Business Botswana and leading audit firm Grant Thornton are introducing an award called private Business Growth Award which is meant to honour businesses that demonstrate holistic growth and are making a positive impact towards the national economy.
The award, which is aimed at empowering and appreciating the growth of the private sector in Botswana, was announced on Thursday during a media briefing by Business Botswana CEO, Maria Machailo Ellis and Grant Thornton Managing Partner, Jay Ramesh.
Ramesh said the intention is to have the award running for the next 30 years to improve competiveness among the local private businesses and each company is eligible to enter the competition regardless of whether it won the previous year.
For a business to qualify to enter the competition there is a criterion for qualification. First the company has to be a privately-owned business held by citizens or residents of Botswana. The company also has to present its audited financial statements and have a turnover of above P20 million as per the latest financial statements an employing in excess of 25 people.
In addition, the business must be a member of Business Botswana and have been in operation for a minimum of three years as at 31 March 2015.
To remain with the finalists and the ultimate winner; businesses will have to undergo a selection criteria overseen by the jury. Businesses will be judged on factors such innovation which involves product and service development, market development in terms of go-to-market strategy, expansion into new domestic or international markets.
Other elements of the selection criteria are strategic leadership, improvement in financial measures and people and culture to determine how the business helps employees learn and develop as a critical part of overall growth.
The award winner, who will be announced on the 28th October 2015, will apart from receiving a prestigious award also receive media and advertising promotion, one year membership to Business Botswana for the year 2016 and an outsourcing, taxation and advisory services from Grant Thornton to the value of P25,000.