While the thrill of winning never gets old, participating in business awards is more than just chasing glory. It can shape and influence business and hiring strategies, internal culture and the bottom line.

No matter the type of business award, being nominated as a finalist or winning can be very rewarding. At HLB Mann Judd, our involvement in awards has had profound influence on measuring what is most important to us as a firm and a brand. We participate in several, carefully selected, business and young leader awards throughout the year, such as the Financial Review (formally BRW) Client Choice Awards.

There are several benefits of choosing to participate in business awards:

Increases business profile

Being nominated for an award is a great way to raise a business’s profile. A nomination can give the business a point of difference and help it stand out from the crowd. It can also add credibility to the brand by recognising the positive work the business is doing in the community or within a particular industry.

Boosts staff morale and strengthens culture

Awards are a great way to recognise and celebrate a team’s hard work, dedication and successes. It also shines a spotlight on the business’ values. Showcasing what the business is passionate about may also attract prospective employees who share similar values.

Creates opportunity to examine the business

Award submissions vary depending on the assessment process. Often the application process requires time and effort, particularly if it involves lengthy questionnaires or sourcing testimonials.

Collecting and collating the required information may uncover key strengths and weakness in the business that owners may not have been aware of. Going through the application process could give a fresh perspective on the business’s market position.

Benchmarks the business against competitors

Putting the business or a team member forward for recognition can be an effective way to improve reputation. It also allows the business to be scrutinised and compared against others. This benchmarking process may prove insightful and assist in developing future growth strategies.

Strengthens the value proposition

Not all awards carry the same weight. It is important to research which awards are the right fit for the business and its values. Many businesses incorporate business awards as a part of their marketing strategy. If selected as a finalist, it is important to have a strategy in place to effectively communicate the message to clients, staff and the business community.

This article is authored by Holly Dixon, Australasian Marketing and Brand Manager