A business’ success relies heavily on its management and its decision. This will be their basic foundation to flourish financially or this may be the cause of their demise.
In a recent survey conducted by Irish Management Institute, they found out that 19% of small firms were poorly managed. This was focused relatively on day to day management activities, performance reviews and people management.
Every country has their own management rating and it is set at 5 as being the highest. The US is currently the highest, receiving a rating of 3.30. While Ireland was able to get a rating of 2.77, unfortunately 19% of these firms received a rating of less than 2.
The country’s overall rating is slightly behind UK, Germany, Poland and Italy but ahead of China and India. Tom McCarthy, chief executive of IMI, sees the result as an opportunity to bring back the Irish competitiveness at par with worldwide standards.
He believes that there is a considerable gap between Ireland’s current performance and the international norm. Closing the gap will boost the economy as it will strengthen a firm’s stability. Layoffs and company shutdowns will also be reduced, preserving jobs in the industry. This will also allow employment for low skilled workers and set a drive for growth in production.
McCarty also said in a strong statement that Ireland can never be as cheap as India or China but being ahead of the pack simply means that we have to be better.
