10 BENEFITS OF ENTERING BUSINESS AWARDS
Is entering a business award part of your strategy for 2027? There are lots of business, charity, tourism and community awards available for SMEs, but when I ask my contacts if they are applying, the usual response is ‘No’. Small and medium sized businesses (SMEs) in particular, don’t seem to have time, don’t know where to start and the fear of disappointment of losing. But there is plenty of anecdotal evidence and research* to suggest otherwise, even the process of entering the awards can provide huge long term benefits for your business.
1. Focus
The research and evidence gathering helps with the identification and greater understanding of key performance areas and the recognition of best practice. It can also act as a benchmark and highlight areas where improvements are needed.
2. Improved Trust and Credibility
Being judge independently increases that powerful third party endorsement that people seek before they reach out to connect or work with you.
3. Higher Customer Satisfaction
There is increased customer awareness, recognition and credibility which increases customer trust and loyalty.
4. PR Value
Additional press coverage and free publicity for both Internal and external publicity. A good news story to share on web sites and social media. Additional benefits can come from displaying the award in staff and public areas and on all business communications and corporate documents.
5. Enhanced Brand Profile and Recognition
The high visibility of entering, being shortlisted or winning an award improves your profile through social media posts, adding the award to your website or email signature or generally just calling yourself an ‘award-winning business’.
6. Improved Financial Performance
Whether this is an increase in sales, ability to get grants, loans or bring in sponsorship. For SME’s it could increase in the value of good-will in the business and credibility with financial institutions.
7. Establishing a Niche or Unique Selling Point
By selecting the category carefully you can create a niche and generate good news stories that make you stand out from your competitors. From sustainability to green awards, from contribution to society, education, training and young people to improving the lives of others, show how you are making a difference.
8. Enhances Business Competitiveness
Improved recognition can lead to new business opportunities, new contacts, new collaboration. If you continue to exploit the benefits of winning an award you can improve competitiveness.
9. Networking
At award ceremonies there are opportunities to take staff, customers or influencers with good prospects of meeting new or renewing old acquaintances regardless of being shortlisted or winning.
10. Staff Morale
Awards can create a ‘buzz’ from the recognition of the team, leading to better engagement with staff, greater inclusion and productivity. The efficiency of staff can even increase from an enhanced sense of pride and absenteeism can fall. It also makes it easier to recruit.
My only caveat is to choose the award and category carefully and check the legitimacy of the awards, are they judged or just awarded and you are invited to pay for a certificate or trophy?
So, in conclusion, it can be challenging and time consuming but winning or being shortlisted is a big bonus.
*Advancing the common good through business excellence awards: A legitimacy-seeking perspective
Oct 2024
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