The Benefits of entering business awards

Business awards offer many benefits to enhance your business's performance and profile and are definitely not something to shy away from. Whilst not everyone can be a winner, half of the chance of winning is in the entering and whether you win or not, the entire experience from penning the first word of the application to the awards ceremony and dinner can be an excellent introspective/reflective experience.

As the world's business environment becomes increasingly competitive and businesses question their return on investment for their marketing dollar, the strategic value of entering business awards can be an excellent way to gain a competitive edge over your competitors whilst increasing your profile and opening the door to further opportunities.

Hollywood stars vye for Oscars. Musicians vye for Emmys or Arias (in Australia). So why shouldn't you as an ambitious, driven, savvy business owner vye for your slice of the accolades too?

A win or nomination at The Oscars brings not only recognition of the highest accolade for acting talent, a solid future of movie contracts and larger earnings and even better generally a massive box office bump worth an average of nearly $150 million.. Emmys too bring further profile, negotiating power for future record deals not to mention lucrative endorsement money. So why is it that time and time again when I suggest my clients enter business awards I'm met with bashfulness, and I'll be in a better position to do that next year'!

Perhaps as business owners and entrepreneurs we're afraid to put ourselves on the stage and under the spotlight, because unlike the Emmys and Oscar winners we're not actors by heart, merely working class people who know our specific area of expertise/industry well and who worry our bubble may burst if we were to discover who else was really out there.

Defining Direction: it is always an interesting challenge to work on your business rather than in it, and even if you're working 'on it' how often do you 'look backwards in order to look forwards'.

Whilst you may have begun your journey in the business or entrepreneurial world with a solid business plan (or simply flown by the seat of your pants) taking the time to complete an awards entry is a fantastic opportunity to consolidate your direction by reflecting on your achievements to date, forecasting your plans for the future and generally articulating your current direction and position in the market.

Choose your award program in alignment with your corporate direction.

The Power of Attraction: There's nothing like a few statuettes on the shelf to attract new staff and business opportunities. Just one win saw us selected to feature on a new lifestyle business TV series on the Sky Business channel which will feature internationally. The same piece will also go on the website of a high traffic website who is a major sponsor, on the in-flight TV of a major airline and possibly on free to air TV networks too (i.e. Channel 7/Channel Ten etc) all because we entered (and won) just one award.

And that's not to mention the effect they have on those you associate with. People, whether they are prospective clients, new staff or strategic alliances like working with winners and you can almost be assured that if they're approaching you due to your awards, you'll have an instant synergy.

Gain a Competitive Advantage: If you're just starting out in business, or in a highly competitive environment, an awards entry/nomination/win could be just what you need to elevate your brand/company/profile past your competitors. Don't worry that you've only just started - every business starts from somewhere.

Industry honours and awards have the benefit of increased awareness in the market, third-party validation and establishing market leadership.

Expand Public Relations: PR is also an often overlooked weapon in the marketing arsenal, or certainly the PR that comes about as a result of entering awards. Whilst some companies may enter them, not many will use each stage of the awards process to drum up some media interest which can result in more business and new connections. Whilst PR can be difficult to measure on the bottom line, it is inenvitably, invaluable.

Bottom Line of Award Winning Companies/People

Business awards are great for defining direction, attracting good people, giving you a competitive advantage and PR, but can winning awards really offer value to a company's bottom line, so much so that you can afford to take the time required to put together award winning applications? The bottom line here is yes!!!

A research study by Hendricks & Singhal of the University of Western Ontario and Georgia Institute of Technology, revealed more than 600 quality corporate award winners had 37% more sales growth and 44% higher stock price return than their peers.

And if you really just can't afford the time to put something together, hire a company or person to assist you to put together your application, whether it's adding design flair, critiquing your writing or pulling the whole thing together from start to finish, what ever it costs you may well come back to you many times over in business if you are successful.

Do Awards Offer Value to Small Business?

The benefits of business awards for small businesses are similar to large companies with several exceptions and with small business being such a big part of many business communities, it's an important point to note. Often small businesses will struggle to establish recognition and credibility in the inter-state or international marketplace but a business award win or nomination can open doors and have a greater impact on the growth of a smaller company.

Some companies that enter competitions, especially those sponsored by publications and trade shows, do so just so the judges, often journalists or other influential business people or Government officials, become aware of them and their products.

Do not underestimate the power of entering awards. Your company will gain: a critical view of your operations, a challenge to improve and an opportunity for fame and lots of recognition.

Upcoming Business Awards we could help you enter!

Read more about businesss awards

• The types of business awards we can help you with
• The Benefits of Entering Business Awards
• How we can work with you to create a great business award submission