If you are a business owner, you know that applying for grants is a crucial path to funding an exciting new venture or project. However, many business owners often overlook the importance of applying for awards.
Awards can bring you the exposure necessary to expand into different markets and audiences. They reward your business for the work you have done, such as whether it is socially beneficial or has promoted excellence in business or export.
FundFindrs has come up with the top five reasons why your business should consider applying for awards.
Generally, awards are associated with certificates and recognition. However, some awards provide funds that will boost your business growth and allow you to further develop your vision. Additionally, awards are a great tool for your marketing and communication. They build trust and credibility in your brand.
When you win an award, be sure to ask the awarding body to provide you with any materials you might need – award descriptions, logos, press releases. Make a plan around how you will deploy the news about your award win. Think about every touchpoint you have – website, social media channels, email signature, newsletters, proposal templates etc. Anywhere your clients or potential clients come into contact with you will be worth mentioning your award(s).
During the application process, you will be required to explain the story of how your business started, giving a breakdown of its product/service architecture and the key audiences you are targeting. You will need to grab the attention of the funding body, which provides a great opportunity to outline the hard work you have put into building your business, as well as listing any achievements.
As you work through the award submission, you can reflect on your achievements and take the time to “stop and smell the roses”. It’s not often in the world of a busy business owner that there is time to reflect. Don’t forget to include your employees too – they are an important part of your journey and will be proud to be a part of your award application and/or win. They may even feel additional motivation in their daily work.
Winning an award or even becoming a finalist will give your business a unique advantage over your competitors and sets a handy benchmark for your business. You will stand out among your competitors. Broadening the types of awards you apply for will help demonstrate you strength across different business areas and give potential clients the confidence that you can meet their various needs. Be humble, but use this competitive advantage.
Businesses that enter the running for awards have a generally higher chance of increasing the opportunities available to them. Your business will be introduced to other companies, providing a chance to gain new insights as well as a new customer base. Award opportunities often come with networking events that allow you to meet other like-minded businesses owners – who might even require your services. Additionally, the list of award winners will be published on websites, used in PR and sometimes published in print material. All of these are additional ways for your business to be found.
The application process for an award typically includes explaining the societal contribution of your business, as well as your business vision success. During this process, you can carry out a critical organisational analysis, evaluating your strengths and weaknesses as well as core competencies. Take the time to document any gaps that arise from your application and consider how you might address them.
Finding the time and resources to apply for an award can be difficult – but FundFindrs can help you! We can find the words to explain your unique business story, highlight your team’s achievements and give you something to brag about. You deserve the recognition – so what’s stopping you? Book a free appointment with us today.
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