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Deloitte seeks Irish companies' formulas for success as it launches 6th annual Best Managed Company awards

9 June 2013 - Irish companies encouraged to demonstrate their winning formulas for success

Deloitte, the leading business advisory firm, in association with Barclays, is encouraging indigenous Irish companies to submit their applications for the 2013/2014 Best Managed Companies Awards Programme.

Deloitte, the leading business advisory firm, in association with Barclays, is encouraging indigenous Irish companies to submit their applications for the 2013/2014 Best Managed Companies Awards Programme.  

The awards programme, now in its sixth year, recognises companies of outstanding quality across Ireland that have demonstrated superior business performance and achieved growth in today’s particularly challenging market place. The winners over the first five years of the programme have total revenues of approximately €11 billion, emphasising the value of indigenous companies to Ireland’s economic recovery and growth.

Competing companies will be put through a rigorous judging process, measuring a company’s performance using a wide range of criteria including strategy, capability, commitment, financials and management performance across all key functions of the business. This year, of particular interest to the independent judging panel, are the pioneering ways that companies are pursuing and achieving growth in a testing economic environment.

Twenty companies which demonstrate superior business performance will be recognised at the end of the Best Managed Companies process in March 2014, with three companies specifically recognised for high quality submissions in the areas of strategy, capability and commitment, which are the cornerstones of the Best Managed Company assessment 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.

Brendan Jennings, Managing Partner, Deloitte and judging panel member noted: 

“This year, the judges will be paying close attention to the strategies that companies are employing to drive growth and profitability.  Achieving growth in the domestic economy has been a significant challenge for those operating in the indigenous sector in recent years, requiring innovative strategy and management capabilities. These skills are very much in evidence in the existing network of over 80 ‘Best Managed’ companies in Ireland. The judging panel has observed a number of strategies that companies have deployed – be it implementing efficiencies, expanding into new markets, or capturing a greater share of existing markets. We look forward to welcoming new companies embodying these successful traits, who have created their own unique formula for success.”

Andrew Hastings, CEO Barclays Bank Ireland, said: 

“Indigenous businesses and their continued success are critical to the economic recovery in Ireland. These awards provide an opportunity to turn the spotlight on these companies and their achievements and highlight their continued efforts to demonstrate excellent business performance in what is an extremely tough economic environment.”   

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 and coaching from Deloitte and Barclays, 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 August 16 2013.

The winners of the Deloitte Best Managed Companies Awards will be announced in March 2014.  

 

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 Barclays, 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 Barclays, the Irish Management Institute and the Sunday Business Post.

For further information, visit our site.

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.

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