How can you ensure joint venture partners align with your timeline?

JV has a existence and timeline of its own: When its a JV important to treat the same as independent and drive the two partners to contribute resources and the plan for the JV entity. Being separate it has its own plan of action build by both sponsors of the JV. Milestones and timelines of these themselves need to be developed, funded, executed by communicated often with the principal sponsors. Frequency can be decided but first year always good to have more updates. If the activities of the JV have also a bearing on one of the sponsors own goals (and thus the timelines) then those need to be factored in at the time of planning.

Any project or ventures needs to have a project management approach with identified critical tasks/activities or events. Defined Responsibilities and also Point of Contact for execution and dashboard showing progress on the same is expected, better for all. Discussions on issues that could potentially disrupt this - eg supply chain issues - and backup to not miss the timelines can only be discussed and prepared for. thus review and monitor to make sure that milestones are achieved.

Clear communication is key - if there is going to be a delay then talk about it early and ensure there are ways to deal with it. Relationships that are founded on trust and openness will allow for difficult times to be managed well.

Conflicts initially occur mostly on aspects about who is responsible for what. Hence its useful to assign JV team members from both sponsors - who also need to be nurtured to start owning the JV mandate as a team - not "us' v/s "them". It can take time, thats where leadership makes a difference. Open channels at sponors end - like a "hotline" if needed - allows the JV leadership to lean on if needed and sort out issues before they become bigger and sometimes personal.

I would suggest it to be the driving force for deciding timelines among JV partners. 1. Find a common challenger, say if we don't get to this stage by this time, we'll lose-out on this much market share.. 2. Keep some space for unintended circumstances and regulatory changes beforehand( Pay someone to get insider news to you beforehand from policy makers, before getting it publoshed). 3. Always Keep an eye on the purpose time and time again, it won't let you wander far away.

It shouldn’t be your timeline, it should be a joint timeline. Time is one of the most culturally sensitive concepts of all. Unless your JV partner is basically your clone, the concept of time will differ, perhaps dramatically. In a JV, both partners need to adjust their timeline to find something that works for both parties, so study your partner, discuss, create buffers to accommodate both parties’ working styles and decision-making processes… and remember that if you want to be able to put pressure on your JV partner, your own track record should be spotless! So don’t miss deadlines yourself, and don’t create bottlenecks for your partner.

Start by collaboratively establishing a realistic, mutually agreed-upon schedule. Communicate the importance of the timeline in achieving shared goals, creating a sense of urgency and commitment. Utilize project management tools to track progress and keep all parties updated in real-time. Schedule regular check-ins to address any delays or issues promptly, maintaining momentum. Be flexible where possible, adjusting the timeline for legitimate concerns while keeping the project on track.