On the back of another successful week for our portfolio companies, we revisit and review one of our more popular posts – business awards, are they of any benefit to your business?
There are plenty of pitfalls in the world of business awards. As easy as it is to chase the glitz and glamour of corporate black tie events, offering with it the chance to escape the often relentless life of managing a business, it is important that this pursuit is never without purpose. That being said, the motivational effect that competing for and winning a business award can have on your team and the opportunities created as a result can add real value if done correctly.
Given the commitment, both financial and otherwise, involved with entering into contention for a business award, it is important to focus only on awards that are relevant to your business and that result in creating a profile in the right arenas. Moreover, though it can often seem like wasted effort where your business does not come first in the chosen category, remember that winning isn’t everything. Industry recognition of any kind is beneficial to your business, as this recognition is often accompanied by a plethora of unseen advantages.
By being entered into the award process, or perhaps more crucially attending the ceremonies, you secure invaluable media coverage for your business. It is important to capitalise on any success, through blog posts, social media coverage or even simply including the award logo on your website, press releases or letterheads. In doing so, you can begin to differentiate your business even in highly competitive markets. An award is an attractive hook for potential customers and employees alike with both preferring to interact with a business that is associated with success.
An often overlooked advantage of contending for business awards is the networking opportunities provided by associated awards ceremonies. Irrespective of the outcome, you are placed into an environment where you are able to interact with industry and sector-leaders who could offer new insights into your business or even be the missing link you require to progress your business to the next stage. Whether reaching potential investors, new partners or even future customers, increasing brand exposure will have a positive impact on your business.
Finally, as stated in our previous blog post on this topic, a significant benefit is the motivational effect of awards success on the wider team below the board level as receiving such awards is also recognition of their efforts and gives a degree of reassurance that the business is doing well (particularly important in smaller/early stage businesses). The goodwill and potential benefit of redoubled efforts generated should not be underestimated.
To summarise, do not lose sight of the fact that the impact a business award will have on influencing your business’ customers and your business’ overall success is relatively small as you still need to have the right product/service to achieve sales. However, it is important to remember that the (sometimes unintended) consequences of engaging in the process can reap rewards for years to come.
Think you have a chance of winning a business award? Look out for Midven’s next blog on choosing which business awards are best for you.
Liam Bradley