When winning a business award goes wrong

An undeserved business accolade is likely to come back to bite you, according to entrepreneur and Villa & Hut founder Franz Madlener.

For example, a company that has just undergone a restructuring involving job cuts would be unwise to enter BRW’s Best Places to Work, he says. Yet it does happen. In that instance, the negative impact on employee morale outweighs the potential positives of winning an award, Madlener warns.

Before entering awards, businesses should focus on getting all departments on board. Managers should also ask staff to nominate the areas in which they think the business excels. “Always float the idea with your staff and management first. They need to agree that the things that the chief executive wants to be recognised for are actually what the company is doing well,” he says. “Everyone has to own it, not just the CEO.”

When nominating a company for an award, managers from all divisions of the business should be involved. That forces managers to focus on the company’s past and re-evaluate its strategy for the future.

When it’s done right, winning business awards has flow-on benefits.

For small, young businesses such as children’s brand, b.box for kids, becoming a finalist in the microbusiness division of the prestigious Telstra Business Awards, provides its founders with networking opportunities with more experienced entrepreneurs and credibility with its business peers.

“The awards provide you with access to a range of other businesses and contacts that can open up new avenues otherwise not considered,” she says. They are also prestigious awards in the business community and help validate our position as a force to be reckoned with in our industry,” b.box director and co-founder, Dannielle Michaels says.

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