There is a range of awards in the UK established to recognize the achievements of the country’s businesses, both large and small. Some of these, such as the National Business Awards, celebrate major national and international firms, but there are also many events geared towards the innovative, small businesses that form part of the bedrock of the country’s economy.
Business awards tend to be judged by an expert panel of business owners, who assess applications made in a variety of different categories. For example, award categories might recognize achievement in fields like digital engagement, marketing, or growth. Most business awards also have ‘business of the year’ categories, the winner of which is often drawn from the winners of each of the other categories.
SynapseIndia owner Shamit Khemka enlists 5 major advantages of awards for companies :
1. Individual Improvement
Another advantage of group performance bonuses and rewards is individual improvement. As teams work to meet the goal, they’ll soon discover who among them needs further training or assistance. During these team growth periods, the top performers often work with the slower workers to meet the goals and improve performance.
2. Improves Morale
Team spirit, cooperation and innovation will naturally evolve as the team seeks to reach their goal or accomplish their project. Improve morale by creating teams of employees to solve problems and reach departmental goals.
3. Increased Communication
One advantage a small business can experience from teamwork performance rewards is greater communication. Leaders on the team will communicate the group’s goal or vision, while team members will communicate to troubleshoot the answers.
4. Focused Vision
Working towards a group performance award will improve the focus of the team, a good advantage for small businesses. Group awards push teams to understand the company’s mission and their role in making that mission a success.
5. Better Relationships
When teams share a group reward, they learn to get along. You’ll see better relationships among team members competing for performance prizes. People are more likely to get along when it’s in their common interest to do so.
Being a member of Entrepreneur’s Organization, Shamit Khemka understands the nature of difficulties any new entrepreneur faces while setting up the company and hence, advises to be streamline with such awards and recognizance that will bolster the brand name.