreneur or business owner, you never want to operate alone.†

Having people surround you who can motivate and inspire you, as well as share knowledge that can catapult you to the forefront of your niche - is always a good idea.†

You don't want all of your networking efforts to be in just one area (such as list building) - because that can narrow the positive benefits for yourself and the people you're connecting with.†

You want to networking with people who excel in a myriad of ways so that you can learn from all of them and bring your business to a higher level. How you connect to these people should also vary.†

You can connect with face-to-face encounters in your personal and professional life. You can make connections on social media sites, through email contact or on forums.†

You can connect with a network both far and near by text or by phone calls, too. The sea of networking is a vast, endless supply of connections just waiting to be tapped into by a go-getter like yourself!

Why You Need to Network

While being a solo entrepreneur sounds wonderful, it can also put a lot of pressure on you because you don't have a support system or team of individuals to help you succeed.†

Networking can keep you moving forward with your goals. Though the term "self-made man" sounds great, in reality, no one person succeeded without a single bit of help through his or her lifetime.†

Somewhere along the line, there was at least one person who reached out and helped someone else get where he or she wanted to be with a dream or a goal. By connecting with other people, there can be a source of help waiting for you that will provide you with encouragement.†

When you move forward, obstacles sometimes happen. Maybe not often - and maybe not huge, but it does happen. When you have a network of people - it can help you find a path through or around anything trying to deter your success.†

It might be that your sales copy isn't converting - or your product sales are low. Networking brings people into your life who can confidently speak up and help you pinpoint the issues and resolve them.†

It helps because when you're striving for something in your personal or professional life, having a bond with people who have walked in your shoes strengthens you.†

When you're building a network, make sure that some of the people you connect with are heading the same direction. You want to do this because those people will be able to understand and they'll be able to "get you" - unlike those who aren't going after a similar goal.

But make sure you have variety - because sometimes someone who is on a different path can offer a unique point of view for your vision - injecting fresh ideas into an otherwise stagnant path.†

By having a solid network, you'll get the feeling that you're not in it alone. On the days that it can be difficult to keep on going, others are there to help you shoulder the burden or get your mindset to a better place.

That can create momentum when you feel like you're beginning to lag in motivation or enthusiasm. You need a network because you'll find people that you can bounce new ideas off of.†

You'll also have others who can help you come up with new ideas. Or they may be able to suggest going in a different direction when the one you're on is filled with more obstacles than you anticipated.†

In almost any endeavor in life, our emotions are closely tangled with whatever it is that we're doing. When you have a team of people you network with, you'll often find a great network of emotional support.†

You'll be able to see that whatever happens - good or bad - in your life, doesn't have to change who you are. You'll be able to look at how others handle success and how they deal with setbacks.†

With a good network, you can create partnerships or joint ventures that can lead to even greater opportunities. You can double the amount of output you're capable of when you have a network.†

You'll also gain the benefit of others who may have more experience and wisdom with the project that you're dealing with. Maybe they know a shortcut or can help you avoid a disastrous result by offering a bit of advice.†

Utilizing the Give and Take of Networking

When entrepreneurs think of networking, it's usually in a "What ca they do for me" mindset. But the best way to get the top contacts in your corner is to step up and serve others first.†

With networking, you have a great deal of ways that you can benefit. People that you network with also stand to gain from the relationship. This give and take of mutual benefits can help support your end goals.†

With your professional colleagues, they can offer help with some of the projects that you need to do or some of the situations that you need handled. They can be a sympathetic ear when you need one and you can often find a group of people who will have your back when the time comes to stand up for something.†

In exchange, you can offer help with projects they need help with as well as offering the same support when they're in need of someone to listen to them brainstorm or vent.†

If you're trying to build a network with your clients, this can benefit you by giving you someone who will root for you, someone who can help you reach your professional goals such as an increased client roster.†

You can benefit this person by offering loyalty and the commitment to give each task your peak performance. Make sure you over-deliver and they will often reciprocate for you in the form of recommendations and bonuses.†

You'll want to build networks with assistants and others who work closely with people that you want to network with. These are the people that protect their bosses from just anyone being able to reach them.†

They help streamline a busy person's day and keep them on target. By creating a strong network with assistants to the people you'd like to reach out to, you can create that chance for direct contact.†

What you can give back is gratitude and support that shows that you appreciate the effort. Assistants are often underappreciated and having someone acknowledge their work means more than you realize.†

Network with people who know more than you in whatever area you need the help with. You'll gain from their wisdom, their years of experience - and their contacts can become your potential contacts as well.†

You can give them back fresh ideas, help with a project and be someone to bounce ideas off of. You can also help promote their promotions if you truly believe in the quality of their deliverables.†

Others who are also looking to network can be great connections to make. When you're networking with others looking to do the same, you can stay in the loop for what's going on in your field.†

Fellow networkers can also be helpful at finding openings for project bids, for new opportunities for sales and for potential career advancements. These people can help you be more aware of information that you need onhand in order to meet your goals.†

They can share contacts and news for the field that you're in. You can then do the same for them. For instance, you might network with what is normally viewed as a competitor, where you each help the other build trust and loyalty with your audiences by co-hosting a webinar together.†

You also want to network with community groups in order to create a platform, gain solidarity and share information with you. For their help, you can offer your expertise for their association or movement.†

Networking with friends and family members offers good connection possibilities to help you reach your end goals. Family and friends can offer emotional support as well as be a sounding board and in exchange, you can do the same for them.†

Go Where the Networking Opportunities Exist

When you're looking to network, you do have to put yourself out there to make connections. Even if you're making connections online, you still have to reach out.†

Regardless of where you plan to connect, make it a priority to try to create at least one new networking opportunity every day. It may take a few contacts to make a solid connection.†

LinkedIn is a great place for connecting, but so are forums in your niche, Facebook groups, and even direct networking platforms like Twitter! All you have to do to find the opportunities is use the site's search function with keywords.†

When you're trying to connect, don't overwhelm the person with eagerness. You can network without coming across as too pushy. Keep in mind that other successful people have busy schedules and they may not respond for longer than you think.†

Look for organizations of similar interest. If you're into making and selling jewelry and you're hoping to network because your end goal is to grow your business, then you need to network with professional organizations and leaders in the same niche.†

This might be an association for jewelry makers. The association might be one that breaks down the jewelry by the kind it is - such as contemporary jewelry. You would also want to look for stonesetting or stonecutting organizations.†

Many of those will offer valuable resources that can link you to further networking opportunities. One thing you have to remember is that joining isn't enough - you have to be an active participant. †

How are people in a group going to know who to recommend for you to network with if they're unaware of your slant in the marketplace? So don't be afraid to be vocal about what you do and where you plan to take your business.†

Look up trade organizations in the field that you're in. Pay attention to local and statewide organizations as well as national and international ones. These organizations can also help keep you in the loop on the latest trends and news in your area of interest.†

You can get to know other people within these associations that form a bigger community and a greater chance of networking. Reach out to individual members who seem active and form closer bonds and friendships.

Go to as many conferences as you can possibly attend every year. You'll be able to mingle with others who can offer you resources and connections to help you reach your end goals.†

You'll gain practical advice, be able to take learn from someone else's knowledge - and come away feeling inspired. Plus, you'll enjoy the camaraderie of like-minded individuals.

Make sure that you have an easy way that others at the gathering can contact you. You'll want to have a flier or business card. These people will be meeting and interacting with so many others - and you don't want your name to get lost in the crowd.†

If you have a book in print, then you might have a few onhand to dole out to special connections - and make sure you autograph it with a personalized message and your contact information, too.†

Go online to find the networking opportunities that you need. Many of the organizations that you'll seek have an online presence. You can easily engage and interact on a business's social media page or on their blog page.†

If there's not something already online for a networking opportunity in the field that you're in or headed in, then create one. You can bet that if you're looking to network and nothing's available, that others are too - and they will find you.†

Networking opportunities are abundant in many areas where you can find support both for your personal and professional goals. Being a part of a community should help you be more productive, so make sure you don't join one that seems to drag you down.

You Have Your Network - Now What?

After you've sought out networking and made those initial contacts, you want to make sure that you take the opportunities offered to you among this initial network.†

But eventually, if your circle of networking remains the same and you're not adding new connections, you'll lose momentum. It should always be growing at a steady rate.†

Once you have your network in place, you can't let it stagnate. A network needs to be active for it to remain viable. There are several ways that you can cultivate your relationships in this network - and this will work for personal or professional goals.†

Stay active. Too many people network to help reach their end goal and then they slack off. They join organizations and they're so powered by motivation and determination at the beginning.†

When they start accomplishing mini goals or reach the one big goal, they start to take it easy, believing they've arrived and no longer need anyone else's support to succeed.†

Success is not an arrival. It is a continual pattern of growth. If you joined organizations to make networking connections, you need to keep up with those organizations on a regular basis.†

Even if you don't have the same amount of time that you had in the beginning, you still need some kind of time commitment in order to keep the contacts you have interested and to build new ones in the future.†

Participate in discussions within the group. Post insightful news and even share your accomplishments and compliment other people on theirs. Don't be gone from the group so long that you have to reintroduce yourself every time you pop in.†

People can tell when you're networking without reciprocating, so it's important that you give back. Whatever it took to build your success is what it will take to keep it growing.†

It's a basic formula of lather, rinse, repeat - only in the case of reaching goals, it's network, build, repeat. Speak up about your accomplishments. Not in a bragging way, but in a way that's designed to create new networking opportunities that are borne out of someone being impressed by your momentum and accomplishments.†

Spread your joy and passion for whatever you've accomplished. People love a good, motivating story. You can be used to inspire others - and in turn, that will help create more networking contacts through word of mouth.†

You can speak at schools, colleges, men's or women's groups - you can start podcasts or upload video presentations. All of these are forms of continuing to network.†

When you need help with something, don't be afraid to speak up and ask for it. Likewise, when you see someone floundering, be the one who steps up and lends a helping hand.†

The Top 5 People You Want in Your Network

It won't do you any good to create a network if you build it with people who don't support your end goal. Having the wrong network can turn out to be worse than not having one at all.†

There are five specific types of people you want to include in your network. †These people will be instrumental in helping you achieve your goals.†

The first person that you need to have alongside you is a mentor. This individual will be able to offer you guidance and advice. He or she can suggest when the time is right to take an opportunity - and when to wait.†

They may also be able to help keep you from making a mistake. It's wise to have someone on your side who's been there, done that. You can learn from their knowledge as well as from their setbacks.†

A mentor is great at helping you build your self esteem to the point where you can rely on your gut instinct. They help with pinpointing your obstacles and the places where you feel most vulnerable, giving you the power to†

Opposite of a mentor, you also want to have someone that you mentor. This is because having someone in your network that you help along the way will work to keep your leadership skills revved up.†

Someone that you're mentoring can help you with fresh ideas as well. You get to see where your niche needs help and find ways that will assist others in reaching their end goals, too.†

In your network, you also want a creative thinker. Many creative thinkers are also dreamers. This will be someone who will root for your ideas and support your dreams - even if you haven't taken a single step to make those dreams a reality yet.†

Creative thinkers are people who help you learn how to set yourself apart from the crowd in you niche. You have to be able to differentiate yourself within the niche if you want to keep achieving bigger and better goals along the way.†

This type of person is someone who you can bounce ideas off of and then brainstorm an amazing result that will wow your audience and make your competition (and prospective JV partners) sit up and take notice.†

But besides the creative thinker, you also want the analytical thinker. This person won't be someone telling you that something can't be achieved. Instead, he or she will be someone who can help keep you grounded.†

Not all dreams and ambitions are meant to come to fruition. This person can help you see what steps you do need to take in order to have the success that you want. If something is unattainable, they'll not only tell you that it is, but why - so that you can find a workaround, if possible.†

Finally, you need someone who's good at finding information for the purpose of helping you get ahead with your goals. This person will connect you to people or opportunities.†

They will help find ways for you to network that you may not know about. This type of person loves introducing mutual friends who they know could use each others' ideas.†

Building your network is an evergreen task that you should always be pursuing. You have to be able to simultaneously take risks in connecting with someone who might shock you in a good way - and cautious about pairing up with those who can derail your best efforts or make you look like you're aligned with the wrong people.

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