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What Is a Joint Business Plan (JBP)? Benefits & Best Practices
By 8th & Walton | on October 2, 2022
From small businesses to large corporations, the most successful companies begin and stick with a clear business plan. When a company defines its goals, lays out a path to meet objectives, and agrees on financial spending and expectations, it creates a shared vision and accountability to succeed.
Many businesses experience greater growth when partnering with another business. In the supplier and retailer relationship, both parties working independently would be detrimental. To create a mutually beneficial partnership, they must begin by defining each company’s responsibilities, expectations, and needs in a joint business plan.
What Is a Joint Business Plan?
A joint business plan (JBP) is the collaborative process of planning between a retailer and a supplier in which both companies agree on short-term and long-term objectives, financial goals, growth, and shared business initiatives for profitability.
Joint business planning focuses on agreeing on common objectives and aligning on a single goal or set of goals. The companies in the joint business plan must work together to accomplish a shared vision.
What Is the Purpose of a Joint Business Plan?
For retailers and suppliers, having a joint business plan can create a win-win strategy in growing consumer sales. An effective JBP allows suppliers to build stronger relationships with their retailers so both parties can mutually support and benefit from each other.
When a retailer and supplier recognize each others’ needs and agree on common goals, they can share insights to support each other and improve sales, customer growth, and processes.
How Does a Joint Business Plan Work?
Two companies can come together with a joint business plan because they have one thing in common: a shared shopper . Whether it is a supplier partnering with a retailer or a children’s clothing company partnering with a toy manufacturer, having the same target audience is the first element that brings the companies together.
The companies considering a joint business venture should then share their individual business plans and discuss their mutual growth opportunities. This is where the general goals and areas of support can be defined. Specific tactics and category strategies can also be fleshed out in early discussions before moving to the formal process.
Once both companies are in agreement that the partnership will be mutually beneficial, the joint business plan can be created. Formal contracts are drawn up, approved, signed, and the plan is ready to be executed. Periodic reviews and necessary adjustments to the JBP are recommended as needed.
Benefits of Joint Business Planning
Why enter into a joint business plan with another company? The benefits can be not only financial but educational as well:
- Aligning goals. For a retailer/supplier joint business plan, being aligned on goals creates clarity on all other areas of the business. Defining expectations on all areas from marketing to supply chain to sales goals leaves minimal area for questions. Agreeing on goals, no matter how and when they are measured, keeps both parties accountable and benefits both to meet expectations.
- Shared resources and exposure. Partnering with another company can bring a new audience and a new platform. In a simple retailer/supplier joint business plan, the retailer can introduce the supplier’s product to its core shoppers. At the same time, shoppers loyal to the supplier’s product or brand can be introduced to the retailer’s store and website for the first time.
- Greater return on investment. By partnering with another company with a shared vision, the benefits above will provide a better ROI when the plan is executed correctly.
Joint Business Planning Best Practices
How can companies ensure their joint business plan is a good fit for both parties? These are some best practices to include in preparation for entering into the partnership:
1. Align Internally First
Before entering into a joint business plan with another company, all members of the business must agree on the benefits of the partnership. Recognizing the advantages and seeing the bigger picture is key. When employees are in alignment within the company, it will be easier to align with the partnering company on the shared vision of the joint business plan.
2. Create the Plan Together
When two businesses enter into a partnership, the joint business plan should not be built by only one. A company sending another a complete plan or just a form to fill out is not collaborative. Both companies need to build the plan from the ground up. Collaborating in the development of the joint business plan is just as important as executing the plan itself.
3. Set Specific Goals
Expectations for success in the partnership need to be specific. “We need to grow sales” or “production costs will decrease” are good goals, but too general. Keep specifics in your plan that are as specific as they are realistic. If one company wants to grow sales by 40% in the next quarter, this should be spelled out in the joint business plan so get early support or push back from the other company.
4. Assign a Metric to Each Goal
Putting a metric with a goal keeps the company accountable to the mission of the joint business plan. For example, if the goal is to grow sales by 40% in the next quarter, it would be wise to assign a weekly growth metric. If the metric is too low over a few weeks, the plan shows that action needs to be taken immediately in order to meet the 40% sales growth goal for the quarter.
5. Communicate Responsibility and Accountability
The joint business plan is the place to eliminate all guesswork. If Company A is responsible for providing labels to Company B, be very specific about the responsible parties. Clarify that the packaging coordinator of Company A will mail the labels to the warehouse manager of Company B on the first of the month.
6. Include Risks and Solutions
Planning for setbacks is key to planning for success. The joint business plan should include any possible risks or obstacles foreseen by either company. Having solutions in place for multiple scenarios makes the plan easier to execute.
7. Constantly Evaluate the Relationship
Joint business plans work better with trust, mutual respect, and a great working relationship. Keeping the relationship healthy between the companies and individuals relying on each other brings more success to the overall plan. Monitor the relationship periodically and work to resolve conflicts as they arise.
Joint Business Plans at Walmart
Walmart works with its suppliers to create plans for sales and category growth. The company relies on suppliers to bring insights to the table to spot trends and get in front of potential gaps in the business.
Back in 2011, Walmart created a joint business plan with Proctor and Gamble to pick up lost sales in air fresheners. This category was down over 2% across the chain, but P&G brought insights to Walmart on how consumers were purchasing throughout the industry.
Consumers had no problem going to Walmart for aerosol sprays for under a dollar, but would then go to specialty stores to purchase expensive candles in the same scent. Through communicating through the joint business plan, Walmart was able to create excitement around higher price-point items and show the shared shopper they could purchase the extra items in one store.
Positive business collaborations can be extremely beneficial in growing retail sales. Two companies sharing a common vision can build on each other’s best practices and support each other to mutually win at the register.
Suppliers looking for support in their Walmart business have found great collaboration with 8th & Walton. Our team of experts supports suppliers to improve reporting, analytics, supply chain, accounting, and more. To begin a great collaboration with us, request a free 15-minute consultation this week.
About the Author
8th & Walton consists of retail industry experts with a combined 200+ years of Walmart and Walmart supplier experience. Having helped hundreds of CPG companies in their efforts to be better supplier partners to the world's most influential retailer, the 8th & Walton editorial team prides itself on being a go-to resource for Walmart supplier news and insights.
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▾ Dizionario inglese-italiano
Joint aggettivo —, joint sostantivo —, joint sth. verbo —, join ( sb./sth. ) verbo —, joint venture s —, scapulothoracic joint s —, join with sb. v —, ▸ wikipedia, ▸ fonti esterne (italiano), ▾ fonti esterne (inglese).
[...] [...] cooperation, coordinatio sion making by competent [...] [...] | [...] [...] presa e autorità [...] [...] |
[...] [...] contract establishi ure in the form [...] [...] | [...] [...] costituzione di u a di società [...] [...] |
[...] [...] activitie ice companies, [...] [...] | [...] [...] strumentali, tra le esemplificativo [...] [...] |
[...] [...] the adoption of a on plan extended [...] [...] | [...] [...] nuovo pia sicurezza, [...] [...] |
[...] [...] the relevanc yses of areas [...] [...] | [...] [...] l’interesse d unti di [...] [...] |
[...] [...] Milan, in which esentative [...] [...] | [...] [...] rappres zionisti [...] [...] |
[...] [...] the distribu ures in Italy [...] [...] | [...] [...] partecipa tributive [...] [...] |
[...] [...] in the neck and back, injuri (arthritis), artificial joints [...] [...] | [...] [...] in cas umate (artr iciali [...] [...] |
[...] coordinate and leverage ic–private investment [...] [...] | [...] [...] gli in co-privato [...] [...] |
[...] third-party compan ures, agreements [...] [...] | [...] con socie accordi [...] [...] |
[...] [...] administration (final liability. administratio accounts, contracting; payments; financial [...] | [...] [...] conti b dei contratti; pagamenti; controllo finanziario e consegna del . |
[...] [...] principle stated by ions of the [...] [...] | [...] [...] principio af Unite della [...] [...] |
perity area as well as the contribution for a better mutual understanding among the peoples of that region”. | ona di prosperità condivisa nonchè il contributo verso una migliore comprensione reciproca tra i popoli della regione». |
[...] [...] Shareholder as sol er, unless his [...] [...] | [...] [...] singolo p il suo [...] [...] |
[...] associated companie ures are entered [...] [...] | [...] detenute a tte nell’attivo [...] [...] |
[...] [...] by entering ure agreements [...] [...] | [...] [...] di a distributori [...] [...] |
[...] [...] associated companies ures, derivatives, [...] [...] | [...] [...] controllate, derivati, [...] [...] |
[...] [...] real estate ures for [...] [...] | [...] [...] immobi di valore [...] [...] |
gement“ structures, to be found in all programmes, namely: a programme Monitoring Committee and a programme or committee Secretariat. | |
[...] [...] shall affix t atures thereunto, [...] | [...] [...] all’o inate, [...] [...] |
[...] [...] in 2009-2 lopment of [...] [...] | [...] [...] 2009- rtata [...] [...] |
rvisory Authority shall also be responsible for examining any difficulties of application or interpretation that may arise during the operation of the Schengen Information System, for studying any problems that may occur with the exercise of independent supervision by the national supervisory authorities of the Contracting Parties or in the exercise of the right of access to the system, and for drawing up harmonised proposals tions to existing problems. | ma dell'articolo 115, paragrafo 3 della convenzione di Schengen, l'autorità di contr el pari competente ad analizzare le difficoltà di applicazione o di interpretazione che possono sorgere dall'utilizzazione del sistema d'informazione Schengen, a studiare i problemi che possono presentarsi nell'esercizio del controllo indipendente effettuato dalle autorità di controllo nazionali delle Parti contraenti ovvero nell'esercizio del diritto di accesso al sistema, nonché ad elaborare proposte armonizzate allo comuni ai [...] |
[...] [...] necessary, su ions. | [...] [...] se d . |
[...] lawsuit filed by UBS AG esentative of the savings [...] [...] | to della vertenza avviata da UBS AG ppresentante [...] [...] |
[...] [...] parties, i.e. (1) the companies subjec rol by the parent company; (2) managers with strategic responsibilities of the parent company; (3) close relations of managers with strategic responsibilities in the Company and/or its parent company and (4) the entities in which a manager with strategic responsibilities of the Company or its parent company or a close relation of such managers exercises cont rol or significant influence or holds, [...] [...] | [...] [...] le società la controllante; (2) i dirigenti con responsabilità strategiche della controllante; (3) gli stretti familiari dei dirigenti con responsabilità strategiche della Società e/o della sua controllante e (4) le entità nelle quali un dirigente con responsabilità strategiche della Società o della sua controllante o un stretto familiare di detti dirigenti esercita il controllo, il uenza notevole [...] [...] |
[...] enterprise und for a defined [...] [...] | [...] una de un’impresa [...] [...] |
on of the Union cannot be challenged by individuals in the light of the principle of subsidiarity either. | |
rvisory Authority noted that there was a coincidence in this case of two different procedures: one in Austria having led to the decision of the Austrian Data Protection Commission and one in France at the Conseil d'Etat related to the refusal of French Ministry of Interior to correct or delete the alert as requested by Mr X. In view of the specific nature of this case, rvisory Authority presented its interpretation of Article [...] | o che in questo particolare caso intervengono due diverse procedure: una in Austria, che ha portato alla decisione della Commissione austriaca per la protezione dei dati, e una in Francia, in sede di Conseil d'Etat, correlata al rifiuto del Ministero dell'interno francese di correggere o cancellare la segnalazione, come richiesto da X. Tenuto conto del carattere specifico di questo caso, l'autorità di tato la [...] |
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joint translation | English-Italian dictionary
joint account , joint ownership , joint venture , dovetail joint
'joint' found in translations in Italian-English dictionary | ||||
; (di accoppiamento) coupling | ||||
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The joint chiefs want another forward base. | Lo stato maggiore congiunto vuole un'altra base avanzata. |
Their joint rule was a failure. | Il loro governo congiunto si rivelò un fallimento. |
Perhaps through a joint creative project. | Magari... con un progetto creativo in comune. |
This chapter focuses on agreements concerning the joint buying of products. | Il presente capitolo verte sugli accordi per l'acquisto in comune dei prodotti. |
In partnership with other institutions, joint study programmes are created. | Sono stati creati molti programmi di studio in collaborazione con altre istituzioni che rilasciano titoli di studio congiunto. |
Implementation and decision-making remain subject to joint provisions. | L'esecuzione e il processo decisionale restano soggetti a disposizioni comuni. |
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joint traduzione | dizionario Inglese-Italiano
joint account , joint ownership , joint venture , dovetail joint
Abbiamo trovato 'joint' nel dizionario Italiano-Inglese | ||||
; (di accoppiamento) coupling | ||||
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The joint chiefs want another forward base. | Lo stato maggiore congiunto vuole un'altra base avanzata. |
Their joint rule was a failure. | Il loro governo congiunto si rivelò un fallimento. |
Perhaps through a joint creative project. | Magari... con un progetto creativo in comune. |
This chapter focuses on agreements concerning the joint buying of products. | Il presente capitolo verte sugli accordi per l'acquisto in comune dei prodotti. |
In partnership with other institutions, joint study programmes are created. | Sono stati creati molti programmi di studio in collaborazione con altre istituzioni che rilasciano titoli di studio congiunto. |
Implementation and decision-making remain subject to joint provisions. | L'esecuzione e il processo decisionale restano soggetti a disposizioni comuni. |
IMAGES
COMMENTS
Moltissimi esempi di frasi con "joint business plan" - Dizionario italiano-inglese e motore di ricerca per milioni di traduzioni in italiano.
joint business plan - Traduzione del vocabolo e dei suoi composti, e discussioni del forum. WordReference.com | Dizionari di lingua online. English-Italian Dictionary | joint business plan. ... Italiano: business n (trade) commercio nm : affari nmpl : William is in business as a shoemaker.
Moltissimi esempi di frasi con "joint business planning" - Dizionario italiano-inglese e motore di ricerca per milioni di traduzioni in italiano.
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Traduzioni in contesto per "first joint business plan" in inglese-italiano da Reverso Context: The interconnection of our personalities and business lives has attracted us so much that in 2008, with Martin and Marcel, we set up our first joint business plan, named ANAKA.
Traduzioni in contesto per "joint plan" in inglese-italiano da Reverso Context: joint action plan, joint restructuring plan. Traduzione Context Correttore Sinonimi Coniugazione. Coniugazione Documents Dizionario Dizionario collaborativo Grammatica Expressio Reverso Corporate.
Traduzioni in contesto per "a joint business" in inglese-italiano da Reverso Context: The assumptions regarding the level of return and risk based on a joint business plan were guided as such by considerations of long-term profit optimisation.
Numerosi esempi di traduzioni classificate per settore di attività di "joint plan" - Dizionario inglese-italiano e intelligent translation wizard
Many translated example sentences containing "joint business development" - Italian-English dictionary and search engine for Italian translations. ... Formulated a joint Business Plan between the client and the selected partner based on the new product development programs and ... plan; higher education and research, a Euro-Mediterranean ...
A joint business plan (JBP) is the collaborative process of planning between a retailer and a supplier in which both companies agree on short-term and long-term objectives, financial goals, growth, and shared business initiatives for profitability. Joint business planning focuses on agreeing on common objectives and aligning on a single goal or ...
pianificazione aziendale {f} business plan. volume_up. piano d'impresa {m} more_vert. The business plan for the other benefiting companies shall be implemented. expand_more Il piano d ' impresa per le altre società beneficiarie è realizzato.
o detiene, direttamente. [...] o indirettamente, una quota significativa, comunque non inferiore al 20%, dei diritti di voto. italmobiliare.it. italmobiliare.it. Moltissimi esempi di frasi con "joint" - Dizionario italiano-inglese e motore di ricerca per milioni di traduzioni in italiano.
Traduzioni in contesto per "Il Joint Business" in italiano-inglese da Reverso Context: Scarica Il Joint Business Plan del 2016 è stato un enorme successo.
joint. 1 adj (action, effort, work) comune , (responsibility) collettivo (-a) , (committee) misto (-a) joint authors coautori (-trici) to make a joint declaration on sth rilasciare una dichiarazione congiunta su qc. 2 n. a (Anat) articolazione f , giuntura. I' ve got pains in my joints ho dolori alle articolazioni.
joint. 1 adj (action, effort, work) comune , (responsibility) collettivo (-a) , (committee) misto (-a) joint authors coautori (-trici) to make a joint declaration on sth rilasciare una dichiarazione congiunta su qc. 2 n. a (Anat) articolazione f , giuntura. I' ve got pains in my joints ho dolori alle articolazioni.
joint - Traduzione del vocabolo e dei suoi composti, e discussioni del forum. ... Italiano: Inglese: joint venture nm: joint venture n: joint-venture, joint venture nf: economia (collaborazione tra società) (business) joint venture n : Manca qualcosa di importante? Segnala un errore o suggerisci miglioramenti 'joint' si trova anche in questi ...
joint adj. (shared) comune, congiunto, combinato, collettivo agg. Dan and Sarah were the joint leaders of the club. Dan e Sarah gestivano in comune il club. joint [sth] ⇒ vtr. (cut up: a joint of meat) (un tocco di carne) tagliare a pezzi vtr. The butcher used a cleaver to joint the lamb.
Traduzione di "business plan" in italiano. Develop a business plan and skills to interest potential investors. Sviluppare un business plan e le competenze per interessare i potenziali investitori. Prepare preliminary business plan and budget. Prepara un business plan e un budget preliminare. I didn't want it to cloud his judgment about your ...
Italian Translation of "JOINT" | The official Collins English-Italian Dictionary online. Over 100,000 Italian translations of English words and phrases.
to smoke a joint. farsi una canna. 2. altro. joint (anche: attachment, attack, connection, fit, hook-up, jag, join, mount, raid, seam) volume_up. attacco {m} more_vert. The crisis in Greece and the attack on the euro require a joint response, but unfortunately, this has been delayed.
Traduzione di "joint" in italiano. The joint chiefs want another forward base. Lo stato maggiore congiunto vuole un'altra base avanzata. Their joint rule was a failure. Il loro governo congiunto si rivelò un fallimento. Perhaps through a joint creative project. Magari... con un progetto creativo in comune.
JOINT traduzione: congiunto, comune, giuntura, articolazione, giuntura, giunto, arrosto, giuntura, articolazione…. Saperne di più.
Traduzione di "'joint" in italiano. Commitment in the couples group happens through the spouses' joint decision. L'impegno nel gruppo delle Coppie viene preso di comune accordo dai coniugi. Our group did not co-sign the draft 'joint' resolution on Kosovo.