CEO’s and companies of all sizes today are facing the challenges of an increasingly competitive global economy. While many corporations have taken on various initiatives to continue to grow corporate earnings and shareholder value, some have discovered the strategic value of corporate awards.

As a business owner I am well aware of the value of awards and the credit it brings to your business. Awards are just not for the local hairdresser, they are for every business, including your RTO. Does your company know the strategic value of corporate awards?

Corporate awards offer many benefits to enhance corporate performance from the boardroom to the frontlines. There are a number of Australian and local awards for excellence in business and your industry sector which your RTO may wish to pursue.

Investigating and entering into awards for excellence can give your service the opportunity to:

• benchmark your RTO’s practices against those of other high quality service providers
• learn more about the quality practices of other businesses
• share your business’s knowledge and experience about quality service provision
• understand your business better; take part in a rigorous Awards process that will help you objectively re-assess your business plan and philosophy
• promote your business through the achievement and other recognition
• attract and retain your staffing talent.

These awards may connect with your practices under the AQTF, for instance through:

• excellence in promoting the value of your Clients
• excellence in quality or service management.

Here are some awards you may wish to investigate:

• Australian Business Awards
• Telstra Business Awards
• ‘My Business’ website, listing multiple business-sponsored awards
• Awards Australia: Regional and Community Achievement Awards
• chamber of commerce awards

The Australian Business Awards challenges the full spectrum of private, public and non-profit sector organisations in Australia through its comprehensive business and product award categories. Now in its sixth year, the Australian Business Awards program recognises organisations that demonstrate the core values of business excellence, product excellence, corporate responsibility, sustainability and commercial success in their respective industries. A total of 103 recipients were honoured from the 928 organisations that participated in the 2011 Awards.

There may also be industry-specific awards that you could consider based on the services, activities of your business that your RTO operates.

Business awards are great for corporate direction, talent retention, sales advantage and PR, but can winning corporate awards offer value to a company’s bottom line? A research study by Hendricks & Singhal of the University of Western Ontario (USA) and Georgia Institute of Technology (USA), revealed more than 600 quality corporate award winners had 37% more sales growth and 44% higher stock price return than their peers.

Go for the awards, you might not be a winner or a finalist in the first year, however you definately will benefit from the experience.