The Preparatory Steps For a Joint Venture

Are you planning to venture into a foreign country but are short of adequate funds?

One of the tried and tested ways of venturing into new, unfamiliar markets is through joint venture (JV) with a local business partner. Having marketable products, technical know-how and the finance are not enough for getting a toehold in a new market. The knowledge about the characteristics of the particular markets and contacts and networking with local dealers and retailers are equally essential in making your presence felt.

A joint venture with a local business partner gives you the added edge of penetrating new markets. The partner is likely to bring to the table on-the-ground knowledge about your customers, and valuable insights about pricing, distribution, packaging and ROI apart from a well-established distribution and marketing network.

Since a huge amount money and risk is involved in a joint venture, it requires a right set of effective planning and execution to ensure the success of joint venture. Apart from huge investment and capital, a successful joint venture stands on honesty, integrity, mutual understanding and communication between the partners. 

 

Dow Corning, Sony Ericsson, MillerCoors, Norampac, Penske Truck Leasing, and Owens-Corning are some of the successful joint ventures that can be referred as the case studies.

The Groundwork for the Joint Venture 

Before entering into a joint venture you should be very clear about your objectives and complete business model. You should have a clear picture about the investment amount, finance options and debts. Be very sure about your target audience and products you are offering through a joint venture. 

Collect complete knowledge about the foreign policies of that country and way they can be beneficial for you. Compile a detailed list of your competitors and discuss strategies with your partner to counter them.

You should also have the complete details of offered site, including output projections, transport and warehousing, testing and quality control, by-products and waste; supply, utility, and transport requirements along with estimated technology transfer costs. (source: Wikipedia)

Seek Services of a CEO Peer Groups

You can valuable suggestions about entering into a joint venture at a CEO peer group. At a CEO club, you get to meet the business leaders from non-competitive business domains. You can benefit from their experiences and knowledge in a CEO conference.

We have discussed the preparatory steps for a joint venture in this blog. We will discuss the other aspects of a joint venture in our next blog.

Tips for the CEO to Resolve Conflicts in a Team

“Knowledge of other people's beliefs and ways of thinking must be used to build bridges, not to create conflicts.”

—    Kjell Magne Bondevik

Conflicts are always the uninvited guests in a workplace. Their existence is inevitable in an atmosphere where a number of people with different backgrounds, interests, preferences, aspirations, and likes, work for a common goal.

Though it is difficult to avoid conflicts, the ability to recognize a conflict in the initial stage marks the true character of a great leader. Since conflicts are malignant in nature, it is very important for the management to quickly identify the root cause of conflict and find an effective resolution to it.

Here are some tips to resolve conflicts:

Prevention is the Cure

You should be alert enough to identify the conflict at a very early stage. Normally, conflicts at a workplace arise due to some misunderstandings between coworkers or real biases of the seniors. Therefore, treating all employees equally and implementing a fully transparent appraisal system can prevent several conflicts.

  

A Well-Defined Job Distribution

Jealousy is one of the main reasons of conflicts. A leader should have a proper job distribution system in place. The system should be unbiased, scientific and transparent that takes into account the abilities, skill set attitude, performance graph, productivity level and discipline of the employee.

Do Not Play a Favorite’s Game

A leader should always exhibit an unbiased approach towards his all employees.

You should avoid favoring a particular employee while handling a conflict. Begin the conversation by highlighting the positive points and let them discuss each other’s qualities. 

Most of the conflicts develop as a result of some misunderstanding. Let your employees state their issues in front of each other and try to come on to a solution acceptable to both sides.

Promote a Friendly Work Atmosphere  

Share a friendly relationship with your team members. Be approachable so that they do not hesitate to discuss their problems with you. Organize monthly meetings and encourage your subordinates to speak their heart out.

You should also call your juniors for one-to-one sessions where they can share their professional as well as personal problems.    

Create a Learning Opportunity Out of Conflict Situations

Smart leaders can find their ways beyond the dead ends.

Dealing with a disagreement underlines an inherent potential for personality development. While you resolve a conflict, present it as a case study for rest of your team members. You should try and find effective ways to prevent same instances in the future.        

Organize Group Outings and Adventure Sports

Participating in group activities builds team spirit and transforms enemies into partners. 

Most of the conflicts get resolved automatically when two parties work united to achieve a common goal. Sports have proved their effectiveness in resolving conflicts to a great deal. 

Seek Expert Guidance at CEO Peer Groups 

     

If you are looking for expert guidance, join a nearby CEO Club. CEO Clubs play an instrumental role in helping CEOs understand their role better and facing challenges successfully. You can also ask your peers at your CEO conference to suggest you ways to culminate conflicts within your organization.      

BrainTrust CEO Peer Group in Atlanta GA: Strike the Right Cord with a Perfect Business Idea...

BrainTrust CEO Peer Group in Atlanta GA: Strike the Right Cord with a Perfect Business Idea...: “You don’t learn to walk by following rules. You learn by doing, and by falling over.” ~ Richard Branson If you dream of owning a b...

Strike the Right Cord with a Perfect Business Idea!

“You don’t learn to walk by following rules. You learn by doing, and by falling over.”

~ Richard Branson

If you dream of owning a business enterprise and possess the requisite expertise, adequate capital, and above all the courage to enter and excel in the world of your choice, then the sky is the limit for you!

Do not forget, starting a business is not a cake walk and requires extensive research, planning, expertise, and hard work especially if you are starting it from the scratch without any Godfather or financial cushion.

Keep the following factors firmly in mind before you take steps for launching your own business:

Think something that matches your expertise

All businesses sprout from an Idea. It is very important for you to choose your business idea from your set of expertise and knowledge. If you are launching a product or offering a service, you should have the complete knowledge of all aspects attached with what you are going to sell. 

Even if you opt for an all new business idea, something you do not understand much, study it in detail before finally making it happen.

Understand the market demand 

You cannot sell a product or service which has lost its market value. Also, be careful not to jump into a market which is dominated by some big players especially if your pockets are not that deep to challenge the giants. Pick a business idea that will allow you to carve out a niche, and about which you have a good, first-hand knowledge.

Identify your target clients or customers 

You should have a good knowledge about your target audience. Design your product or services keeping in mind a particular category of customers and then serve them with a USP. 

For example if you are opening a restaurant, you can focus on continental food to make it as your main USP. You can gradually come on to other cuisines once you grab the attention of food lovers.

   

Be very sure about your capital or investment cap

Decide on the kind of investment your business idea would require and how much you can afford to fork out. Once you know the kind of investment the idea entails, you can plan out your finance – i.e. raising funds, distributing capital, managing ROI and so on.

Share your idea 

Sharing your idea with like-minded and experienced professionals at CEO Clubs will help you get a reality check on how workable or feasible your idea is. If you are a member of a CEO Club or CEO association, you can thrash out your idea with other CEO peers who have had entrepreneurial experience from which you can gain valuable insights. The honest, no-strings attached opinions and feedback you get at a CEO Coaching not only helps you mature as a businessman but also boosts your confidence and widens your vision.            

Tips to Motivate Employees & Appreciate them

Appreciation is the biggest motivator for everyone. Everyone likes to be appreciated especially when they know they are working hard and contributing to the company's growth. Unfortunately most employers fail to understand the importance of appreciation.

Employees often feel that they are not being appreciated or their efforts are not being recognized. If such feelings persist, you stand to lose even your most loyal employees. Appreciating your employee doesn't harm anyone. Rather it works in the company's benefit. Check out the ways in which you can acknowledge your employees:

Applaud employees' efforts

Praise your employees whenever a job is done well. Acknowledge them for their hard work and contributions. Once in a while, send them a thank you note saying things like, “Well done. Great work.” All these little gestures indicate that their work is valued.

Make it a point, to praise an employee in front of other colleagues. If an employee has done something good, sharing the appreciation in front of others will not only motivate that particular employee, it will also encourage others to do better.

Even if the ideas given by the employees fail, appreciate them for the efforts they have put into creating those ideas or giving them shape. Keep encouraging your employees so that they keep coming up with new ideas. This will instill motivation and positive thinking in them. After all, winning is not important. Making the effort is.

Little rewards

If a certain project is delivered within deadline or if some department has excelled in a certain work, take them out for a lunch or a movie once in a while. Or gift them tickets to a concert. It is a great way to unwind and boost team work and bonding as well.

Be friendly

As a top person in your organization, you need to look beyond work and deadlines all the time. Ask your employees about their hobbies, families and how they spend weekend. It just shows that you value and care for your employees.

Bonus

Give your employees a bonus or an increment every once in a while. It indicates that you appreciate the excellent work done. If you notice a terrific improvement or a superb performance by an employee, you can offer them a raise or a give them a promotion.

Employees of the month recognition

Every month, you can choose an “Employees of the month”. You can dedicate a space in the office where you can place the picture of the employee of the month along with details about what accomplishment the concerned employee made to earn that reward.

To ensure harmony in your organization and to keep employees motivated, you can also consult experienced CEOs in CEO clubs or CEO associations to learn and understand how other entrepreneurs face and resolve such challenges and keep the morale of the employees high. 

Learn the Art of Retaining Employees

Recruiting employees is never easy. Retaining good employees is trickier.

One common refrain you will hear from your employees who are leaving the company for greener pastures is, “You know, I loved working here but I need better opportunities to grow and improve my skills”.  And you are left wondering, what are those opportunities that you missed giving and other companies offered to draw away your prized employees.

It can get frustrating when the most talented of your employees quit suddenly, especially those on whom you had invested quite a lot of time, resources and money.  Retaining the performing employees is critical for your company's growth and success. Here are a few tips for CEOs who are keen to retain the employees they have groomed and mentored:

Retain the right person

Not all employees are worthy of retention. Some departures might actually be a blessing in disguise as laggard employees are ones you can do without.

But there are employees who either have the necessary skills and performance capabilities or have been painstakingly trained and groomed by you to handle varied responsibilities.

When you are planning measures to retain employees, make sure you know which employees are assets for the company and you can thus have significant plans for them in the long run.

Let employees leave the difficult manager & not the company

Quite often, employees leave their job not because of the company but due to their differences with the manager. In such cases, you can allow employees to change departments and work with the managers they are comfortable to work with.

Give opportunities

Give opportunities to your employees to learn new things. As a CEO or a business leader, it is your responsibility to motivate your employees from time to time. You can assign them short term goals such as learning about new software or giving them a chance to lead a project. You can also make them undergo corporate executive coaching sessions to hone their skills.

Offer rewards

Pay your employees fairly. Money is the biggest motivator. From time to time, you can offer increments or bonuses to your employees. It is not just the money that can make you hold a strong grip on your employee. Even small rewards such as taking your employees out for a dinner or a movie can go a long way in strengthening bond. You don't need to indulge your employees all the time. Offer such rewards occasionally for a good job performance.

Be generous with compliments

Acknowledge your employees for the hard work they put in and compliment them. Treat them with respect. This will boost their morale and push them to perform better. Even when you criticize, be constructive about it and tactfully convey your message.

Be nice and yet assertive

Try to maintain a good rapport with your employees. As a CEO, you need to maintain a fine balance. Sharing a joke with employees is fun and healthy. But maintain a certain authority so that you are treated with respect.

You can learn the fine art of maintaining business relations and hone your leadership skills at a CEO club or a CEO corporate association. At CEO clubs, you get to mingle with experienced CEOs and presidents who can provide you guidance on retaining your employees and making your business a huge success.

Mastering the art of time management for a CEO

As a CEO, do you feel overwhelmed or totally stressed out at times, because of the work and complex situations you have to handle each day? Handling clients, conducting meetings, recruiting efficient staff, motivating employees – all of these can take a toll on anyone, especially on personal health and family life.

Being a CEO, handling heavy work pressure day after day can be taxing. Here are some tips to help you manage your time efficiently in office so that you are able to preserve your energy for healthy living and an enjoyable family life:

Plan

Maintain a to-do list in your diary. Plan your day in advance. This will give you a clear idea as to what you need to accomplish in that particular day. Besides planning and maintaining a dairy will help avoid confusions and enable you to complete more tasks than you thought you would.

Set your priorities right

Most importantly, learn to prioritize work. It might take some time, but it is essential to prioritize work according to their importance and urgency. When you fail to prioritize, you unknowingly waste a lot of your energy and precious time on things that don't need your immediate attention. Set your priorities right. It will help you remain focused.

Learn the art of delegation of work

As a CEO, you need to learn how to delegate your work. Managing all the work on your own can be exhausting for you. You need to learn to say no to tasks which can be managed by others. You need to have faith in others and delegate tasks to the right individuals. You can learn the art of delegating work by joining a CEO Club or CEO corporate association which provides corporate executive coaching. Proper delegation of work can reduce your stress and increase productivity.

Be realistic

Try to be realistic and break large tasks into small achievable goals. Handle one work at a time and give it your undivided attention. Besides, set realistic deadlines for your employees so that you get quality results in the end.

Keep a track record

Keep a thorough record of your undergoing projects. You can maintain a Microsoft Excel sheet which you must update regularly to keep a track on the progress of the targeted project. This will help you analyze how each project is going and what needs to be done to finish it within deadline.

Efficient time management is an art which every CEO must learn to master. You can join reliable CEO Clubs or CEO associations where you can meet experienced CEOs and like-minded people and learn the success secrets to take your business to higher level by managing time efficiently.