“These awards aim to spotlight businesses that transcend not only within their sectors but across the entire nation.”
With 2024 award submissions opening up, it is a great time to be reminded why awards are important for your business. No matter the size or stage of your scaleup, nor the industry it is in, awards present a golden opportunity to spotlight your remarkable achievements. The opportunities and recognition that winning, being shortlisted, or even simply nominated for an award can bring to your business cannot be understated – at any stage, involvement with notable awards is a strategic investment into your business’ trajectory. Leveraging awards not only boosts one’s confidence and credibility in a business but also cultivates excitement around your brand yielding free publicity leading to potential business growth opportunities.
Sarah Austin, Home Grown member, Founder and Director of the Lloyds Bank British Excellence Awards, the UK’s largest awards programme celebrating the best of British business says “these awards aim to spotlight businesses that transcend not only within their sectors but across the entire nation.” Austen presents that winning awards or even being nominated for one, “is more than just a recognition; it’s a testament to being the paragon of excellence on a grand scale. Winning isn’t merely an accolade; it’s a confirmation that your business outshines the competition.” With Sarah’s expert insight into the business awards industry, we have pulled together some reasons why you should put your business forward for awards in 2024.
Boosting confidence in your business
In the vast landscape of business, “awards subtly shape the atmosphere, influencing our emotions and the confidence we invest in our enterprises.” Whether you win, get shortlisted, or simply submit an entry where you are able to showcase your success, awards are undoubtedly a huge confidence boost to your business. As a growing business, showcasing your talents becomes imperative; after all, if you don’t champion your achievements, who else will? Sarah says “consider last week when my son, brimming with pride, dashed out of school, proudly brandishing his ‘Star of the Day’ certificate.
In that moment, he wasn’t just a student; he was a victor. Much like our distinguished BBEA winners, who, on a Wednesday morning, clutched their trophies, echoing a sense of accomplishment louder than words. It’s more than an award; it’s a declaration of excellence, a proclamation to the world, “We’re not just good – we’re the best.” It is a gratifying experience to win an award, instilling faith in past business decisions that have been made, and confidence that you are on the right track. This confidence generates more motivation – your whole team become motivated to keep up the good work as they are shown first-hand that their hard work is recognised and being rightfully rewarded – and that the work they are doing is to a standard that is higher than anyone else in their field.
Increase in credibility
If you have been chosen by a third-party as THE award winning business in your sector, you will gain significant credibility among potential customers as you become seen as a cut above your competitors. Demonstrating that with awards, comes credibility – something that is imperative in the business ecosystem, especially when sectors can be so crowded and competitive. In the dynamic landscape of startups, gaining the trust of customers can be challenging. At this point, customers are not necessarily loyal and can be drawn to competitors who are more established and recognised in the industry.
Therefore, winning or being shortlisted for an award in the early stages of your business is an incredible benefit, as being named as the best at what you do shows customers that you are credible and can be trusted. For well established businesses, the importance of winning awards is equally as important. It shows your customers that you are still on the top of your game and that even after all these years you are still working hard and remaining relevant amongst new competition. As well as attracting new customers, this increase in credibility will attract new, talented employee prospects and investors towards your business. Your business is better set out for growth from multiple angles; new clients and investors, therefore new income, along with new employees bringing in fresh talent and ideas.
Free publicity!
As quoted by Sarah, “awards wield a transformative power, instilling your team with a palpable sense of achievement. Public Relations steps into the limelight as the supporting act, ensuring your triumph isn’t confined to internal applause but resonates far and wide. Think of it as your bespoke content, a narrative painting your business in hues of success.” Most obviously, winning an award, or even just being nominated or shortlisted, supplies your business with a significant amount of free publicity (and who wouldn’t want that?).
Finalists and winners are usually plastered all over the awards organiser’s website and social media pages, and often picked up by publications who are reporting on the event. Not only will this increase in brand awareness open doors to new contacts who may not have heard about your business before, therefore pulling in new customers, but it will also enhance customer retention and loyalty as current customers will be able to see that your business is at the top of its game. Even if you don’t win the award, attending an event full of other business leaders provides a great networking opportunity where you can spread the word about your business and increase brand awareness.
If you’re interested in enriching your entrepreneurial experience and finding a strong community of entrepreneurs, investors and business leaders then contact our membership team at Home Grown.
