The framework for Best Managed Companies
What constitutes a Best Managed Company?
Applicants are evaluated against the following criteria:
4. Financial success
Deloitte has found that these four leading practices are adopted by Best Managed Companies and set them apart from the average and ensure they sustain exceptional performance.
Best Managed Companies apply a formal methodology for strategy development, execute strategy through strong governance, install programme management and metrics to measure progress and clearly and consistently communicate the strategy internally and externally.
Best Managed Companies seek to think differently relative to their competitors and focus on embracing innovation and efficiency, develop skills through partnerships and focus on attracting and retaining the right people internally.
Best Managed Companies focus on building a ‘one-team’ culture, promote desired behaviour through an effective performance management process and holistic compensation package and address succession planning by investing in the NextGen.
Best Managed Companies grow and maintain strong P&L and balance sheets, apply key customised metrics, install a mature reporting system to drive business decisions and build and sustain strong relationships with financial stakeholders.