Entering your business for awards can be a time consuming process and one that many companies prefer not to devote resources to, but win or lose, there are several benefits to be gained from the process.

1. Time to reflect

Awards entry forms pretty uniformly ask you to explain why you deserve to win the award. They require you to provide answers to questions like, “What was innovative or ground-breaking about your approach to customer service?” or “What challenges has your business faced and how have you overcome them?” In preparing your answers to these questions, you’ll have to look at your business with a critical eye. This should help you identify what makes your business great and, even if you feel you can’t provide impressive examples for every answer, will help you focus your efforts for the future.

2. Credibility through endorsement

Winning an award, particularly if it is from a credible source such as a well known publication, can represent a significant boost to your reputation. If you capitalise on this by adding the award mark to your website and marketing literature, you could see real benefits as this is third party endorsement of the highest order, telling your customers that your brand can be trusted to deliver excellence in the area associated with the award.

3. Media exposure

Winning an award, or even just being short-listed, can lead to positive exposure for your brand in the press. Often, if an award is linked to a particular publication, they will run a brief profile of each of the finalists, usually with extra detail for the winners. If you are lucky enough to win or be short-listed for an award, you should also consider releasing this news – with the organiser’s permission – to the press relevant to your sector, as this kind of public relations activity could generate more positive coverage for your brand.

4. Boost staff morale

Winning an award can be a great morale booster for staff, especially if the award recognises their particular contribution to the company’s success. For this reason, in addition to entering awards specific to your industry, you might consider entering customer service awards for the performance of your call centre staff, or technology awards in recognition of the efforts of your IT department.

5. Secure funding and support

While the kudos of being an award-winning company may well be incentive enough, many awards also offer the winner or winners a cash prize and/or support from a business mentor. For start-up businesses in particular, this can be a great way to help realise your business’s potential.

6. Strive for new standards

If you are unsuccessful in winning a particular award, you can still learn from the experience by comparing your business to the winning entry. In some cases, the organisers will provide unsuccessful entrants with feedback. This can help shape your future business practices and ensure you produce a better standard of entry next year.