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Women-Owned Business of the year award criteria

Women-Owned Business: This award will be presented to an home-based business owner for developing an outstanding, growing business; innovative product(s), increasing jobs, increasing sales, overcoming adversity, and community contributions. (*Financial criteria required)

Who is eligible to be nominated for this award?
Any small business owned solely by a female may be nominated. Female only partners who jointly own and operate a small business may be nominated as a “team,” so long as the number of individuals in the team nomination does not exceed four.

In evaluating the nomination packages, the judges will look at the following criteria:
1. Staying power — a substantiated history as an established business; including:
• Number of years in business.
• Sustained expansion, addition of territories, growth in square footage occupied.
• Steady growth in net worth as evidenced by total assets less total liabilities on fiscal
year end annual balance sheets over three years.
2. Growth in number of employees —a benchmark to judge the impact of the business
on the job market.
• Sustained over a minimum of three years.
• Increase over the three years must be in excesses of growth in Gross National Product.
3. Increase in sales and/or unit volume — an indication of continued growth over the last
three years.
• Consistent growth in net income as evidenced by fiscal year annual profit-and-loss
statements for a minimum of three years.
4. Current and past financial performance — financial reports substantiate an improved
financial position of the business.
• Profit-and-loss statements for the last three years, reflecting sustained upward growth.
• Balance sheets for the last three years, showing consistent increase in net worth and/or
partners’ return.
5. Innovativeness of product or service offered — an illustration of the creativity and
imagination of the nominee.
• Specific description of uniqueness of product or service.
• Explanation of how product or service fits a niche not being adequately addressed by
the competition.
6. Response to adversity — examples of problems faced in the nominee’s business and
the methods used to solve them, including:
• Specific description of financial, physical, legal or other crisis.
• Substantiation of the threat to the continuity of the business.
• Defined actions taken by the nominee to resolve the crisis.
7. Contributions to community-oriented projects — evidence of the use of his/her
personal time and resources, including:
• Listing of specific contributions of money, time, or resources to charitable causes.
• Membership in councils, boards and clubs providing support and services to the