A public/private partnership might be just what your city needs to catalyze economic development and growth. These partnerships offer a win-win situation for both parties. The public party gets funding for public infrastructure and retail growth, while the private party gets incentives that let them expand into a new market. If everything goes as planned, both parties get substantial benefits from the arrangement.
When you’re involved in setting up a public/private partnership, building trust between the two parties is essential. Without trust as a core value it will be very difficult to work together and achieve the goals of your partnership. Here are a few tips for building a foundation of trust that will make your partnership work.
Opening up communication channels between the public and private partners is a key first-step toward trust. Good communication in the early stages of negotiation lays the groundwork for a successful partnership. Also, having good communication habits in place will help keep the partnership on-track in the future.
Don’t hide things from your partner. Problems shared early on can be handled together, building trust in the partner’s ability to be honest and work-through difficulties. Communication between the partners should also include discussing goals, exchanging ideas, and finding common ground.
Follow-Through On Commitments
Parties start building trust in each other’s interests, qualifications, and diligence early in the selection process. Finding an appropriate partner can be a challenge. Each side will be giving the other partner a chance to demonstrate their qualifications and commitment and then seeing whether or not they follow through with what they promise.
No one is going to trust a potential partner if they don’t follow-through on their commitments. Once the partners clearly communicate what they expect from the other, both have to live up to those expectations. That includes showing up on time for scheduled meetings, completing agreed upon tasks, and continuing to work toward mutual success.
Communication and commitment stay vital to the success of the partnership after papers are signed and development starts. As you continue building connection between partners, you should be developing a relationship based on trust as well as shared goals. Both parties need to agree upon performance measurements and hold themselves accountable to those measurements.
Each partner needs to act honestly and in good faith as the partnership continues. And they should be able to trust that the other party is doing the same. It’s vital that both sides continue working to understand the other’s goals and perspectives.
Don’t Forget Stakeholders
Building trust in a public/private partnership isn’t just about the relationship between the two partners. You also want other stakeholders and the public to trust the partnership has their best interests as a core goal. To do this, you’ll need a high degree of transparency and a commitment to present realistic expectations. Exaggerating or misrepresenting the project’s goals might increase support at first,but it will back-fire. Be sure you can follow-through on promised goals.
Whether you’re just getting started looking for a public/private partnership or you’re ready to set one up, Retail Attractions can help. We have years of experience working with both public and private partners and we have the skills needed to help your partnership become a successful one. Contact us today to learn more about how we can help. If you need work with public-private partnerships, you’ll probably also like my book, City on a Hill. Click here to get a copy.