Pros And Cons Of Entering Awards For Local Smes In Singapore

By Author: Rae20
Total Articles: 4
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No matter the size of your business, you are entitled to enter a business award. A Singapore Business Award is when businesses are acknowledged for their blooming presence in the country’s economic industry. There are many business awards around from local to national scales. There are also industry-based awards or awards with specific criteria. A Singapore local business award accolade is seen to be highly recognized and reputable within the country. This can be a great advantage for local SMEs that are trying to build a name for themselves. Deciding on what Singapore business award categories to enter for could be challenging, however, it is important to take some time and effort to enter for potential gains. Various Singapore local business award accolades have different prizes and benefits. There are some awards that may have monetary prizes, while others offer services such as coaching, workshops, or advice.

There are often so many responsibilities when it comes to business and its operations that it is often common to see individuals not putting their names forward ...
... for business awards. In any case, it is not even on their agenda. Therefore, in this article, we will discuss the various pros and cons of entering for a Singapore local business award for SMEs.
Pros of a Singapore local business award
1. Free marketing
Entering or winning a Singapore business award is great free marketing for local SMEs. This can sometimes be overlooked as many think that the Singapore local business award is too far-fetched as an achievement. Even if you were to be shortlisted is a statement in itself. Being shortlisted can improve brand awareness and promote your products or services to new customers. This is the best time for you to maximize all your PR opportunities. You should take note of updating all your marketing materials with the award logo. The award logo can go on your website, business cards, email, and sales materials. This shows the importance of what your business has achieved and will let people know what you can do. It is one of the best ways to open doors to getting contacts and even finding new supply channels.

2. Increased credibility
A Singapore business award win for an SME can act as the 3rd party endorsement for your business. This can assure potential customers of the quality of your business. It will be great to use it in your sales pitch to win their seal of approval. Therefore, the credibility of your SME will be heightened to a new level. You will be viewed as different and unique to your competitors and will radiate positive signals to prospective customers.
3. Motivation
Do you know who would get the best out of a Singapore business award as well? Your employees. A Singapore local business award will not only recognize their hard work but also make them proud of the achievements they have accomplished while working there. This will help improve motivation and boost staff morale. Moreso, staff could be invited to glamorous Singapore business award ceremonies or dinners which can give them networking opportunities and also a chance to enjoy themselves. It will make them more proud of working in the company as they will feel recognized and appreciated.
4. Benchmarking
This is the time to really evaluate your competitors. Entering for a Singapore business award will help you to open up your eyes and look at who’s around you and take down notes. You should stand out from the competition with elements like diversity, growth, innovation, customer service, and strategic thinking. This will help you think about ways to improve your own business and see how you can do things differently.
Cons of a Singapore local business award
Honestly, it’s hard to say what cons there are for a Singapore local business awards. There is usually a lot more good that comes out of it than not. However, there are certain costs that a business will go through when entering a Singapore business award. These costs include:
1. Tickets
The business may have to compensate for the cost of the tickets for all your staff, friends, or business partners. Singapore business award tickets can be costly as most events are prestigious and luxurious.
2. Time out of work
There may be a potential slow-down in productivity or deadlines when it comes to attending the awards ceremonies. Your staff members may take more time to travel there while they could be active at work doing their jobs.
3. Travel and hotels
Unless you will be attending a local business award, you will have to cover all transportation and accommodation costs of all employees.
In summary
Entering a Singapore business award definitely has more pros than it does cons. There are a lot of opportunities that come out of entering for an award. It is a chance for your SME to shine like no other and show off to other competitors. Want to know more about business awards?

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