Business General

Advantages and disadvantages of winning a Singapore business award

Winning an award is always a gratifying experience for an individual. That is also a similar feeling for a company that wins a Singapore business award. Having something tangible to prove your company’s efforts is vital. It can also attract many clients and build your company’s reputation. 

Many entrepreneurs only focus on the benefits of winning a Singapore local business award. However, there are also some disadvantages if a company aims to win an award. In this article, we’ll discuss the advantages and disadvantages of aiming to win a Singapore local business award. 

Advantages of a Singapore business award

Company credibility

The company’s credibility is enhanced when it gains recognition such as a Singapore business award. It only means that the business is excelling in a certain aspect. If the company got recognition for their customer service, this means that they can provide excellent assistance to their clients. Thus, if the company promotes their quality customer services, many will believe that because of the award they received. As a result, several customers will choose this company over others.

Promotion material

Aside from credibility, a Singapore local business award is a good promotion material. You can include this award in all marketing mediums of the company. You can include a photo of the award on the company website. You can also integrate it into the packaging of your products. In addition, you can also discuss it with your potential customers to convince them to employ your services. Thus, you can get great promotion results if you use this award to your company’s advantage.

Employee morale

As mentioned, winning a Singapore business award is a delightful feeling. This is felt not only by the business owners but also by the employees working for them. That is why business owners should make sure to let their employees know of the award and appreciate their contributions. They can host a celebratory party or give bonuses to their employees. As a result, the employees become happy with their jobs. They will also get motivated to do better to maintain the title and hopefully win the award at the next opportunity. 

Disadvantages of Singapore local business award 

Investing more time

Most Singapore local business award organizations require businesses to apply to get a nomination for an award. Writing up a nomination explanation and preparing for an award application can take a lot of time. The company also needs to be able to explain in lengthy responses why they deserve the award. Completing all these award requirements will require the business owner and some of the employees to take time off their work to do this. There is also a high chance that the time invested will go to waste if the business didn’t win the award. Thus, it is recommended that you apply for an award you have a very high chance of winning.

Gathering evidence

In line with the application process, you also need to present evidence to validate your Singapore business award application. Gathering sufficient evidence to support your company’s nomination can be a lot of work. The business owner and the employees will have to allot time and effort to gather the statistics and other relevant documents. Furthermore, most of these awarding competitions have strict deadlines. Meeting the award application deadline can bring a lot of stress to you and your employees. Therefore, you must have a good filing and database system in your business. This is so it will be faster for you to get the needed information for the award application.

Employee morale decline

Winning a Singapore local business award can greatly increase employee morale. However, losing can greatly demoralize your employees. This can even lead to counterproductive effects if the management is unable to reassure the employees of this failure. Many local businesses are aware of how failures can affect their employees’ work.

That is why several companies prefer to provide a company reward program for their employees rather than compete in a third party award competition. They will only submit an award application once they feel that they have a great chance of beating out their competitors. They will also have demoralization counter-measures in case they didn’t get the recognition.

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Get recognized through FinestInCity

Getting a Singapore business award has pros and cons. However, the cons can be prevented with proper decision-making and planning. Thus, your company will only experience the advantages and profit from it. Do you want your business to be recognized through an award? FinestInCity can give you the opportunity to get recognized. We feature only the best local businesses in Singapore.

Ella Smith has been a brilliant writer and her writing is impressive. She often writes for Educational and motivational topics that is a great point in her. She has started writing for Brightshub for a couple of months.