4 Reasons You Should Apply for Business Awards

Updated June 20, 2018

Marketing is everything these days, and if your business is successful enough to hire a marketing firm, that’s great. But it takes years of hard work for most companies to get to that point. So what do you do in the interim? How do you get exposure to propel your firm to the next level?

Start by nominating yourself for business awards. Here’s what you have to gain:

1. Sales: Selling your products and services in today's competitive marketplace is tough. A business award or nomination can serve as a 3rd party endorsement. The added credibility can be used to close deals.

2. PR exposure: Magazines and publishers rely on experts for insightful information and commentary. Winning an award can add more value to your firm when the press validates your subject matter expertise.

3. Attract talent: Savvy employees want to work for the best companies. Corporate awards increase your stature among new recruits.

4. Help land venture capital funding:  VCs and banks look at award lists and rankings to find powerful companies. Awards should be an essential part of your growth strategy for funding, succession planning (acquisition), and increasing profit.

A study conducted by Hendricks & Singhal of the University of Western Ontario and Georgia Institute of Technology, revealed that more than 600 quality corporate award winners had 37% more sales growth than their peers. If you do win an award you should make the most of it – testimonials, award logos, and press releases can be used on your website, email signatures, and letterhead.

Now that I have your attention, allow me to answer your next question – where do I start? The U.S. Department of Commerce, Minority Business Development Agency, just announced that nominations are open for the 2018 National Minority Business Awards. Nominate your business to be recognized as the Minority Business Enterprise of the Year. There are also national industry awards for construction, manufacturing, exports, marketing, technology, healthcare, and professional services.

Dr. Louis Lynn, founder and CEO of Enviro AgScience in Columbia, SC won MBDA’s Ronald H. Brown Leadership Award and was featured in Black Enterprise magazine the following year. There’s nothing wrong with seeking recognition for what your company has achieved. So, what are you waiting for? Visit https://medweek.mbda.gov/ for more information on the awards program and to start your nomination today!