Ethical standards, accountability and compliance: What defines a great strategic partner?

As a business exploring opportunities for growth and expansion, selecting the right strategic partner can be crucial to determining a company’s success or failure.

While partnerships offer the potential for mutual growth and innovation, they also come with risks if the collaboration is not aligned.

Designate CEO at Retail Marketing Ltd Nicky Camilleri, Fonicom Ltd CEO Renaldo Arciola, db Group CEO Robert Debono and Dave’s Food Store CEO David Grech told MaltaCEOs.mt that when it comes to building a strong foundation with strategic partners there are a number of core values that are non-negotiable.

All four companies have a range of strategic partnerships. Namely, db Group has several notable partners in hospitality and known brands such as Hard Rock International and Starbucks. Fonicom partners with Dell, Cisco, Microsoft and BitDefender and Dave’s Food store partners with Wolt Drive and 9H Digital. Additionally, Welbee’s partners with Fast Drop for its delivery service.  

Among shared values, the company highlighted ethical standards, accountability, compliance and a strong relationship built on trust and communication.

“In today’s competitive business landscape, the significance of selecting the right strategic partner cannot be overstated. A partnership can either propel an organisation towards success or lead it into a quagmire of inefficiencies and disappointment,” Mr Grech comments.

For Mr Grech, one critical trait that any business should look for in a strategic partner is an emphasis on actions over words as this will lead to fostering a productive and trustworthy relationship.

He believes that a partner that values actions over words demonstrates reliability and accountability: “essential qualities for any successful collaboration.”

In contrast, he adds, a partner who frequently makes grand promises but fails to deliver risks creating disillusionment and missed opportunities.

“Trust is crucial in business, where the stakes can be high. A partner who prioritises actions sends a clear message: they are committed to the partnership and its success,” he adds.

Similarly, Mr Debono acknowledges the same sentiment and shared that a strategic partnership should be built on shared values and a commitment to excellence.

He notes that a partner must demonstrate a strong alignment with the company’s focus on delivering innovation, long-term growth and superior customer experience.

“Financial stability, a proven track record in the relevant industry, and a reputation for robust business practices are also key considerations,” Mr Debono shares.

In agreement, Mr Arciola highlights that the company looks for partners who share its commitment to innovation, service excellence and client satisfaction.

“Compatibility in terms of culture and vision is critical to building a long-term relationship. Over and above, we consider the technical expertise of the partner and how well their offerings integrate into our current ecosystem,” he adds.

Notably, Mr Arciola points out that when searching for the right strategic partner, the company evaluates technical expertise and the compatibility of offerings with its existing ecosystem.

“Their reputation, market presence, and financial stability also play important roles in our decision-making process,” he continues.

Mr Camilleri, who recently took on the role of Designate CEO, shared that services offered by strategic partners are an extension of the services that Welbee’s offers in store, and maintaining the same level of standards is paramount.

In its case, as a strategic partner of a delivery service, Mr Camilleri shares that timeliness is key as the company deals with busy clients who cannot afford to wait for delayed service. Furthermore, he states that the partner’s focus on having well educated and presentable employees is important to extending the company’s service offering.

‘We need assurance that they hold the same respect for data privacy and adhere to regulatory requirements as we do’

Mr Arciola points out that, without a doubt, the right strategic partner should have a clear commitment to data security and compliance.

As a CEO leading a multi-disciplinary ICT solutions company, he emphasises when looking into a new partnership, the company needs to hold the same respect for data privacy and adherence to regulatory requirements.

“Transparency in communication and a clear sense of accountability are also essential. We believe that, without these, even the most promising partnership would struggle to succeed,” he says.

Continuing Mr Arciola’s emphasis on accountability and communication, Mr Grech adds that such reasoning encourages open communication and honest feedback, allowing for adjustments that benefit the partnership as a whole.

Additionally, Mr Camilleri, recognises that like any other business, Welbee’s is no exception to imperfections. However, whenever issues arise “these were always addressed, hence the strong relationship” built between the business and its partner.

On the other hand, Mr Debono remarks that a partner cannot be only interested in their income. “They have to care about whether the business is feasible.”

Ultimately, he adds, it’s important that the company finds proper partnerships especially as “it places significant emphasis on regulatory compliance and environmental responsibility.”

How do both parties remain aligned with goals and expectations throughout the partnership?

Asked about maintaining a strong relationship on a long-term basis, all businesses agreed and told MaltaCEOs.mt that open communication is the key, especially when discussing issues and to tackle challenges like the evolving market that require dual feedback.

“We dedicate time to establishing mutually agreed objectives and regularly reviewing performance to ensure both parties are working towards the same goals,” Mr Debono says.

Mr Arciola recommends setting clear expectations from the start. This is done by outlining responsibilities, success metrics, and communication channels.

Similarly, Mr Arciola sees structured review meetings to discuss progress, challenges and the evolving market dynamics as important factors to consider.

“This helps us recalibrate out goals and ensure that both sides are moving in sync,” he adds.

Expanding further on Mr Arciola’s point, Mr Debono agrees that regular progress reviews along with proactive problem-solving ensures that both parties remain agile and can adapt to evolving market conditions, while simultaneously preserving the integrity and success of the partnership.

From his end, Mr Grech comments that in a rapidly changing marketplace, the ability to adapt and evolve is imperative.

“Partners who prioritise execution are usually more agile, enabling them to respond quickly to market demands and shifts in consumer behaviour. The agility can provide a competitive edge, positioning both partners for long-term success,” he emphasises.

Wrapping up on the discussion of finding the right strategic partner, Mr Grech reiterates that in business, relationships matter. Partnering with someone who prioritises actions over words can foster a partnership that yields significant results.

“In the end, it’s not just about what’s said, it’s about what is done. By prioritising partners who embody this philosophy, businesses can create robust alliances that pave the way for sustained success and mutual growth,” he concludes.