| Abstract |
Business excellence frameworks (BEFs) provide a strategic approach to assess and develop a competitive advantage in the long term period as a sustainable potential for an organization's performance. This paper provides an approach to explore the use of excellence (EFQM Model Excellence) in the Czech environment and investigates whether there is a specific approach to the adoption of best management practices in organizations. The aim of the paper is to summarize the findings from the perspective of the utility of the model of excellence for organizations and on the example of the Czech award-winning companies to demonstrate the positive or negative development of selected financial indicators following the application of this strategic management framework. Generally speaking, the relevance of the EFQM excellence model and PEM approach was identified as an indirectly positive or negative trend, especially the companies have more stable values of monitored indicators (ROA, EBIT margin), without significant fluctuations in this indicator, after obtaining the NQA award. In terms of the Czech Republic, although the NQA system is in place, Czech companies have considerable reserves in the possibilities of use excellence approaches. |