Frequently Asked Questions
This year’s Businesswoman of the Year Awards nominations open Feb 21, 2024 and close April 17, 2024.
It is widely acknowledged that women entrepreneurs and business leaders are highly committed and diligent individuals. However, it is observed that they tend to be quite modest in their approach towards their accomplishments. Therefore, it is highly recommended to nominate and be nominated for awards to receive due recognition for their hard work. This strategy not only enhances the credibility of the business but also helps with promotion. Furthermore, being a finalist in such awards offer opportunities to network and establish new connections in Ottawa, which can be highly advantageous for the business and personal growth.
When nominating someone for the prestigious BYAs award, the committee will promptly send an email to the nominee, providing them with all the necessary information to participate. The nominee will be respectfully asked to select a category/sub-category that best showcases their business acumen, leadership skills, achievements in their area of expertise, and community involvement. Once the nominee accepts the nomination, they will receive an application kit that contains all the details they require to complete their application with ease. After filling out and submitting the application online, the nominee will have completed the process. WBN is deeply committed to supporting nominees throughout the process to ensure a seamless and positive experience.
Certainly! We highly recommend and welcome individuals to consider nominating themselves.
Yes! Some of our applicants apply 2-3 years before even making it to the finalist round. But we often see that this perseverance is met with great rewards—like winning!
As per our guidelines, past recipients are welcome to submit their applications again, this time under a different category. For instance, if someone has received the Entrepreneurial Leader award earlier, they may consider applying for the Lifetime Achievement, Community Impact, or Enterprise Leader category, based on their achievements and contributions.
Of course! We are looking for the very best candidates for the BYA awards. Nominations are received from men and women in the community.
No. We would like to extend an invitation to all women who have achieved success in their respective fields to be nominated for recognition. We are proud to celebrate the inspiring and accomplished businesswomen in Ottawa, and welcome nominations from both within and outside the WBN network.
While it is not necessary for you to have a personal acquaintance with your nominee, kindly ensure that you have accurate information such as their First Name, Last Name, Contact Phone and Email, Organization, and Position to complete the nomination process.
We kindly request you to select the category that best aligns with the nominee's qualifications. Please note that the nominee will have the flexibility to adjust the category selection upon accepting the nomination.
As a nominator, you have the power to recognize and celebrate the achievements of multiple individuals through the awards program. Remember, each person deserves to be acknowledged for their unique contributions. Let's make this a celebration of excellence for all!
To apply for the Annual Businesswoman of the Year Awards, nominees must meet all eligibility criteria. Please review the following basic eligibility criteria to determine if you qualify:
- You must self-identify as a woman and live or work within a fifty-five (55) kilometers radius of Ottawa Centre.
Additional criteria applicable to the Entrepreneurial Leader category only:
- You must be actively involved in a business registered as a sole proprietorship or corporation.
- Your business must have been profitable in the last fiscal year, which means it should be financially stable and meeting all spending quotas when applicable for registered charities, not-for-profits, and social enterprises.
- You must currently hold the majority shares in the company.
- You must hold the most senior executive title and/or be the chief decision-maker.
- You must be the founder of the business and/or have had a significant impact on the company if acquired.
Our guidelines are designed to help you put your best foot forward. When applying, please remember that you are allowed to apply to only one category at a time. If you have applied before, you may be able to reuse much of your previous content for the new application. Keep in mind that some aspects of the application may need updating to meet the revised requirements. We deeply appreciate your cooperation and understanding throughout the process.
Congratulations! You're making great progress. It's not uncommon for our applicants to apply for 2-3 years before reaching the finalist round. But we've seen time and time again that persistence pays off - and can even lead to winning!
When you receive a nomination, know that you are one step closer to achieving great things! You will receive an email asking you to confirm your acceptance and category, and the next step is to fill out the online application. Remember that our team must receive your nomination acceptance and application to proceed. Keep pushing forward towards your dreams!
The nomination process for the award is open to everyone and does not undergo any screening at this stage. However, to become a finalist, the nominees have to complete a rigorous application, which is then reviewed and vetted by independent selection committees. The finalists will be announced at the Finalists Reception. Following this, they will go through a second evaluation by the selection committee. The recipients of the award will be announced during the Gala event. This process ensures that the winners not only excel in their respective fields but also demonstrate the highest standards of integrity and community involvement.
At this time, applicants may apply to one category only.
The Entrepreneurial Award Category is one of the most prestigious awards, and to be considered for it, we require some further information from the entrants. We recognize the importance of both quantifiable financial success factors and non-financial success factors are each equally essential for the entrepreneurial leader category and have included a number of those measures as well for the judges to consider. We assure you that all information submitted by the entrants is kept highly confidential, and our judges are bound by a strict confidentiality agreement. Rest assured that this information is not shared with the public or any sponsors, ensuring complete privacy and security.
Operating Revenue: To better understand your business performance, it's essential to be familiar with the difference between operating revenue and operating income. Operating revenue can be defined as the money your business generates from your primary income source, while operating income is the net income remaining after subtracting all the expenses related to running your business, such as operating expenses, depreciation, and amortization, from the gross profit. Operating revenue is the requested metric.
Current Ratio: The current ratio is a crucial metric for evaluating a company's financial health. By calculating this ratio, you can quickly determine whether a business can meet its short-term financial obligations. To calculate the current ratio, you'll need to divide the total current assets of a company by its total current liabilities. Current assets are assets you expect to be converted into cash within one year and would typically include cash, accounts receivable, prepaid expense and inventories. Current liabilities would include debts or obligations due with one year and would typically include accounts payable and accrued liabilities, short-term debt and/or the current portion of long-term debt. With this information, you'll have a powerful tool to evaluate the financial stability of any company.
Product Defect Percentage: To determine the quality of products, it is essential to understand the defect percentage in the tests. The defect percentage is calculated by dividing the number of defective products by the total number of unit tests. For example, if 10 out of 200 units have defects, the defect rate would be 5%. Typically, defect rates are expressed as defects per million, where a 4% defect rate would correspond to 40,000 defects per million. This figure illustrates the business's ability to monitor the defect percentage and identify areas of improvement to ensure the production of high-quality products.
Salary Competitiveness Ratio: Calculating the Salary Competitiveness Ratio is key to understanding your company's position in relation to your competitors. To determine this ratio, simply divide your current average salary by the average salary paid by your closest competitor. This will provide a clear picture of how competitive your compensation package is and help make informed decisions as to attracting and retaining top talent.
Don’t hesitate to contact BYAnominations@Womensbusinessnetwork.ca for any further questions or concerns.
To apply for the Businesswoman of the Year Award, you need to follow three simple steps:
Step 1: Get nominated
If you have received an email informing you that you have been nominated, congratulations! If you haven't received a nomination yet, you can nominate yourself.
Step 2: Confirm your participation
All nominees must click on the link provided in the email to accept their nomination and confirm the category in which they will be applying. This step confirms that you are eligible to apply for the award, and the information you provide here is an essential part of your application.
Step 3: Submit your formal application
Once you have successfully confirmed your eligibility, you will be able to download the application kit and complete the online application. This application is the final step in submitting your entry.
The selection committee is composed of accomplished individuals who have been recognized in their respective fields and are committed to identifying and supporting the next generation of leaders. Their expertise and experience ensure a fair and impartial selection process. We are proud to have such a diverse and talented group of individuals working together to identify the most deserving candidates.
The selection committee remains committed to recognizing excellence, however feedback is not provided to the applicants and judges are not obligated to share their feedback with them.
Don’t hesitate to contact BYAnominations@Womensbusinessnetwork.ca for any further questions or concerns.