#TBT with Partnership Negotiations

Nowadays, everything is about relationships. However, great relationships require time to build a foundation of trust and learning the necessities of each other. Throughout time, the relationships will generate great partnerships, eventually adding value to each other’s goals.

If we review historical developments, we will notice that economic growth was brought about as a result of business exchanges and transportation connections. Rome and Greece were the pioneers in the creation of public infrastructure with the support of private funds. Later on, in 1858, the Suez Canal was developed as the first Public-Private Partnership, allowing navigators to shorten their trips from the North Atlantic to the Indian Ocean. By the end of the nineteenth century, Public-Private Partnerships became a solution for the Americas, the New World.

There are different kinds of partnerships between the public and private sectors that range from managing governmental facilities to partially owning the property and generating impressive returns on investments. Over time, non-profit organizations became part of certain agreements because they would benefit from them.

At the present time, partnerships have developed across companies. We can observe private corporations that have agreements with the regional government, have a well-developed supplier partnership program, and reinvest in their communities as well.

The base of all successful partnerships will rely on the negotiation process. However, having a positive and productive negotiation process to establish a result-driven partnership will require patience, willingness to understand the other party's necessities, and flexibility to maintain the goal as the priority.

Focusing on the common benefits of the partnership will help both parties get across the process and eventually build up a long-term business relationship. Both parties will most likely need to generate value out of the partnership, whether it is monetary or an intangible asset.

Moreover, establishing expectations from the starting point of the negotiation will definitely increase the probabilities of successful partnerships. Administrative details like deadlines for closing the partnership agreement, parties’ representatives at the decision table, industry regulations and policies, and values of each of the organizations involved in the partnership.

Communication flow is key to advancing steps within the negotiation process and identifying new opportunities. Threats will always be present; it will depend on how the parties approach them, use their creativity to solve the problem, and move forward with solutions when difficult situations arise. Also, assigning one contact person as a channel for all communications will serve as a mediator and protect business relations between parties’ key executives.

The evolution of designing partnerships will continue and will keep crossing between public, private, and non-profit organizations. Furthermore, the need for collaboration will always be present and will strengthen economic growth within all regions. A company that is socially responsible and aware of the importance of integrating partners in order to achieve their goals has the power to enable large-scale impact.

#publicrelations #partnerships #corporatesocialresponsability #events