Every year, thousands of businesses across the UK enter the running for a business award of some kind.
Whether it’s the Chamber Business Awards, the UK Business And Innovation Awards, or the BQF UK Excellence Awards, each accolade is there to recognise the work of small businesses and push them towards the next level.
But is that really true? Is it worth spending money to be considered for an award just for recognition? We’re going to try to answer that below, exploring how prestigious awards can change the businesses they are awarded to:
Recognition Should Not Be Underestimated
In the words of writer John Ruskin, the highest reward that anyone gets is not what they receive, but “what they become because of it”. The same can be applied to business awards – it’s not so much about the tangible prize, but the opportunities that it creates. Take the King’s Award, for instance.
Formerly known as the Queen’s Award, the award is so prestigious that its name alone can incite confidence in both investors and customers, before even knowing what the business does! The businesses who have won can wear this award like a badge of honour, demonstrating their worth and why they should be trusted compared to their competitors – click here for an example of a Queen’s Award winning site.
The Pygmalion Effect
It’s also worth noting the Pygmalion effect – a phenomenon where higher expectations lead to a strong performance. The sheer existence of these awards and what they promise is great for businesses, as by striving to win the award, they push themselves harder for excellence. Think of the Michelin star awards in the world of cuisine.
Each business pushing for a Michelin star will continue to raise the bar, putting in more effort and paying more attention to detail than they would have done without their existence. For businesses in the UK, these awards ask them to push harder, be better, and perform more intense self-reflection along the way.
Connectivity And Engagement
Running a successful business is all about forming connections and building relationships, and award ceremonies are some of the best settings to do this. Every year, award events provide opportunities to link up with business leaders, and industry experts, and connect with them on a personal level. This can then lead to collaborations and alliances that might not have been possible without the ceremony as a platform.
Along with business connections, awards can also make a team more connected internally. They lead to a positive atmosphere, where everyone knows what they’re doing is good. Because awards are meant to recognise hard work, employees of a business can also feel seen and appreciated, and this will only increase engagement and productivity.
It can also attract more talent. If a business needs to hire new colleagues in the future, the “badge” of an award can show people that the company is already successful and innovative. This will then draw in top talent who are looking to work with top companies. Because of this – and the other reasons mentioned – we think that business awards can indeed push a business to the next level. And perhaps even higher than that.