What makes a Singapore business successful? There are many answers to that question if you asked a Singapore-based business owner. There are people who will say that it is how impressive the company’s yearly revenues are. Others will say it is the number of units they were able to sell so far. Some will argue that it is the amount of 5-star reviews that a business gets. That is all true but there is also another indicator to a Singapore company’s success. That is if the company is getting a Singapore local business award.
A Singapore business award brings a lot of prestige to a company. In addition to that, there are many great benefits of winning an award which can be extremely helpful for small-medium enterprises in Singapore. That is why in this article, we will talk about the three main reasons why winning local business awards are important for SMEs in Singapore.
Reason #1 – Boost product or service sales
Winning an award is seen as a high form of prestige that is recognized by many people. People who win awards are regarded as individuals with high status. That is because they had to work hard and be the best in order to beat out other contenders of the award. That prestigious status is also viewed similarly for companies who received a Singapore local business award.
Customers will always prefer award-winning businesses. That is because they know that these types of businesses have beaten a lot of similar companies. For example, if the company earns a product quality Singapore business award, this means that their product is the best among its competition in terms of quality. As a result, customers will prefer to buy the award-winning company’s product instead of those products from companies with no awards.
For that reason, it is easy to say that an award-winning SME can expect a good boost on sales. In fact, many companies claim that they are earning a lot more after they got the Singapore local business award. Aside from that, the value of the corporation’s stock also increases. That is why investors are also attracted to SMEs that win important awards. Therefore, the value gained from winning company awards should not be ignored by SME entrepreneurs.
Reason #2 – Improve employee morale
An individual who wins an award will always feel good about themselves. They feel that all their hard work has been validated. Thus, these people become happier and feel motivated to take on more challenges in their careers. That is also the same for an SME who received a Singapore business award.
The business owner’s efforts are not the only aspect that is recognized when the company earns an award. A Singapore local business award also recognized the effort that each employee has contributed in a company. That is why the business owner should make sure that the employees feel that they also won the award. Thus, they will also feel happy and motivated to do better in their work.
Holding a celebration party or giving out performance bonuses are only some of the ways a business owner can recognize the contribution of his team. This is important in regards to improving employee morale in a company. Furthermore, these celebrations and bonuses are good things that employees can look forward to if the company wins another Singapore business award. As a result, they will work even harder and find ways to win another company award. Thus, this will cause the business to improve in many aspects.
Reason #3- Increase business reputation and visibility
Sales and employee morale are not the only ones that get a boost when an SME wins a Singapore local business award. The company’s reputation also increases the more awards they get. Winning business awards from credible third-party Singapore organizations can go a long way in solidifying your company’s reputation. These awards can make your brand more trustworthy in the eyes of customers. That is why more sales occur for award-winning SMEs.
In addition, suppliers, and investors are also interested in working with your company. Most of them are looking through company profiles in order to find the right company that they should work with. If your company’s profile contains a Singapore local business award, it is likely for them to consider your company as a potential business partner investment venture. As a result, your business will get greater opportunities in terms of partnerships and financing.
Getting a Singapore business award
Winning a Singapore local business award is useless if only the company and the awarding organization knows about this. That is why it is important that the business promote themselves through their press releases. They can also incorporate the award on their branding so people can easily identify the business as an award-winning entity. Do you want a list of award-winning companies in Singapore? FinestinCity has it for you. This organization reviews local Singapore companies and compares them to other similar businesses. This is so they are able to find the best company for a certain type of service. Explore FinestinCity and find the best companies in Singapore.
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