01 Apr 2014
Business Excellence Awards: What It Takes to Win
The line-up of distinguished judges for the Singapore Accountancy Awards was recently unveiled. Comprising thought leaders and industry heavyweights from both the private and public sectors, ISCA interviewed one of the esteemed judges, Mr Uantchern Loh, Chief Executive of the Singapore Accountancy Commission, to bring you insights into the winning qualities that nominees of the Business Excellence Awardsshould possess.
You are one of the judges for the Singapore Accountancy Awards’ Business Excellence Awards, do share with us:
1) What are the top 3 qualities you would look out for in a winner of the “Practice of the Year” award?
A successful public accounting practice should have an intense focus on cultivating excellence in “Talent” development, building robust “Processes” and adding value to “Clients”. This means getting your talent to aspire to be the best and installing solid business processes that will continuously bring value to your clients in the best possible way.
2) Tell us how you would define a company that has achieved Technical Excellence, especially in an era where the accounting profession has to keep pace with fast changing global economic and business climates.
A clear demonstration of technical excellence would be through having a commitment towards contributing to the ongoing debate and development of accounting standards. This can be shown by volunteering in working groups, committees and discussions and further supported by contributing to the common body of knowledge via the writing of thought leadership articles and opinions.
3) Productivity has been a buzzword for the past few years. In your opinion, what is the most important quality that a truly innovative and productive accounting practice should possess?
This links back to question 1. Productivity means being committed to continuously inspiring your talents to do their best, having robust business processes that evolve with changing times and creating value that will benefit your clients in the best possible way.
4) The Manpower Ministry recently released figures that showed that Singapore’s labour market remains tight with a 9.7% surge in job vacancies as compared to last year. What do you think are the hallmarks of a successful talent development programme?
Talent development in a world of instant gratification and instant messaging is a difficult task. Talent development is a long-term programme. You need to have the mindset that you want to plant the trees under whose shade you will never sit under. This long term horizon is what sets the winners apart from the doers.
5) Why should accounting practices participate in the Singapore Accountancy Awards?
Definitely not for the glory, but clearly for the honour.
If you know of any companies that deserve to be recognised for their contributions to the profession, do nominate them now at www.sgaccountancyawards.com and help bring our profession to the next level. Next month, we will bring to you an interview with one of the judges of the Individual Excellence Awards. Watch out for our next EDM!
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