Business recognition awards are given for a multitude of achievements including best product, highest quality, customer service, productivity and service to humanity and the environment. Executives and organizations compete locally, nationally, internationally against organizations in the same business or in totally different ones. The motivation for winning any of these company awards usually appears to be driven by two powerful urges: to gain the respect of those who could be potential business partners; and to increase the acceptance of the company by consumers.

In terms of prestige, the number one award in the United States is the Malcolm Baldrige National Quality Award. Applying for this award will require great commitment from the organization. There is a rigorous qualification process and a team of external raters will visit the company several times. To navigate the process successfully can require the help of experts like those at awards list. A recent winner, .

Another highly prestigious and well known award is The Stevies given in four separate categories: The American Business Award, The International Business Award, The Stevies for Women in Business, and The Stevies for Sales and Customer Service. The trophy is a statue of a figure holding a crystal pyramid aloft. The pyramid reflects the well known hierarchy of human needs, a respected theory developed in the 1960s by psychologist Maslow. He found that once they meet their basic needs, humans next aim is to seek the esteem of their fellows. A business award is a clear indication of that esteem.

On top of the basic improved visibility, awards winners find that other companies are much more willing to do business with them. For example, Dot com businesses have reported that they have been called by venture capitalists as a result. They are also some internal benefits to winning such as raised employee morale and improving performance. Applying for and working to win an award is certainly a positive action that will be profitable in the long run.