For a start, it's great PR. The photos and articles that appear in the papers, then subsequently the internet, can give you and your business profile a boost. They make it easier for people to find you and find out more about your business. You'll often find you get some publicity this way, even if you aren't the winner.
Entering provides a check stop for your business
To win you'll need to be better than the rest based on the judging criteria that have been set. An awards process gives you the opportunity to look into your business, see where it's going and how it's doing. Judges not only give ticks but also feedback and, potentially, recommendations.
Talking about your business will give you the chance to step back and think about what you could be doing better.
Talent follows those who are bold
Being a business that's award-winning will attract talented people and increase staff morale.
At a time when skilled and talented staff can be hard to find, awards can make it easier to recruit the right people. Everyone likes to be in a winning team
You can increase your price
When people tell me they're the best I usually follow up with "then you should charge more". Being the best and having an award to prove it goes some way to justifying your price.
There are lots of awards on offer. Finding the right one to enter is important.
Play to your strengths and if you're affiliated with a national body, check with them or the local Chamber of Commerce for awards processes that might be suitable for you.
We often refer to other businesses in our industry as our competition so what's a better way to prove you're a step ahead than to add an award to your business achievements? Set yourself apart from the rest
Even if you don't win top prize this year, your business will reap the rewards.