Promoting, testing, and qualifying
The core business of the EFBQ is promoting, testing, and qualifying strategic entrepreneurship of the enterprises that are part of the Peer Group. The EFBQ network contributes to the promotion of this strategic entrepreneurship in several ways:
- A strategic benchmark through the EFBQ Assessment
- Network meetings, such as Management Tables and Seminars
- One-on-one contacts between enterprises
- Exchanging useful and practical (management) tools, the “EFBQ Management Toolbox”
By using management tools and participating in meetings, EFBQ participants can prepare themselves for the EFBQ assessment. Every three years, a participating enterprise is tested according to the European Classification Standard®, a unique management assessment, focused on strategic entrepreneurship and the enterprise’s ability to anticipate. The EFBQ Peer Group is used as a benchmark for the assessment.
This enables a company to compare itself to the “best in class” from various branches and classify itself as a “Qualified Company” at a certain score, or in case of an outstanding result, as a “European Business Star.”
In short, strategic entrepreneurship means, “knowing what you want and being able to realize what you want.” The term “strategic” refers to foreseeing developments and responding to them in favor of the enterprise. “Entrepreneurship” exists in a variety of forms, but it will always be focused on making money, continuity, and the creation of value.
“Knowing what you want” should manifest itself through a clear and well-founded strategic framework. In this context, external developments (opportunities and threats) and internal (im)possibilities are reflected in the vision the management holds, which should eventually lead to focal points, concrete objectives, and keen prioritization.
“Being able to realize what you want” is not merely determined by the external possibilities on the chosen playground; it also results from the people, resources, and organization available, which are the factors with which those objectives should be achieved. The focal points, objectives, and priorities provide the foundation for a concrete policy for the rest of the organization. In this regard, it is important that the people, resources, and organization are sufficiently set to realize these objectives. Are management and monitoring well organized and is prioritization maintained? In other words, are you not just “doing things the right way,” but are you also “doing the right things?” Part of strategic entrepreneurship is the ability of the management to anticipate changes in the marketplace. Furthermore, the level of strategic entrepreneurship is determined by the capacity for change of the management and the organization; in other words, the extent to which they can respond to the concerned changes.
During an assessment, an enterprise compares over 60 aspects of its policy with those of the top-scoring enterprises. These exemplary companies set the standard, and, therefore, form the benchmark. The feedback or the assessment report describe the ways in which an enterprise can take one or more steps towards the benchmark level.
The EFBQ benchmark level is constantly being improved. When companies manage to exceed the standard in certain areas, they will determine a new standard. Therefore, companies that have successfully undergone an assessment cannot stop improving, as they can expect to be confronted with higher measuring standards in three years. Consequently, the quality of the Peer Group and, therefore, the benchmark, are constantly being improved.
The EFBQ provides managers and entrepreneurs a chance for self-evaluation and answers the following question: how are you performing as a business and how does this relate to other participating companies? The qualification of the EFBQ offers the participating companies the opportunity to expressly distinguish themselves. But most importantly, the participants learn from each other. That way, the EFBQ Peer Group commits itself to realizing visibly improved companies.