Deloitte recognises Australia’s top-performing private companies

Australia’s best private companies are pushing all the right boundaries.

This article is sponsored by Deloitte.

Today’s market brings a constant stream of changes for business leaders, who must rapidly adapt and overcome challenges regardless to ensure continued success. Some of the most outstanding examples can be found among this year’s winners of Deloitte Private’s Best Managed Companies program.

The award recognises privately held companies for their organisational success and achievement, with winners judged by an independent panel. The program provides a distinct framework for management teams to challenge themselves and benchmark against some of the best private companies in the world, examining common practices and the local trends that lead to success.

This year’s cohort includes BizCover, a Sydney-based, small-business online insurance platform; Craig Mostyn Group, a Perth-based food and agribusiness company; Kinetic IT, a Perth-based IT service provider; Incat Tasmania, a Hobart-based shipbuilder specialising in the design and construction of ferries; QBD Books, Australia’s largest locally owned and operated bricks-and-mortar book retailer; and Talent, a technology business providing recruitment, project delivery, and talent acquisition functions headquartered in Sydney.

 

Winners were judged by an independent panel against four pillars: strategy, culture and commitment, capabilities and innovation, and governance and financials.

Deloitte Private leader Natalie Faull, who leads the Best Managed Companies program in Asia Pacific and Australia, said three key strategies underpin the success of these businesses.

“They are agile and adapt quickly, and set a clear strategy to guide their response to external influences. They also foster an innovation mindset, taking a structured approach to encourage new ideas. Finally, they invest in the future – even in turbulent times – using data and market insights to make informed choices.” 

The Best Managed Companies program was established in Canada in 1993 and evaluates companies according to a rigorous and independent assessment process that includes benchmarking against a framework applied to a community of more than 1700 private companies operating in 46 countries. 

It’s now in its fifth cycle in Australia, where it is being run in association with Google Cloud to shine a light on successful local operations and exceptional performance while finding out what drives each company.

Winners receive coaching from leading business advisors over an eight-month period, as well as networking opportunities including invitations to exclusive events and key branding and promotional opportunities. 

They also have the opportunity to speak to Deloitte’s experts and conduct a deep dive into their business to help identify the biggest opportunities for growth, with a dedicated business coach helping gain new insights that can shape strategy and boost performance. Winners are encouraged to rejoin the program each year to continuously improve and grow their businesses while maintaining their Best Managed Companies status.

Google Cloud Australia head of sales Nerissa Penfold said emerging technologies were a key consideration.

“The dedication of these winners to investing in cutting-edge technologies like AI, robotics, automation, and smart systems is truly impressive. They are not only streamlining processes and enhancing operations, but also leveraging these investments as catalysts for transformative change and profitable growth. What stands out is their unwavering commitment to nurturing a culture of innovation at the very heart of their business.”

On the strategy front, judges looked for businesses which revisited their strategic focus in 2024 to adapt to the current market environment, economy and global influences, providing agility and flexibility. Companies were assessed on how well they refocused and repositioned to suit market demand, looking to determine where future opportunities lie while being clear on their strategy and developing a clear sales mindset.

When it came to culture and commitment, the Best Managed Companies demonstrated a strong emphasis on maximising brand positioning by adjusting brand stories to reflect their strategic positioning. Employee satisfaction was a priority, as was an investment in leadership and employee learning, with a strong commitment to diversity in all forms to ensure the winners could develop high-performing teams.

“The Best Managed Companies program honours purpose-driven businesses that embody the essential qualities needed to navigate and succeed in today’s extraordinary times,” said Melbourne Business School associate professor, associate dean executive of Degree Programs, Andrea North-Samardzic. 

“These winners have demonstrated significant investment in leadership and the development of their people, along with a steadfast commitment to diversity in all its forms, thereby enhancing the overall capabilities of their workforce.”

Finally, when considering governance and financials, judges looked for clear reporting lines and well-developed policies with strong metrics to ensure transparency and accountability. Investment in digital technologies and data analytics was also a key consideration in terms of reporting quality.

The Best Managed Companies designation is a global symbol of corporate success for private companies. It celebrates not just the outstanding achievements of Australia's leading businesses, but the importance of adaptability, innovation and strategic vision in achieving sustained growth in an ever-evolving marketplace.

Find out more about Deloitte Private’s Best Managed Companies program and the value it can add to your business. See the 2024 winners and register for the 2025 program at bestmanagedcompanies.com.au.