Competition is incredibly fierce in all areas of the business world, and although franchisees have the advantage of being part of a larger national group, able to tap into the expertise of their franchise support team, it is worth looking at all the ways you can differentiate yourself in your chosen industry. One way to do this is to take the time to enter any national and local industry awards that will help to enhance your reputation and raise public awareness of exactly what you are offering to clients.
Industry recognition can sometimes come unexpectedly and take you by surprise, so it is always worth remembering that your efforts as a franchisee (and a franchisor) are constantly being monitored and assessed in ways that you may not always be aware of. For example, I was delighted to learn that Belvoir has recently been acknowledged as one of the UK’s best small to mid-cap PLCs, featuring on this year’s finnCap Ambition Nation Listed 50. finnCap is a corporate and institutional stockbroker and their team used an equity analysis tool to rank those smaller UK-listed companies that offer the best blend of growth and quality for investors. Ambition Nation Listed 50 is a very prestigious list to be included on, and certainly something that will grab the attention of investors.
Elite Franchise also has its own prestigious industry listing, and earlier this year Belvoir was listed as number 17 in the HSBC Elite Franchise Top 100. I believe we were the top property franchise to be listed, and it was a superb achievement to be recognised and celebrated as a franchise that, in the eyes of the expert judges, is performing at the very top of its game. We have just completed an entry for this year, and although a commitment is needed in terms of time and resources to gather all the necessary information, this can be a very useful exercise. Completing an award entry provides an opportunity to look back over everything that your business has achieved in the past year, and given the challenges that all businesses have faced, these achievements can be motivational and worthy of celebration.
As well as national awards, you will also find many local business awards that are worthwhile entering. Do some research on what industry awards are held in your area – the local press often hold their own awards, and there may be several different categories that you could enter. Often these awards recognise the efforts of team members, charity events, outstanding achievements and new businesses that have recently launched.
By taking the time to enter awards, and hopefully getting shortlisted for the final, your business can benefit in many ways. If held ‘in person’ the award ceremonies are a great way to network with other business owners, and the local press is usually invited to take photographs for publication in newspapers, magazines and social media. Even if the awards are virtual, you will still have a great news story to shout about on social media, or to include in any newsletters that you email out to clients. Award wins are also great team morale boosters, so if you do win, don’t forget to acknowledge their efforts to ensure that everyone feels valued.
Many franchises, including Belvoir, host their own annual awards. If you are a new franchisee, find out when these awards are held, and if you need to compile an entry, give yourself plenty of time to do this. The kudos that your franchise can receive from being number one in a particular category is immeasurable. For example, if you can say that your franchise has been recognised as providing the best customer service in your network, you will really stand out from the crowd!
It is this ability to stand out from the crowd that can really make a difference to the success of a business. Being an award winner shows that you have put effort in, that you have outperformed the competition, and it can also sway potential clients who are considering which business to use. With everything to win, and nothing to lose, entering awards is definitely worth the effort. Good luck!
