ABOUT THE AWARD
Celebrating the contribution of SMEs to the TT economy, this award recognises the Small to Medium-Sized Enterprises (SME) that has maintained consistent growth and strong financial performance, understands its customer, has an engaged workforce with effective leadership, demonstrated effective use of technology/digital media to engage with all stakeholders (customers, employees, etc.) and is continually innovating to support future growth.
Companies that have shown growth in customers or revenue over the last five years in the services or produce sector will be recognised in this category.
The SME Category is broken into two awards:
Small Business Award
Eligibility: Open to all Trinidad and Tobago registered companies having a minimum 51% Trinbagonian ownership, employing 6-25 workers, and generating revenues ranging from TT$500,000 to TT$2.99 million. The company must be financially stable and operational for at least three years.
Medium Sized Business Award
Eligibility: Open to all Trinidad and Tobago-registered enterprises with a least 51% Trinbagonian ownership, employing 26-50 persons, and having revenues ranging from TT$3 million to TT$50 million. The company must be financially stable and operational for at least 5 years.
Each category will consist of one winner.
The winner will demonstrate how their business concept has met and overcome challenges, adopted a clear understanding of their market, shown innovation, built a strong team and has the foundations in place for continued success and potential expansion.
CRITERIA
Nominees must provide proof of the following areas:
- Originality: Market opportunity that you have identified and how your product or service capitalised on it, as well as its superiority in comparison with similar or alternative products/services in the market.
- Marketability: How well your company tackles the problem or market gap it intends to fill, the target market, and how it can produce profits or is self-sustaining.
- Scalability: The extent to which your product/service can be easily applied to other similar markets beyond your immediate or local environment.
- Employee & Customer Engagement: Must be a company that is employee and customer focused with tangible programmes that drive employee and customer satisfaction.
- Responsible Business Practices: The ability of the product or service to create or effect positive and desirable benefit beyond profit within the target community and other stakeholders
- Financial Performance: Evidence of your sales turnover for the last three years. You must also be able to explain how you have achieved sustained growth in sales and profits.