And the winner is
Entering awards isn't just about the accolades. These nods could have a significant impact on your business, writes Rachel Sullivan.
When it comes to business awards, winning isn't everything – in fact, most award recipients say that it is the intangible benefits of entering a competition that have the greatest impact on their business.
These can range from improved staff morale, an enhanced profile, a stronger business plan and greater credibility among clients and suppliers. Businesses are often required to take a long hard look at their goals and strategies as the entry process often means they have to articulate these concepts on paper.
There are a number of high-profile awards that garner much media attention – such as the Telstra Business Women's Awards and the PricewaterhouseCoopers Excellence in Franchising Awards. However, there are many other awards which still deliver benefits to your business. You can look towards your local chamber of commerce, search the Internet for government sponsored awards and also those run by industry bodies.
Better business planning
Lisa Balakas is the co-director of Ripe Maternity Wear, which designs and produces contemporary maternity wear. It was a category winner in the 2005 Telstra Small Business of the Year Awards (now called the Telstra Business Awards). Balakas says it helped consolidate their planning. "Even though we had never articulated certain contingency plans, they existed in our minds," says Balakas. "Today, they are part of our core business strategy."
Balakas, who is also a NAB customer, says there is also greater customer confidence in her brand. "In the competitive global marketplace, where many businesses come and go, winning an award is perceived as a sign that a company has good foundations and will be around for a while," she says. "It positively affects international forward-buying decisions, and acts as an incentive to choose our business over one that may be less locally recognised."
This is echoed by Dr Hadrian Fraval, managing director of Rofin, a Victorian-based manufacturer and exporter of forensic light products that won the 2005 Australian Export Award. "It certainly makes our international sales staff's role easier – a recognised accolade means that they need to spend less time and effort selling the company to new clients, and can focus more on selling our products," he says.
Paving an easier path
Fraval says that they are now approached to enter other awards, and government organisations and banks have also contacted them directly with proposals to help enter new markets, join trade shows and international marketing fairs as far afield as Moscow. Austrade has even smoothed the way so that a tariff discount for which the company was eligible, but hadn't finalised, was fast-tracked for approval.
"Although winning the award provided no direct, measurable impact on sales, this assistance has certainly resulted in a tangible financial reward," he says.
Focusing on your business
Open your door to reward and recognition. Some of the major national business awards are listed below. Each award usually has a variety of categories from which businesses can choose to enter. Becoming a finalist or category winner can gain just as much kudos as being an overall winner. For more information, visit the websites.
Ethnic Business Awards
www.etcom.com.au/eba2005.htm
PricewaterhouseCoopers Excellence in Franchising Awards 006
www.franchise.org.au
Ernst & Young Entrepreneur of the Year Awards
www.ey.com.au
Telstra Business Women's Awards
www.businesswomensawards.telstra.com
Telstra Business Awards
www.telstrabusinessawards.com
My Business Magazine Annual Awards
www.mybusiness.com.au/awards
Australian Business Excellence Awards
www.sai-global.com/AWARDS
Austrade Export Awards
www.austrade.gov.au/exportawards
Rachel Sullivan is a freelance journalist based in Sydney.