The following independent research findings came through to us today from Awards Intelligence, a UK-based consultancy.
- Smaller award winning companies were shown to have experienced a 63% increase in operating income, and a 39% growth in sales when compared to non-winners. Large award winning companies enjoyed a 48% increase in operating income and a 37% growth in sales when compared to non-award winners. Source: British Quality Foundation based on experience in the USA.
- A study compared the financial performance of 120 award winning companies across Europe that met specific criteria against comparison companies of a similar size and operating in the same industries. The financial performance was tracked over 11 years. The study found that the award winning companies showed improvements in financial performance after just a year of winning their first award. Source: University of Leicester for the British Quality Foundation and the European Foundation for Quality Management.
- Three years after receiving an award, the 120 award winning companies outperformed the comparison companies by an average of 17% for sales and 36% for share value. During the final year that performance was tracked, the award winning companies experienced even greater increases as compared to comparison companies with sales growing by an average of 77% more and operating income by 18% more. Source: As above.
These facts and figures relate to the British Quality Foundation's UK Excellence Awards and European Foundation for Quality Management's Excellence Awards.
Add to the financial benefits all the other advantages award winners enjoy such as enhanced reputation, increased trust, a higher profile and better staff moral and the question is:
Can you afford not to be an award winner?