Innovative Engineering Design Eureka

According to a recent survey of 500 UK business leaders, almost two-thirds of companies recognised that award wins were valuable commercial tools for opening doors to new markets.

The `Rewards of Awards' research showed that award schemes - local, industry-led or national - are held in high esteem and are felt to have real commercial benefits. The Queen's Awards for Enterprise commissioned Continental Research to conduct an independent poll of business leaders, who were asked to what extent award schemes were seen as valuable business tools.

56% of respondents said that business awards could actively drive sales. 68% felt that award wins would endorse the quality of a product or service, while 71% thought that award wins would actively boost staff morale and motivation.

The differences between manufacturing and service companies was apparent. While service companies recognised that award wins could be valuable business tools for recruitment (62%) and publicity (76%), their manufacturing counterparts were less optimistic (47% and 58% respectively).

Overall, smaller businesses, younger companies and those based in the West Midlands had the highest regard for business awards. 94% of respondents in this region felt that award wins would endorse the quality of a product, 83% said that awards could help open up new markets and 87% thought they would help to boost employee morale.

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