Business owners tout marketing advantages of entering entrepreneurial competitions

Flip through any business publication and inevitably you'll come across a list of the latest entrepreneurial award winners. Perhaps you'll even find a call for entries for upcoming contests. Clearly, there's no shortage of competitions, but are they worth the time and effort to enter?

That was the case for Jim Molloy Sr., owner of Advance Commercial Movers in Old Bethpage. Molloy entered his company in the 2004 Ernst & Young Entrepreneur of the Year awards, and though the firm didn't win, it was named a finalist.

It was a nice accomplishment, Molloy said.

Perhaps the most worthwhile component was the application process, which he said prompted him to create a first-class presentation, a valuable exercise in itself.

The questions they asked were top-notch, he said, referring to inquiries about his company's financials, history, organizational structure and business plan. Answering those questions required Molloy and his staff to dig deep into our organization. It was a good experience to go through.

Applying helped the company assemble materials it can put to future use, including strategies and marketing campaigns. It also boosted morale, Molloy said, because key personnel were required to articulate their job descriptions. It made them feel good. They got some recognition.

And it raised the firm's profile and educated others about its structure, he said. Local papers covered the company when it was named a finalist. It helped our overall image in the corporate world to see that we went that far. We're a tri-state company with multiple locations. We take for granted that people know this.

Such exposure presents new opportunities to form new relationships, as Carolyn Weber discovered. Weber, vice president of Remax New York in Garden City, won the 2001 Women of Distinction award from Distinction magazine. After winning, I became acquainted with so many people I didn't know outside the real estate industry, she said. Some of these acquaintances became vendors and provided more affordable leasing, payroll and insurance programs than what Weber found previously.

When you're running a business everyday, you have relationships, she said. But you might not always ask, 'Are they doing the right thing for me?'

Before applying for an industry award, Weber suggests checking the costs involved. Some programs look to sell you tables and advertising, she said, adding that she generally doesn't apply for those kinds of awards. You pay for it. Maybe if you're just starting out it may be worth it to get the recognition. It's not worth it for me to take money out of my advertising and promotion budget.

While winning awards generates headlines, owners can create buzz by sending newsletters and announcements instead. These are practices recommended by Leila Zogby, a provider of corporate writing services.

Even Zogby, however, has played the awards game. She received the New York chapter of International Association of Business Communicators' Award for Communications Excellence and a notable entry designation in the Dalton Pen Communications Awards. Zogby posted this information in newsletters to clients and contacts as well as local newspapers.

But she said she picks her competitions carefully.

I try not to enter 'beauty contests,' where you fill in the entry form and send it in, Zogby noted. Instead, she opts for competitions that prompt her to explain objectives and show the outcome, which reinforces the value she can bring to a client. The exercise forces you to measure if it was effective or not.

Winning provides a level of legitimacy in your field. It's nice to have that in your [curriculum] vitae, Zogby said. And in the end, it may give you the competitive edge. It shows you're a go-getter and that you take the time and money to enter and win. It demonstrates your value.

Before applying, Zogby always checks with clients before entering the work she did on their behalf. If she wins, Zogby purchases a replica of the award to give to her client in that particular project. It reinforces her own personal branding and helps the client look good to their superiors. It's as good as gold, she said of the strategy.

The award ceremonies offer excellent networking opportunities, added Zogby, who recently bumped into a client at an event. Two weeks later, she asked for a proposal.

Entering a competition can be time-consuming. Molloy estimated that he personally spent 25 hours and would have needed more had it not been for the backup of his staff and an outside public relations firm. Still, he said, I would do it again in the next year or so.

And while being named entrepreneur of the year has a certain cache, Molloy said it isn't the be-all.

Winning isn't everything, he said. Having a successful company is the main thing.