Most people believe that business awards are only for large companies with massive pulling power. Most small or midsize companies do not participate in such awards as they do not know about them or do not believe they can also win, therefore missing out on a number of advantages that accrue from participating in and possibly winning a business award.
Everyone loves a good victory and to be recognised as a winner! Regardless of whether it is an Oscars or in the boardroom, a win on whatever stage definitely feels good and enhances your self esteem as an individual as well as an organisation. An interesting question that comes to mind therefore is - could your business create its own hype through an award?
The top 5 advantages of participating in business awards are:
1) Recruitment and retention
As a business, one of the best ways to put yourself in front of potential employees is recognition on the highest stage. Even if you don't win, the simple fact you're among the top players in your industry should suggest to high-quality candidates that the company is a good option for their career.
Of course, being part of a business award also does wonders for the morale of your current employees. Maybe you'd like to consider holding a staff meeting to celebrate your victory, inviting them for a dinner and celebrating & bonding as a victorious team!
2) Marketing and promotion
With the business environment so competitive today, any form of marketing and promotion that you can get for free should be taken with both hands. By participating in or even winning a business award, new customers can get a sense of your knowledge and hard work in the industry and be more receptive to working with you in the future.
It is also important to note the marketing opportunities that business awards offer. Whether it is through blog posts, email banners, business cards or social media, business awards are a great way of showing off your achievements to your customer base.
An image of your team and with a hard-earned business award also looks fantastic on any homepage or social media profile.
3) Impressing investors and stakeholders
Employees within a business often do a lot of work that goes under the radar. Many of these achievements are also essential for ensuring the business grows and investors and stakeholders remain happy and loyal to company.
By entering industry business awards and highlighting the fantastic work that your team does, this can impress investors and even attract more in the future.
4) Benchmark with the competition
The application process for entering a business award can often force you to look at your business from a different perspective and compare yourself to your competitors. You’ll need to make sure that you stand out from the competition whether that’s through innovation, diversity, growth, customer service, investment in people and strategic thinking.
This will help you think about ways you could be doing things better and identify areas for improvement and is one of the ways your business could benefit that could be more valuable than the prize itself.
5) Meet industry experts and contacts
While we don't like to admit it, a business awards night isn't all about the prizes and the accolades. A night away from the computer that is spent communicating with players in the industry and potential customers can be more vital than you think.
Even though Covid restrictions this year may not allow us to celebrate in style at a five star hotel and shake hands with industry leaders, we will still have a chance to do the same on a digital platform for sure. Hopefully next year things will be better and even if the situation permits this year, we may still have the chance to invite you for a Gala Awards Ceremony.
Business awards help you to grow you business and career and taking this opportunity is critical to stay relevant and active in the industry. As mentioned above, winning is always good for morale and marketing, but if you can meet other business leaders and learn from their success, this can only be positive moving forward.
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