How often do you find yourself working together with other MWBEs on larger projects?
In our experience working with minority and women small business owners across the state, we’ve discovered that many don’t consider how working together with their competitors can yield excellent results, helping them grow their business and bottom line.
If you think about all of the large-scale infrastructure projects currently active in New York City, they are ALL somehow involved in joint ventures. That means it isn’t only a single company or business responsible for the project. Instead, it’s a partnership, utilizing these organizations’ combined resources and abilities to work on these remarkable projects.
Take, for example, the current massive terminal development project at the John F. Kennedy International Airport. This is a multi-billion dollar project consisting of construction work, professional services, design work, and much more. All of the different terminal developers have created joint-venture agreements with multiple companies (many of them MWBEs) to develop the highest-quality, most cost-effective products to the Port Authority of New York and the airport itself.
In our free upcoming Teaming, Subcontracting & Joint Ventures webinar on March 17th, we will be laying the groundwork for small businesses to start thinking about how they can use partnership strategies to increase their market share become much more competitive. Countless MWBEs are facing significant challenges right now due to COVID-19. Teaming, subcontracting, and becoming involved in joint ventures can help them increase profitability and restore their pre-pandemic prosperity.
All of that said, there can be risks and struggles associated with this strategy, and many women and minority small business owners don’t know where to start. That’s why we’re starting with the basics in the webinar, talking about how to identify potential partners and then develop those relationships. Finding the right partner when it comes to teaming, subcontracting, and joint ventures is a little like dating. It’s rare that your first date is going to be “the one.” Instead, it can take a few days until you find the right fit. To assist with this, you need to know how to effectively screen companies, not to mention what to expect as a small business when a company is looking at you as a potential partner.
Throughout the webinar, we will teach you about all of the different types of agreements, their pros and cons, best practices for due diligence, and how to ensure success when you’re involved in a joint venture, a teaming agreement, or subcontracting for another company. Join us at the complete free Teaming, Subcontracting & Joint Venture
Webinar on March 17th, from 10 AM to 12 PM EDT. It’s time to learn how these partnerships can assist your MWBE increase capacity, improve profitability, and help you win contracts!