The Lloyds Bank New Business of the Year Award
CRITERIA
Has your new company shown incredible growth in customers or sales over the last three years?
Have you scaled your new business and proved the success of your product or service?
Has your mission, plan and team impressed a lender or investor enough to help fund your growth – or have you grown organically with profitable sales?
If you are a high performing new business that has been trading for fewer than three years with an innovation or success story worth shouting about, this could be your award. New Business of the Year recognises companies that have exceeded their initial targets for growth and made an impact in their industry with innovation and leadership.
The winning entry will demonstrate that their business concept has met and overcome challenges, adapted to the demands of their market, shown significant innovation, built a strong team and has the foundations for continued success and further growth.
Open to any organisation that began trading less than three years ago, this award will be judged on the following:
- Significant growth that has met and exceeded key targets
- Innovation through product and services
- Customer and employee engagement
- Effective leadership, vision & ambition
- Ethical approach to business
- Plan for sustained financial growth
- Finance on track with business strategy
SCORING AND WEIGHTING
In this category judges will compare the extent to which each candidate has demonstrated excellence in the following areas:
- Employee & Community Engagement
- Leadership & Innovation
- Organisational Ethics & Policies
- Financial Performance & Growth
PROPORTION OF OVERALL SCORING
20% Employee, 25% Leadership, 25% Organisational, 30% Financial
ENTRY STATEMENT
In a summary of no more than 350 words, please describe what your business does, the market in which it operates and what differentiates you from your competitors. Please include your key business achievements that are significant for your market sector or industry. (Please note that should you become a finalist the answer to this question will be used in external PR & Communications to explain who you are)
In no more than 1200 words, explain why you should win this award using the bullet points below as a guide:
- Employee & Community Engagement 20%
- Evidence of how staff have been attracted, retained, motivated and optimised to deliver growth objectives.
- Provide brief case study examples to demonstrate how effective your recruitment & talent strategy has been.
- Great companies have happy customers that return. Provide case study examples and top line data to demonstrate how you have increased your customer base or market penetration over the last 18 months.
- Leadership & Innovation 25%
- Innovation is the core of any new business with big growth potential. Demonstrate evidence of innovation implemented in any area of the business and how it has contributed to your organisation’s success.
- How have you used pioneering technology, processes or progammes in an innovative way?
- Great companies are founded and run by great people. How has the management structure and leadership philosophy of your company driven great employee performance and customer service to drive success over the last year?
- Organisational Ethics & Policies 25%
- How are ethical, environmental or social impact policies or initiatives aligned with commercial success?
- How does your approach to diversity, equity and inclusion align with your ethical policy or purpose?
- Financial Performance & Growth 30%
- Explain the key growth metrics of your business plan, including financial targets, KPIs, timescales and overall ambitions plus examples of milestones and barriers/challenges that have been overcome. Growth metrics can include adoption, lead generation, client base, NPS scores, etc.
- How has your company performed against your business plan and how do you benchmark against your peers?
- What are your plans to sustain this growth in the future?
