Entering awards can be great for business. Here’s why.

I’ve been surprised when chatting to clients and contacts about entering business or industry awards. Many shy away from the idea because they worry the entry process will be too time-consuming or think it’s too self-promotional.

It’s true that many of us business owners are stretched to do the essentials, let alone what we perceive as extras, but there are some excellent reasons why it’s worth your time and efforts.

Here are five reasons why you should consider putting yourself forward for an award.

Appraise your business. The awards application process will make you stop and identify your successes as well as areas required for improvement. Examining your business from a different perspective can only be beneficial.

Benchmark yourself against the competition. Entering awards, if done properly, allow you to benchmark yourself against others and stand out from the competition. To gain maximum value, do your research and select an award that is closely aligned with your business and its core values. Whether it’s your contribution to society, the environment, or improving the lives of others, it’s important to demonstrate how you are making a difference.

Put your business in the spotlight. Awards celebrate success and hard work so it’s a good opportunity to raise your credibility, visibility, and have your achievements acknowledged. Reputable business awards can generate significant publicity across social media and the press. You can take advantage of this to promote your business to new customers, as well as increasing respect from your existing client base.

Build morale. Scooping an award, or making the shortlist, gives you recognition – and if you employ staff it’s a fantastic way to boost morale as well. Attending the awards ceremony is a great way of celebrating your achievements as a team and also provides networking opportunities.

And finally…. because you’re worth it! Be the person that believes you can, and you can achieve amazing things.