10 reasons to enter business awards (and 4 reasons not to )

25th
JUN

10 reasons to enter business awards (and 4 reasons not to )

Posted by Michael under awards, Business Growth

Many businesses never enter themselves for a business award during their existence but putting your company forward for an award can have business-improving outcomes, whether you win or lose:

Positives

1. Free advertising through press coverage – especially if you’re proactive about promoting your company through trade and regional press
2. Boosts staff morale
3. Impresses shareholders and potential investors – being willing to put your business up for scrutiny is a real confidence generator in the wider marketplace
4. Gains prestige and recognition from peers
5. Networking with fellow entrepreneurs (assuming you are shortlisted). The Japanese call this ‘virtuous circles’ – the chance to mix with other dynamic and success-oriented business leaders can really improve your own business acumen
6. Raises your business profile – publicity is good, PR is good, and the general impression that your business is a success permeates out from entering for an award, even if you’re not the lucky winner
7. Helps attract new customers – recognition and positive exposure can bring new clients to your door that you wouldn’t have reached any other way
8. Increases respect from existing customers – everybody likes to work with a winner!
9. Helps attract high quality new staff. Wouldn’t you rather work for a growing business than a stagnant one? And so would the brightest people around, so award entry can also lead to applications for jobs from the most talented people in your industry.
10. Motivation to increase business growth – thinking like a winner can lead to working like a winner, and one spin-off can be that everybody in your business accepts responsibility to grow, improve and advance the company.

It’s not all sunshine and roses though, the path through an awards process can be quite demanding, not just of time and money, but of commitment to the award system itself. Being aware of the downsides of entering for an award can help you decide if this is the right time for your company to make the effort.

Negatives

1. Financial costs to enter and participate – if you are shortlisted – can run into thousands of pounds
2. Time costs – the amount of work spent on creating a worthwhile award proposal has to be measured against the same time that could have been spent on generating additional sales.
3. Disclosure of strategy and financial information – this is a really tricky one and many businesses have concerns about being asked to supply sensitive information to unknown parties
4. Disappointment if you don’t win – while you, personally, may cope well with this, bear in mind that others in the business may react badly or even see it as a negative reflection on the worth of the business.

Bookmark It