Canadian Tire, Westcorp and Purdys Chocolatier are among the winners of Canada’s Best Managed Companies program, according to Deloitte. The award recognizes privately owned and managed companies for outstanding business performance and innovative management.
“Best managed companies lead the way with a clear vision focused on growth in new markets and product lines to drive profitability. They put the right people with the right skill sets in place, because that’s what drives financial results,” said John Hughes, Deloitte Canada’s managing partner, growth enterprises, and national leader of the Canada’s Best Managed Companies program.
The companies focus on their people through internal employee relations, investment in skilled talent, partnerships with external sources and strengthening relationships with customers. They communicate more and recognize individual contributions using key performance indicators to successfully move the business forward, said Deloitte. Many of the winners hired senior people with specific skill sets to accelerate their development and add value and deliver outcomes.
Key areas of focus for Canada’s Best Managed Companies include:
Profitability: During the recession, many companies focused on cost-cutting to match expected declines in revenue. As the economic picture improves, these companies shifted their focus from cost-cutting to growth and profitability. They also concentrated their efforts on a specific segment or customer base that has generated on average higher revenue growth and profitability.
Talent: Best managed companies engage their people in meaningful conversations to help their team members understand their organization’s overall purpose and vision. Working conditions, opportunities for growth, training and development, and non-routine questionnaires have been integral to determining if organizations are doing the right thing to win.
M&A activity: Deals that involve more risk and greater complexity can have a transformational impact as a growth strategy, said Deloitte. Many of the winning companies have taken an M&A mindset to further their market reach, find economies of scale for purchases and develop talent pools that can build strategies to reach new markets and customers.
Closing the productivity gap: Winning companies made investments in enterprise resource planning systems and customer relationship management systems that help increase productivity to sell into their customer base and attract new customers more efficiently. Investments made in technology and infrastructure have also seen above-average returns for greater employee productivity, accelerated growth and development in new products and services that offer a competitive edge.
Innovation: Continued investments in capital assets and technology help drive innovation to grow profitability. Best managed companies are expanding operations to capture more complex and multi-national projects with multiple disciplines and partners to create a more compelling profit story.
2013 Canada’s Best Managed Companies
Island West Coast Developments
Borger Group of Companies
Community Natural Foods
Jersey City/Capz Canada
Landmark Group of Builders
Scandinavian Building Services
Deep Foundations Contractors
Kids & Company
Modu-Loc Fence Rentals
Molinaro’s Fine Italian Foods
Skyline International Development
Napoleon Group of Companies
Deslaurier Custom Cabinets
J.L. Richards & Associates
Voyageur Transportation Services
Driving Change Automotive Group
FWS Group of Companies
J. Sonic Services
AMEC Black & McDonald
Cherubini Metal Works
J.W. Lindsay Enterprises
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