Thoroughly planning the venture helps success. The better and more detailed the planning, the better the chance that misunderstandings will be avoided, and that cultural complexities not otherwise apparent in normal contract negotiations, will emerge and be dealt with at the planning stage. Because a partnering arrangement is an ongoing process, good communication throughout the operation of the arrangement is essential. Good communications are fostered by the relationship formation that joint planning by all of the principal actors encourages. The partners in a venture should not simply rely upon informal communication structures being developed.
Good communication needs to be planned into the operation of a venture.
Requiring formal communications regularly by holding status meetings, forming a steering committee and regular reporting of progress not only serves the purpose of keeping everyone on the same page, but also helps the formation of informal communications for making the formal communications effective. Decision-making and dispute resolution should also be planned in a joint venture operation. Disagreements should be anticipated as being effectively impossible to avoid. There should be a plan for how decisions will be made and how disagreements will be resolved. The decision-making process and dispute resolution mechanisms should be viewed as part of, and an adjunct to, the communications arrangements in the venture.