The 5 benefits of entering business awards

There is a common misconception that business awards are only for large companies with massive pulling power. However, award ceremonies are calendar fixtures in every industry and those that don’t put themselves or their employees forward stand to miss out on a number of advantages.

There is something in the Australian psyche that loves a good victory. Regardless of whether it is on the hallowed turf of Lord’s in The Ashes, at the Oscars or in the boardroom, a win on whatever stage definitely feels good.

As we watch our sporting and entertainment heroes enjoy their victories, it does pose an interesting question – could your business create its own hype through an award?

There is a common misconception that business awards are only for large companies with massive pulling power. However, award ceremonies are calendar fixtures in every industry and those that don’t put themselves or their employees forward stand to miss out on a number of advantages.

Here are five benefits of entering business awards.

1. Recruitment and retention

As a business, one of the best ways to put yourself in front of potential employees is recognition on the highest stage. Even if you don’t win, the simple fact you’re among the top players in your industry should suggest to high-quality candidates that the company is a good option for their career.

Of course, being part of a business award also does wonders for the morale of your current employees. The opportunity to dress up, have a night out and be social with the team in a relaxed environment can reaffirm dedication and passion for the business.

2. Marketing and promotion

With the business environment so competitive today, any form of marketing and promotion that you can get for free should be taken with two hands. By participating in or even winning a business award, new customers can get a sense of your knowledge and hard work in the industry and be more receptive to working with you in the future.

It is also important to note the marketing opportunities that business awards offer. Whether it is through blog posts, email banners, business cards or social media, business awards are a great way of showing off your achievements to your customer base.

An image of your team and with a hard-earned business award also looks fantastic on any homepage or social media profile.

3. Impressing investors and stakeholders

Employees within a business often do a lot of work that goes under the radar. Many of these achievements are also essential for ensuring the business grows and investors and stakeholders remain happy and loyal to company.

By entering industry business awards and highlighting the fantastic work that your team does, this can impress investors and even attract more in the future.

4. Benchmark with the competition

For many businesses, it is easy to see the differences between your organisation and your competitors. However, is it often the small details that separate the pretenders from the contenders. In the realm of a business awards night, you can see what other businesses in your industry are doing well and take notes to lead your organisation in a different direction.

If you win, then that is fantastic, but just being an active member in your industry can give you an insight into where the industry is heading.

5. Meet industry experts and contacts

While we don’t like to admit it, a business awards night isn’t all about the prizes and the accolades. A night away from the computer that is spent communicating with players in the industry and potential customers can be more vital than you think.

Business awards are a potential network of contacts and taking this opportunity is critical to stay relevant and active in the sector. As mentioned above, winning is always good for morale and marketing, but if you can meet other business leaders and learn from their success, this can only be positive moving forward.