What makes a business successful? There are many answers to that question if you asked a 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 company’s success. That is if the company is winning local business awards.
It brings a lot of prestige to a company. In addition to that, there are many great benefits of this award which can be extremely helpful for small-medium enterprises. This is why in this article, we will talk about the 3 main reasons.
So, lets get started!
Also checkout: Singapore Business award
Importance of winning Business Awards
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 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. That prestigious status is also viewed similarly for companies who received a local business awards.
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 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 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 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 award.
The owner’s efforts are not the only aspect that is recognized when the company earns an award. It also recognized the effort that each employee has contributed. 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. This is important in regards to improving employee morale in a company. 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 award. The reputation also increases. Winning from credible third-party 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 profiles in order to find the right company that they should work with. If your company’s profile contains a award. Then it is likely for them to consider you as a potential business partner investment venture. As a result, your business will get greater opportunities in terms of partnerships and financing.
Promote after getting a award
Winning local business awards are useless. If only 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.
So, that’s all for today hope you like it
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