Is the piece of paper boosting a business award worth the time and investment? Or is it merely something to put on your website, social media outlets and front door for immediate but not lasting attention?
Business awards go beyond increasing brand recognition to enhancing your reputation, boosting your credibility and improving your sales. Here are some benefits:
How a business manages its inventory can have a tremendous impact on the financial health of the company. Managed properly, inventory can be a great source of increased margins, higher revenue, or a combination of the two.
- Exposure: An award win can generate free press and publicity from the marketing about the award, its presentation and the follow-up postings you can place on your website, blog, newsletter and social media accounts.
- Credibility: Third-party endorsements come with recognition from an outside source, increasing a company’s trustworthiness. If the award is prestigious, it can mean a stamp of approval for your business, encouraging customers and vendors to seek you out.
- Evaluation: By filling out the application, the process can encourage you to look at your business from a different perspective and reflect on what you have achieved.
- Morale: Being part of an award-winning company boosts employee morale and increases motivation. Employees like to be part of a recognized team and appreciated for their achievements.
- Connection: Business awards often are judged by successful business owners, and being nominated or short-listed can give businesses an opportunity to discuss what they do with those leaders.
Awards like the BBB Torch Awards for Ethics garner regional and even national attention. Now through July 12th, nominations are being accepted for the 2020 BBB Torch Awards for Ethics. Winners of this prestigious business award will be celebrated next year on April 23rd at the Embassy Suites, Loveland. Nomincations can be submited or businesses and nonprofits can self-nominate at bbb.org/wyoming-and-northern-colorado/bbb-torch-awards-for-ethics.
Whether your business lands a win, the process of applying is a good exercise, helping you reflect on your successes and figure out where to head next. If you do garner the award, you can count on a new marketing and sales tool and increased company awareness and brand recognition. Plus, you will be seen as more reputable, honest and trustworthy as an award-winning business with all of the accolades of success.