Startup businesses could be forgiven for thinking that awards are not for them. Surely awards are for established businesses that have had time to make a sustained impact?
In some cases, yes, but certainly not all.
In our latest blog post Paula Ludley, PR and communications manager at Shout Connect a delivery partner of Boost’s Flying Start service, explains how applying for a business award can benefit a startup business.
According to a study by Best Business Awards, smaller award-winning companies have been known to experience a 63% increase in operating income and a 39% growth in sales when compared to non-winners.
And it’s not all about the winning. For startups keen to make an early impression, the default phrase, ‘it’s the taking part that counts’ can ring true.
Yes, embracing awards can certainly be advantageous for startups. Regardless of when your local or industrial award is, it is worth preparing well for how you will be involved.
Let’s start with winning!
It’s never too early to be recognised for excellence in your sector. A startup can promote a new product or service through an award application or win. Likewise, a pre-start entrepreneur can enter for a relevant award to see what impact can be made before the business is even established
Regardless of how long a person or company has been trading or innovating, there are many benefits for business startups and entrepreneurs in winning awards.
Winning a business award will give your company an early boost and encourage potential clients to want to find out about ‘the new kids on the block’. Your award will position your company as a reputable, credible player and one to watch.
Receiving professional validation from a respected, independent source is a hugely valuable testimonial which, at such an early stage of a company’s growth, can be instrumental in waymarking the destination and speed of your company’s progress.
Having awards to your company’s name boosts employee morale. Recognition is just as important to your people as it is to your brand. Winning awards inspires teams to be even more productive and to collaborate more effectively to achieve shared goals. Awards will also help you to attract and retain top talent who may otherwise be sceptical about joining a startup.
As a startup you may be looking for additional investment, either in the short or long term. Investors will primarily use factual data over emotional responses to decide whether to part with their money. The recognition and validation of an industry award instils that investor confidence.
Winning an award as a startup brings oodles of free publicity. Play the game properly and you can milk the publicity for a very long time and to a wide-reaching audience. Your brand will be promoted on the website of the awards provider, in local press and across social media.
The trick is to share all articles across your own social media platforms, add the award to your website, business cards and all promotional materials, and shamelessly push for as much free PR as you can get. Local councils and business hubs are very keen to promote business successes, as are influencers in your sector who will want to show that they are up to date with the latest movers and shakers.
Of course, it’s not all about the winning!
Many award processes don’t simply go from the application stage straight through to announcing winners. There are often shortlist and finalists’ stages and an award ceremony before winners are announced. Taking part in the process and being seen through all stages can also be hugely valuable.
For startups, the chance of being shortlisted or becoming a finalist can be worth the time given to the application process alone. When shortlisted and finalist companies are announced, they are often given digital badges to use across social media, in email footers, on company websites and across all digital assets.
During the period between being announced as shortlisted or a finalist and the awards being allocated, it is crucial that you promote your news wherever and whenever possible, just in case you don’t win!
If there is an awards ceremony, startup businesses can benefit from simply being in the room. Attendance is usually available to all. If not, check if you meet the criteria for a ticket or connect with people who may be able to invite you as their guest.
An awards ceremony is a great chance for networking with other businesses and showing that your new company intends to be a significant player. Whether it’s chatting with people on your table or socialising at the bar, the ceremony offers a relaxed environment to make new connections that can help your business grow.
While an award application can bring many benefits, itcan also be very time consuming and costly. Consider carefully whether now is the right time to apply for an award.
Do you have the people and financial resources needed? If not, it may be better to wait until a more appropriate time.
About the author
Paula Ludley is the PR and communications manager for Preston-based business growth specialists, Shout Connect.
Shout Connect has a team of professionals all passionate about connecting businesses. Its platform offers a unique space for businesses to showcase products and services and to connect with like-minded organisations. Shout Connect is one of the delivery partners for Boost’s Flying Start service and is a member of Boost & Co.
If you’re looking to grow, scale or start your business, use Boost; Lancashire’s Business Growth Hub. We offer a range of funded business support services. Call our Business Support Helpdesk on 0800 488 0057 to find out more or complete our enquiry form.
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