Awards season is back after the pandemic led to delayed, cancelled and virtual events. But why should companies enter such awards and what benefits do they bring?
For many businesses that are shortlisted or win awards, it’s the first time they get the credit they deserve for all the blood, sweat and tears they have put into their firms. More importantly, achieving recognition is a critical step in highlighting the success of the company in a competitive marketplace and differentiating what your business does from rival businesses.
But it’s not only about external affirmation. Entering an award can help motivate employees by enabling them to acknowledge their own efforts in developing the business over time. In fact, for many directors who rarely pause for breath as they are growing their companies, applying for an award actually allows them to sit back and consider what has made their business successful.
So, if you’ve entered and are successful in being shortlisted, what are the next steps?
Apart from ensuring to invite your staff and clients along for a great night out, being shortlisted gives you the opportunity to tell everyone that you are up for an award and thank your employees, customers and other key stakeholders for their support in getting to this stage.
It’s also a great opportunity to go after new clients, as affirmation from an awards ceremony, even just as a finalist, can get you further meetings with potential customers, especially if you have been nominated in the same category as a major established business.
And what happens if you win?
The most important thing is to shout it from the rooftops!
Winning an award is invaluable in raising your profile in the media. It can be used as a marketing tool in getting more business from existing customers, attracting new clients and getting funding from potential investors.
As someone who has been responsible for the annual Wales Fast Growth 50 awards for the last twenty-four years, I am most proud of entrepreneurs telling me that being involved in the awards has made a real difference to their business. By opening doors to new opportunities and receiving confirmation that they are amongst the best in their industry, winning an award can be a real morale booster for the business, its owner and its employees, with considerable impact on the organisation in the future.
Although entering awards can be beneficial to your business in so many ways, it’s absolutely critical that you enter the right awards that give your company credibility amongst your peers and within your industry. Today, there are business awards for nearly every sector, and it is important that the awards are seen as credible with the business community so that, in turn, it adds credibility to your business.
I am proud that the two awards that I am involved with – the Wales Startup Awards and the Wales Fast Growth 50 – have achieved a “gold standard” because they are valued not only by organisations in the Welsh business ecosystem but, more importantly, by those that enter, with the quality and quantity of entries increasing every year.
The same is true of the Wales Business Awards which are not only one of the longest running business awards in Wales but, more importantly, have the fantastic team in Chambers Wales behind them who, unlike many other organisers of such events, have the growth of Welsh businesses at the heart of everything they do.
So, as we enter award season, make sure you’re entering yourself – you’ve got nothing to lose!
Although entries to the Wales Startup Awards are now closed, businesses can still submit their entries for both the 2022 Wales Fast Growth 50 and Wales Business Awards 2022.