Ten years and counting
SMALL businesses are the bedrock of many economies and ensuring a conducive environment for them to thrive in is crucial. While having the right policies in place is key to this, just as important is the need to acknowledge the achievements of these SMES.
When The Star Media Group Bhd embarked on this journey to support local businesses through The Star Outstanding Business Awards (SOBA) 10 years ago, little did we know that it would become such an important platform for companies to benchmark their success against industry standards.
The establishment of SOBA in 2010 was to promote business excellence and stimulate positive competition among companies. It presents enterprises with an opportunity to elevate their business position while taking a clearer look into their own business processes.
Entrepreneurs and business managers have noted that the guidelines used for the awards have helped them chart out improvements in their companies. Additionally, award winners have served as a yardstick for others to aspire towards.
“For a decade now, SOBA has recognised successful Malaysian businesses that have carved a market for themselves locally, regionally or internationally,” said Star Media Group chief executive officer Andreas Vogiatzakis.
The awards showcase their efforts in growing their businesses in a sustainable manner.
While profitability is important, the awards are not only about the bottom lines. Among the categories contested for in the competition include branding, CSR, green initiatives, innovation and global markets, ensuring a wider scope of assessment for the companies.
There is also recognition for individual entrepreneurs and for young upstarts, thereby encouraging them to strive even further.
Participation in the awards has grown over the years, reflecting its credibility and popularity among SMES.
We have also been nimble enough to adjust to the needs of the industry accordingly, said Vogiatzakis, and this has enabled SOBA to remain relevant with the times.
Over the past decade, several categories of the awards have been renamed and new ones introduced to reflect the changes and nuances of the developments taking place in the SME industry.
For example, the Entrepreneur of the Year category was expanded in 2015 to Male/female/young Entrepreneur of the Year to recognise individuals in their own right and highlight more female and young entrepreneurs. The following year, the awards were carried out in two tiers – the “Up to Rm25mil” revenue category and “Above Rm25mil” – to level the playing field for companies as they compete with other players closer to their size.
In keeping with the times, SOBA also introduced a new category – Best Use of Technology – in 2018 to benchmark enterprises in the effective use and integration of technology into their business.
It is good to also note that companies who have participated in the awards have noticeably improved over time. Some companies go home with consolation prizes in the first year of entry only to come back stronger the following year.
One of them is Gintell (M) Sdn Bhd. When the fitness equipment retailer joined SOBA in 2014, the company took home a trophy in the Most Promising category that year. In 2015, it bagged the Malaysian Business of the Year award along with two Gold awards and one Silver award under the Best in Marketing, Best Brand and Best Innovation categories respectively.
Certainly, an enterprise that is able to adjust its operational procedures to meet the challenges of a changing business landscape, and in the process grow its profits, will stand out.
Another participant that has grown is creative agency Forefront International. The company won the Silver Award for Best Employer in 2014. It returned year after year, acquiring more awards in different categories, which culminated with the coveted Malaysian Business of the Year in 2017.
The first time Forefront entered SOBA, chief executive officer Darien Mah said it was overwhelming to be seated with industry giants. But that gave them motivation for growth.
“It’s what helps your company grow and have a beautiful brand story. We always show our guests the SOBA 2017 Malaysian Business of the Year Award, since it shows our growth and progress since 2014 and it’s a beautiful story that clients and partners love to listen to,” he said.
For many, SOBA has also become an invaluable platform to raise their profile. Such was the case for security seals manufacturer Mega Fortris (M) Sdn Bhd.
“SOBA helped us increase our company profile and our marketability
has gone to a different level. Our company and industry was previously under the radar. Now, we are getting more interest from investors,” chief executive officer Adrian Ng had said.
Apart from recognition, SOBA has also provided a unique platform for entrepreneurs to network with one another. Not only have participants of the awards been able to connect and form working partnerships through SOBA, they are also given the opportunity to share their experiences and learn from each other through various workshops and conferences such as SOBA LAB.
With so many successes birthed out of SOBA, Star Media Group is committed to continue reaching out to SMES and to support them through various efforts to educate, equip, engage and connect SMES in the country with the relevant players in the ecosystem to help them grow.
“We are elated that SOBA has become a mainstay in the SME awards circuit and will be reaching its first decade soon,” Vogiatzakis said.
It is hoped that through SOBA, more remarkable contributions by the SMES are highlighted and given due recognition.
Star Media Group has also been fortunate to receive the support from various companies, organisations and agencies such as PKT Logistics Group Sdn Bhd, RHB Bank Bhd, Credit Guarantee Corp Malaysia Bhd, Digi.com Bhd and Malaysia External Trade Development Corp (Matrade) as it strives to boost small businesses in Malaysia. Not only have these partners found SOBA an effective platform to engage with the small business community, the partnerships also enable us to form a stronger support ecosystem for SMES.
“There is good synergy there. Through SOBA, we can have a larger pool of companies to export Malaysian products,” Matrade deputy chief executive officer Sharimahton Mat Saleh had said earlier.
SOBA is open to all local enterprises not part of a multinational or listed group incorporated in Malaysia with foreign equity not exceeding 50%.