Last week I was extremely proud to have been shortlisted as a finalist for the UK StartUp Awards for the Rising Star Award in the Midlands. After only 6 months trading, being a finalist is a pinch me moment. Especially as I am a lone founder - climbing my way through the world of entrepreneurialism.
It made me think about awards and the pros and cons of such efforts.
Many consumers do not understand the nuances of business awards, for example that high profile business awards are entered by internal teams and some have fees to apply.
This doesn't mean the winners don't deserve the award. Far from it.
But much like myself, businesses apply for awards themselves...
OR for big profile awards such as Forbes, a highly curated application is submitted by PR teams who specialise in award applications.
Business awards can be a great way to boost credibility and recognition for a company. However, there are also some drawbacks to consider. Here are some pros and cons of business awards:
Pros:
- Increased visibility and brand recognition.
- Enhanced credibility and reputation.
- Access to networking opportunities and new clients.
- Boost in employee morale and motivation.
Cons:
- Cost of application fees, travel expenses, and time investment.
- Risk of not winning, which can lead to disappointment and wasted resources.
- Potential for biased judging or favouritism.
- Possibility of negative publicity if the award is associated with controversy or scandal.
Ultimately, the decision to pursue business awards should be based on a company's specific goals and resources. It's important to carefully weigh the potential benefits and drawbacks before committing to the application process.
Authenticity is key in the awards process. Be true to the application - if you were truly nominated or if you applied yourself, doesn't matter. Just be transparent.
What are your thoughts on awards? Do they change your opinion on the business?