Management practices put to the test as Deloitte challenges Irish companies to compete for ‘Best Managed’ accolade

Published 18 June 2012 

Deloitte, the leading business advisory firm, is encouraging indigenous Irish companies to submit their applications for the 2013 Best Managed Companies Awards Programme, in association with Irish Life Corporate Business.

Join a winning network! Pictured at the launch of this year’s awards are (from l-r) judging panel members Siobhan McAleer, Head of Strategic Partnerships, Irish Management Institute and David Harney, CEO, Irish Life Corporate Business with Kevin Sheehan, Partner, Deloitte.

Now in its fifth year, the business awards programme will recognise quality companies across the island of Ireland that have demonstrated superior business performance. The winners over the first four years of the programme have total revenues of over €10 billion and employ over 24,000 people, emphasising the importance of indigenous Irish companies to Ireland’s economy.

An independent judging panel will measure prospective companies’ performance by looking at a broad range of criteria including strategy, capability, commitment, financials and management performance across all key functions of the business.

Twenty companies which demonstrate superior business performance will be recognised at the end of the Best Managed Companies process in March 2013, with three companies specifically identified for high quality submissions in the areas of strategy, capability and commitment, which are the cornerstones of the Best Managed Company criteria.

The only awards programme that considers companies from every perspective and evaluates the management practices of companies, the Best Managed Companies judging panel will take a holistic view of the companies, their performance in relation to their peers, and the industries that they are operating in, in order to determine management success.

Kevin Sheehan, Partner, Deloitte highlighted the benefit of joining the growing network of Best Managed Companies: “Currently there are approximately 70 ‘best managed’ companies across the island of Ireland. We are encouraging other indigenous Irish companies to enter the programme and so be in with a chance of joining this winning network of companies. Winning companies consistently tell us how valuable it is to be part of the group of best managed companies – both in terms of sharing their experiences in the current marketplace but also the possible business opportunities that can result.    

“This year, the judges will be paying close attention to the innovative strategies companies are adopting to ensure their continued success. Some of the successful traits companies have demonstrated over the first four years of the programme include the ability to monetise their intellectual property, recognition of the different roles of the entrepreneur and management in addition to an ability to recognise and act upon weaknesses and threats and reassess necessary skills. Those companies who believe they are implementing similar successful strategies should certainly look to reap the rewards this programme can bring to their company.”  

Deloitte is encouraging companies from all industries to submit their applications for the awards. Last year’s winners came from a variety of different sectors including IT, telecommunications, hospitality and catering, outsourcing, and design and print, among others.

David Harney, CEO, Irish Life Corporate Business said: “The quality of companies involved in the programme to date has been very high, and it is great to see the number of participants growing every year. The success of the country relies on well run companies doing a good job and so it is important to recognise and promote their success. I would encourage any qualifying organisation to enter the programme this year and aim to become a best managed company in Ireland.”

The awards, which are open to companies from all 32 counties on the island of Ireland, offer benefits to all companies entering the Best Managed Companies Awards programme – not just the winners. Valuable insights into the ingredients for long-term success of their business will be available to all applicants - and those who progress through the awards process will receive customised feedback from Deloitte and Irish Life Corporate Business, thereby benefiting from experienced business acumen and expertise.

In addition, winners also receive national and peer recognition, the opportunity to network with their peers in the industry at a gala awards ceremony and attend a symposium organised by the IMI. The ’Best Managed’ designation is an important marketing tool – but, perhaps most importantly, the awards provide a reason to celebrate the efforts of the entire company.

For further information and details of how to enter the awards, visit www.deloittebestmanaged.ie. The closing date for entries is 24 August 2012.

The winners of the Deloitte Best Managed Companies Awards will be announced in March 2013.  

Notes to Editor

Entry Criteria
To enter the Deloitte Best Managed Companies Awards programme, companies must meet the criteria listed below. Applications can be made online at www.deloittebestmanaged.ie.

• Irish/Northern Irish substantially privately owned, managed and controlled companies (incorporated in either the Republic of Ireland or Northern Ireland)
• Turnover in excess of €5million (STG£4 million)
• Established for at least 5 years
• Demonstration of superior financial results over past 3 years (in relation to their peers)

Requalifying and gold standard companies
Winners of the awards can apply to requalify as a Deloitte Best Managed Company for the next two years, following receipt of the award. Companies applying for requalification must satisfy the programme eligibility criteria and go through a requalification review process in order to ensure that the companies continue to uphold the standard of a Deloitte Best Managed Company. Companies that are recognised as a Best Managed Company for four years in a row are awarded with a special ‘gold standard’ accolade.

About Deloitte Best Managed Companies Awards
The Deloitte Best Managed Companies programme, in association with Irish Life Corporate Business, promotes and recognises excellence in Irish/Northern Irish owned and managed companies. It is the only awards scheme on the island of Ireland that considers a business’ performance from every perspective. Entrants to the programme will compete for this designation in a rigorous and independent process that evaluates the calibre of their management abilities and practices.

Programme sponsors are Irish Life Corporate Business, the Irish Management Institute and the Sunday Business Post.

For further information, visit www.deloittebestmanaged.ie.

International History of Best Managed Companies Programme
The Best Managed Companies Programme originated in Canada in 1993, where it has been run successfully ever since and is the country’s leading business awards programme. In addition to Ireland and Canada, the programme is also run in The Netherlands and Mexico.