The Benefits of Entering Business Awards

Ever entered a business award? At present there is a multitude of applications open for various business awards. Be it the local Powercor Wimmera Business Awards or national awards such as National Multicultural Marketing Awards, 2010 ActionCOACH My Business Awards, 2010 Telstra Business Awards etc there certainly is plenty of opportunity to showcase your business.

Business awards offer many benefits to enhance your business’s performance and profile and are definitely something worth applying for.

Some of the typical benefits include:

Promotion: You don’t even need to win to generate some fantastic exposure for your business.  The chance to meet with the experienced and often influential judges, rub shoulders with other leading businesses at the awards ceremony and profile yourself to your clients as a finalist can open new doors.

Prize: It is not uncommon for the winner in each category to walk away with a cheque from the sponsor. Even if there is no monetary prize on offer most awards are generally aligned with a major media sponsor this can be great for creating plenty of media exposure in the form of free advertising. At the end of the day the recognition of your success can have a far greater long term impact!

Competitive Advantage: We all know how difficult it is to get ahead of our competitors. Becoming a finalist or a winner of awards can provide that extra bit of momentum to elevate you above your competitors through greater market awareness of your business.

Direction: All awards have a set criteria that needs addressing, this is an excellent chance to evaluate how your business has performed against a set criteria and provides an opportunity to consider what you need to do to excel going forward.

Marketing: Whether you end up with a trophy in your office or not having participated is reason enough to market your involvement. The key benefit is that you are seen as a pro-active achiever and a market leader in your field, this can be beneficial in attracting both new customers and employees in future. You may wish to market this to your customers via a newsletter, in-store signage or on your email signature. You may decide to tell the greater community via newspaper, radio or television advertising.

No matter what your overall motive is for entering awards as a small business owner you owe it to yourself and your team to take the time to enter. If this year seems too soon then make it a goal for next year and start planning now.

Richard Kemp – Watts Price Accountants
E: richardk@wattsprice.com.au

The advice provided on this Article is general advice only. It has been prepared without taking into account your objectives, financial situation or needs.