Two Galway-based companies have been shortlisted to be among Ireland’s Best Managed Companies. Now in its fifth year, the Best Managed Companies Awards sponsored by Deloitte will recognise indigenous Irish companies across the island of Ireland that are operating at the highest levels of business performance.
The companies are Grid Network Services Ltd, and Irish Response Limited, Ballybrit and both are through to the second phase of the Best Managed Companies competition, where they will demonstrate to the judging panel how their organisations are meeting their strategic objectives and adding value to their businesses. During this process, the companies will work closely with coaches from Deloitte and Irish Life Corporate Business and will receive customised feedback, thereby benefiting from the valuable business advice and expertise.
Kevin Sheehan, partner, Deloitte, said: “We are delighted to announce our shortlisted companies, and it is extremely positive that we have such strong contenders this year. At this stage in the process, the shortlisted companies are working closely with our Best Managed coaches on their phase II submissions for the judging panel. Feedback that we have received from previous winners is that they have found this process to be extremely beneficial and practical in relation to their company’s future strategy and is a considerable benefit of participating in the programme. We are delighted to be working with these companies and wish them every success as they continue on their ‘best managed’ journey.”
In August, a survey of the companies which have been recognised as best managed Companies to date emphasised that optimism is on the rise among indigenous Irish companies. Nine out of 10 of these companies indicated that they planned to expand their business in the coming year. The annual survey also found that 80 per cent of respondents plan to recruit in 2012 while half aim to complete M&A activity in the next 12 months.
The judging panel, which this year will be chaired once again by Liam O’Mahony, will be looking at a broad range of criteria when deciding this year’s 20 best managed companies - including strategy, capability, commitment, financials and growth potential across all key functions of the business. In addition, this year the judges will be paying close attention to the innovative strategies companies are adopting to ensure their continued success, be it diversification, product development and R&D, overseas expansion and talent management, among others.
Siobhan McAleer, Head of Strategic Partnerships at the Irish Management Institute, and judging panel member commented: “What is encouraging about this year’s shortlist is that these companies are drawn from a diverse variety of sectors - both new and emerging and also more traditional sectors. This shows that these companies are adapting and developing their management practices to compete in new and challenged markets. However, this doesn’t make the judging process any easier. In fact it is harder to decide which of these already well managed companies are the best managed. That said, the ones that foster innovation and are agile are the companies that will stand out.”
This is the fifth year of the Deloitte Best Managed Companies Awards which are open to companies from all 32 counties in Ireland. It is the only awards programme that considers a business’ performance from every perspective, not just financial. The companies that have been awarded the Deloitte Best Managed Company accolade to date have total revenues of more than €10 billion and employ some 24,000 people. The winners of this year’s awards will be announced in March 2013.