For 15 years now, Ireland’s private companies have competed for the coveted Best Managed Companies accolade, in a programme that shines a spotlight on businesses from across the island of Ireland.
The starting point, Murphy said, is still going to be a solid financial position for the business, and the ability to be able to weather any kind of storm.“More important than ever,” said Murphy, “is going to be ensuring that the cohort of companies that we bring through this year are seeing strong balance sheets, and a good debt position where they have availability and support. This has come into sharp focus in recent years.
Murphy said this highlights another aspect of companies within the best managed network. The role of non-executive director in guiding the board and helping the CEO translate that into strategy and policy can be a strength in developing a company to the next level. This feeds into everything from environmental, social and governance concerns to international expansion plans, he said.
The area of ESG is developing rapidly, with efforts maturing and being brought together as coherent strategy. Murphy said that participant businesses are being asked about their efforts not just by their funders, but also their customers. “One of the biggest challenges for last year’s cohort was resourcing and talent – the people to do what they were planning,” Murphy said.
Murphy said the effect is noticeable “particularly outside of Dublin, because I think they have that idea of being able to work from home, emphasising how supporting communities has become increasingly important to people”. “That catches the imagination of the judges,” said Murphy. “There has to be that special something, beyond just a brand, that will differentiate and elevate that business.”
Many businesses anticipated that 2022 would be a year when a sense of normality returned, following the upheaval wrought by the pandemic. It is important to recognise and applaud the many Irish businesses that continued to thrive and progress in the new working reality and the resilience they displayed during such an unprecedented time.
Bank of Ireland’s team of coaches and I are looking forward to reviewing the applicants to the 2023 Best Managed Companies programme, alongside the coaches from Deloitte. Each year, we discuss the traits we want to see in a company, and each year our expectations are surpassed. However, one thing we always find amongst the very best managed companies is a determination to keep meeting higher standards and to keep finding new ways to satisfy customer demand.
“Even in preparing the application, it prompts you to think not only strategically, but also very tactically about the business,” said Sharen McCabe, CEO. “Each year, the demands are on you to keep raising the bar, to show that you have moved on from last year — you can’t sit on your laurels once you’ve got the accreditation. You’ve got to demonstrate that you are continuously evolving the business. That can be demanding, but it’s worth it.”
“The Best Managed Companies is a valuable addition to our planning calendar. When we initially looked at external award programmes — the rigour and methodology of the Best Managed Companies programme stood out. It covers the entire business. I’d advise any leadership team to complete the analysis, and even if you don’t qualify there is huge value in the process and the support.
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