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Financial Post – What it takes to be a Best Managed company

By March 11, 2015 Uncategorized No Comments

Since 1993, Canada’s Best Managed Companies program has recognized the country’s leading businesses and introduced Canadians to the companies creating jobs and driving our economy. In that time, clear hallmarks of what it takes to build sustainable, successful businesses have emerged. Best Managed companies are able to adapt quickly to market conditions and turn challenge into opportunity. They are focused on profitable growth. To that end, they invest in people and technology to deliver a superior customer experience and outperform their competitors in Canada and abroad.

Each year, hundreds of Canadian-owned and managed companies compete for the Best Managed designation in a rigorous and independent process. “The judging criteria framework is based on research Deloitte conducted into organizations from around the world that have managed sustained growth,” says Peter E. Brown, national co-leader of Canada’s Best Managed Companies program and senior practice partner, Deloitte. “We learned that companies that are built to last know where they want to go and have communicated a clear, customer-centric strategy; they have the capacity to execute on that strategy and do; they have alignment and commitment throughout their organization to achieve objectives; and they outperform their peers. Best Managed companies meet all of these criteria.”

They also exceed them. Consider Toronto-based Best Managed company Hidi Rae Consulting Engineers. Launched in 1999, it has built a reputation for delivering sustainable, holistic designs focused on its’ clients long-term success. “Hidi Rae has a well-defined process that develops and brings strategy to life,” says Brown. “Twice a year the executive team meet to work on strategy, revisit what’s working and what’s not. Throughout the year, they have a running dialogue about priorities and they execute. This, of course, is key. To have a strategy without the ability to execute is like having a dream. There’s nothing wrong with dreaming, but Best Managed companies find ways to turn dreams into reality.”

Companies that are clear on their strategy, execute against it and manage it are that companies that are the most successful, says Mike Runia, national co-leader of Canada’s Best Managed Companies program and Ontario managing partner, Deloitte. “Best Managed companies have committed employees, they are always looking to ensure they are investing in their capabilities and developing leaders, they have identified the right markets, niches and partners to grow profitably, and they have the financial capability to make it happen. Best Managed companies really execute at a different level. These companies are creating jobs and driving significant wealth across Canada, and they do that in good times and challenging times.”

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To learn more about the program and how to apply, visit:https://www.bestmanagedcompanies.ca/en/applyhere/Pages/Howtoapply.aspx

Award categories

  • Canada’s Best Managed Companies winner (one of the new winners selected each year)
    Requalified winner (recipients that have re-applied and successfully retained their Best Managed designation for two additional years*)
  • Gold Standard winner (these winners have successfully retained their award for four consecutive years)
  • Gold Standard requalified winner (award recipients that have applied and successfully retained their Gold Standard designation for two additional years*)
  • Platinum Club member (these winners have maintained their Best Managed status for seven years or more)

*subject to annual operational and financial review

The judges

Jon Hountalas: executive vice-president, business banking, at CIBC, responsible for all areas of business lending and deposits including strategy, sales, product development and the client experience.

Nancy MacKay: Founder and CEO of MacKay CEO Forums, the highest-impact and least-time-intensive peer group for results-oriented CEOs across Canada.

Theresa Tedesco: award-winning chief business correspondent at the National Post and author of the best-selling book Offside: the Battle for Control of Maple Leaf Gardens.

Brigitte Vachon: Quebec Canada’s Best Managed Companies leader and Quebec Deloitte private leader

Mark Whitmore: Vice-chair and leader of the Deloitte Private practice in Canada

Ken Wong: Member of the board of directors of the Canadian Marketing Association; vice-president, knowledge development, with Level 5 Brand Consulting Inc.; one of Canada’s most respected marketing professors; and a 2006 inductee into the Canadian Marketing Hall of Legends.

National Post, Deloitte, CIBC, Queen’s School of Business and MacKay CEO Forums are program partners of the Canada’s Best Managed Companies program. This special section was produced by Postmedia Works, the commercial content studio of Postmedia Network Inc., in collaboration with Best Managed. 

Source: http://business.financialpost.com/2015/03/10/what-it-takes-to-be-a-best-managed-company/