What does it take to be a “Best Managed” company?
On March 9, 2017 the winners of Canada’s Best Managed Companies for 2017 were announced, recognizing Canadian privately-owned and managed companies that demonstrate exceptional business performance.
According to Deloitte’s press release, “Each of this year’s winners had an unquestionable expectation of growth that helped drive them beyond the status quo and their peers.” Per Jon Hountalas, Executive Vice President, Business Banking, CIBC. “This year’s winners excel in leadership, performance and innovation, and their success illustrates the impact that private companies are having on our economy.”
You may be thinking that is just for large companies. But there are lessons that you can learn and use if you are a smaller business. Let’s look at the top 5 things you can do to work towards being a “Best Managed” company.
1. Carve out time to work “on” your business rather than spending time “in”, doing the day to day work.
2. Invest in your own leadership development, as well as your team members.
3. Develop systems and process to improve efficiencies and save resources.
4. Delegate, delegate, delegate. Be sure to create expectations of outcomes and timelines. Then follow up.
5. Monitor key performance indicators that are critical to your success so that you can make changes as needed.
While all the sounds great – how do you do it? How do you implement these ideas? That’s where we come in. With years of experience working with business owners and their teams, we know how to get you on your way to being a “Best Managed” company.
Terry Wills of Wills Transfer Limited says, “…the best advice that I have ever got in terms of business was about 25 or 30 years ago when I was told that to progress I would have to carve out time to work on the business, as opposed to always working in the business.” 2017 Best Managed Company designation