Business Awards Translate into Business Expansion

Businesses on Long Island compete in a huge economy that’s approximately $200 billion in size. In a market of this magnitude, only the highest-quality firms will come out on top.

As advocates for our regional business community, HIA-LI actively recognizes the importance of showcasing the achievements of our top-performing companies. In this spirit, we’ll be hosting our 28th annual “Business Achievement Awards” event on Tuesday, September 20, where HIA-LI will shine a spotlight on “the best in the business.” 

The value and meaning of a business award runs a lot more deeply than you might first think. A business award represents far more than a plaque on the wall.

First, remember that award recipients are genuinely the best.

Nominees are closely evaluated on a number of criteria: the quality of their employee relations, their regional business engagement, their profitability, and their vision for their future. Award selection also takes into account the nominees’ recent accomplishments, their innovative processes, their market growth, their industry leadership, and their ability to overcome adversity.

Second, we learn pathways to business success by scrutinizing the strategies adopted by successful companies.

HIA-LI’s “Business Achievement Awards” program is consciously designed to educate Long Island’s business community at-large about the winning practices of award recipients. How do they maintain employee morale and loyalty? How do they cope with the steady onset of new technologies? How did they maintain their competitive leadership amid the COVID crisis?

Award programs enable your firm to compare itself to competitors – and to explore where you stand based on a third-party evaluation. You can examine the work other award winners are doing and see whether any aspects of their work can be leveraged within your own enterprise.

Third, winning a business award can translate into business expansion.

A research study by the Georgia Institute of Technology showed that corporate award winners had 37 percent higher sales growth than their peers.

A study by British Quality Foundation uncovered similar numbers, with smaller award-winning companies experiencing a 63 percent increase in operating income and a 39 percent growth in sales. Large, award-winning companies benefited from a 48 percent increase in operating income and 37 percent growth in sales when compared to non-award winners.

And fourth, members of the awards committee are sometimes willing to provide helpful, informal feedback to individual nominees about the content and quality of their submissions after the awards have been announced. This feedback can prove valuable in shaping a nominee’s self-improvement program. 

Here are event details: 

  • HIA-LI 28th Annual Business Achievement Awards
    Recognizing Excellence in Long Island Business 
    Tuesday, September 20, 2022
    11:30am – 2:30pm

The honors, which are awarded competitively, cover four categories: Large Business, Small Business, Not-for-Profit, and Rookie of the Year. Here are this year’s finalists:

Large Business Finalists 

Small Business Finalists

Not-For-Profit Finalists

Rookie of the Year Finalists

Please mark your calendars and join me and HIA-LI Chair Rich Humann on September 20 as we recognize the best of the best…and learn from them!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s