How do you measure business success? Revenue? Units sold? Customer satisfaction? Perhaps you measure it in terms of the awards your service has won—that’s certainly what we would consider a good metric.

That’s because winning awards isn’t just about the silverware: in the case of the Lloyds Bank National Business Awards it’s about receiving independent recognition from impartial judges, and getting access to a full calendar of networking opportunities, including the ceremony itself.

Here are five reasons awards ceremonies can provide a real return on investment for your company:

1.    You receive valuable independent recognition

Entrants to awards programmes like the Lloyds Bank National Business Awards are rigorously judged to ensure the most innovative, creative and entrepreneurial entrants reach the final stages. The judging panels are composed of experts and leaders in their fields, so you’re guaranteed to receive trustworthy advice, guidance and feedback that can help you identify your organisation and your business plan’s strengths and weaknesses.

Even those that fail to make the final cut get serious, reputable feedback to help them grow their business and make the leap next time.

2.    You can grow your network

Award ceremonies like the Lloyds Bank National Business Awards are a fantastic networking opportunity. These are hubs in which hundreds of business leaders, media and political figures and new contacts and recruits gather, and the events of the evening—as well as plenty of food, drink and a convivial atmosphere—will give you plenty to talk about. At the very least, they’re an occasion to exchange a few handshakes and business cards while you join the celebrations.

3.    You’ll improve employee morale and retention

Awards are a good opportunity to reward your team for their hard work. It’s a guaranteed morale boost, and a boon to employee retention, as your colleagues will be more enthusiastic to defend their place at an award-winning company. Plus, you’ll be able to promote your company as award-winning to potential jobseekers, giving you an edge in recruitment. The extra cachet your firm receives from even reaching the final stage of an awards programme is priceless.

4.    You gain visibility

Winning an award is a guaranteed profile-raiser. You’ll be able to associate your brand with themes of victory, success and achievement, giving your firm a valuable reputational boost.

You can use your triumph in your marketing campaigns, add footer images to your emails boasting of your success and get guaranteed media coverage in Lloyds Bank National Business Awards media partners, including local and national press. This, in turn, may result in more clients, as many potential investors, suppliers and vendors trawl awards ceremonies and articles to find business partners.

5.    You’ll gain credibility

Especially important for relatively new businesses, winning an award will give your firm the credibility and cachet it needs to take the next step. Award-winning businesses can demonstrate that they have been assessed by experts and industry leaders to be a serious prospect and a good potential investment. Firms that have been around for longer can use their victory to position themselves as leaders in their fields, giving them more influential and authority.

No matter the cost of entry, awards ceremonies like the Lloyds Bank National Business Awards are the perfect way to put your organisation to the test and demonstrates it credentials as an innovative, creative market leader. Winning—and even reaching the latter stages—are a boost to your credibility, visibility and improve your employee retention. What have you got to lose by entering?