Deloitte Best Managed Companies: celebrating Australia’s private business success stories

22 March 2024: Nine highly successful privately-owned Australian businesses, operating across a diverse range of sectors have been recognised for their outstanding performance in Deloitte’s 2023 Best Managed Companies awards.

Now in its fourth year in Australia – and run in association with Google Cloud and the Commonwealth Bank of Australia – Best Managed Companies identifies and celebrates private businesses that are setting the highest standards, and shines a light on their success, and the major contribution they make to Australia’s economy.

Based on a rigorous and independent assessment process that includes benchmarking against an evaluation framework applied to a community of more than 1300 best managed private companies across the world, the Australian Best Managed Companies judges challenged and evaluated the strengths of applicants – and the winners – across four key pillars: strategy; culture and commitment; capabilities and innovation; and governance and financials. 

2023 Best Managed Companies winners

Winners are encouraged to re-join the program each year to continuously challenge, improve, and grow their companies and maintain their Best Managed Companies status. Flinders Port Holdings and Kinetic IT are now three-time winners, while Hazell Bros, Merricks Capital and TSA Group are return winners for the second time each.

Natalie Faull, Deloitte Private leader, Australia and Asia Pacific Best Managed Companies leader, said: “For a fourth year, we again celebrate, and support, the dynamism, resilience and strong focus on sustainable growth that typifies Australia’s best private companies.   

“Previous Best Managed Companies winners have successfully navigated their way through many changes and challenges, and with five of our 2023 winners recognised for a second, and even third, time, it’s fair to say that openness to change, driving operational transformation, great governance, and maintaining a strong customer focus have become the hallmarks of success. 

“This year, and in their own unique ways, winning businesses have remained flexible and adaptable in navigating changing market conditions and customer needs and preferences, winning new business, and staying ahead of their competitors.

“They are investing in new, transformative smart technologies such as AI, robotics and automation to streamline processes and enhance operations and are firmly focused on fostering innovation, talent and diversity.

“So, congratulations to our winners. They are purpose-driven, disciplined organisations, industry leaders and significant employers who are setting a very high bar for what success can look like for private businesses in Australia.”

Deloitte Consulting partner and new Best Managed Companies program co-leader, Claire Szatsznajder, said: “Agility, adaptability, resilience and a confidence in the future, and their place in it, have been key to driving sustained success for our new, and previous, Best Managed Companies winners.

“As with last year, we continue to see an increased focus on ESG as a strategic driver and differentiator across participants, and we’ve been impressed by their proactive approaches to sustainability, climate change and carbon footprint, as well as workforce diversity, inclusion and wellbeing.”

Faull also acknowledged the Best Managed Companies program sponsors. “Both Google Cloud and Commonwealth Bank of Australia are such valuable supporters of the program,” she said. “They bring expertise in their respective fields and a diversity of perspectives to that are always firmly embraced by our applicants and winners.”

About the Deloitte Best Managed Companies program

Best Managed Companies was established in 1993 in Canada and has become he most significant business award of its kind. The program is active in 46 countries in the Americas, Europe and Australasia, and is launching across Africa.

The program recognises privately held companies for their organisational success and achievement and provides a distinct framework for management teams to challenge themselves and benchmark against some of the best private companies in the world.

Companies are evaluated by an independent judging panel comprised of representatives from program sponsors, in addition to special guest judges.

Over an eight-month period, winners receive coaching from leading business advisors, networking opportunities via invitations to exclusive events including premium sponsor events, and key branding and promotional opportunities.

For more: bestmanagedcompanies.com.au