Most of you might have known about the SME 500 Award but for those who are unsure what it is exactly about, let me explain why this is important and why your company should aim for achieving this award.
The Singapore SME 500 Award was launched to recognize Singapore’s leading Small-Medium Enterprises (SME) across all major trade and industries that have contributed significantly to Singapore’s GDP (Gross Domestic Product).
The GDP is the total monetary or market value of all the goods and services produced within a country’s borders in a specific time period. That means it is also a measure and overview of the country’s economic health.
The SME 500 Award is being conferred to only 500 SMEs across 20 industries and business sectors per year hence award winners that are being conferred the award are considered to have proven their success with extraordinary corporate performance, reliable business trading policies and outstanding business strategies.
The SME 500 Award continues to recognise the Small-Medium Enterprises that have developed and have contributed largely to Singapore, honouring leading businesses that have met the eligibility criteria. Some of the industries and sectors include Automotive, Consumer Business, Beauty and Wellness, Education and Learning etc.
#1 So Why Is This Award Important?
Getting the SME 500 Award is akin to getting a Golden Globe Award. It is a prestigious award of recognition for your business and team members that have contributed greatly to each organisation in your industry, not to mention that it is a great morale booster to the team.
Because the SME 500 Award is widely recognised in the business world, it serves as a public endorsement of your business success, meaning that you have achieved certain milestones in the industry and one of those few leading the pack on what will be the benchmark in the industry. That definitely gives you a competitive advantage against local and international competitors.
Award winners of the SME 500 Award will also receive an exclusive invitation to the iconic Annual Dinner & Awards Presentation Night where the winners will get to present their businesses and the opportunity to establish a network of commercial relationships with like-minded entrepreneurs. That is a fast track to collaboration and networking success.
#2 Why Should Your Company Aim For The SME 500 Award?
In today’s business world, it is the branding that matters with evolving customer behaviour and advancing technology. Back in the old days, whatever was cheaper or whoever knew a big shot in the company would ace the deal. But the same old same old no longer works in the millennial era where branding is a mixture of the product/ service features, brand and most importantly, engagement aka experiential marketing.
To achieve continual business growth means that your company needs to be agile even in the midst of challenging circumstances. Think pandemic and you know what I mean. The SME 500 Award only recognises companies that have made the most significant contributions and with this objective in mind, it inspires businesses to constantly innovate and strive for improvements on a regular basis, sharpening one another for growth and success.
With the achievement, it also means that your company will be presented with various opportunities to take part in the Association of Trade & Commerce (Singapore) events and conferences, tapping on several platforms to showcase your specialties and establish new networks.
Extensive media coverage is also being provided, providing award winners the due recognition and significant publicity support. With the heightened public profile, award winners can expect to enjoy greater business opportunities.
In summary, the iconic SME 500 trademark signifies strength, competitiveness and leadership within the industry so this means that when you achieve this award, it is equal to telling people in Singapore and Asia that your company is the cream of the crop in Singapore’s business community. That means opportunities are just going to rain down your way locally and regionally. All the best in aiming for the top!