Ah, the call for entries are already pouring in this year: AIGA, Rockport Books, Communicator Awards, TDC, etc. If your work is suitable, how much time are you willing to spend, and can you dedicate a staff member to the process of submitting entries?
Not only time, but dollars. Each competition averages $50 per entry, and that can add up very quickly.
A design firm principal may be better off spending the money on rewarding staff in a more effective way -- a company sponsored activity (which builds camaraderie and moral) or everyone's favorite, cash.
That said, we may enter a few programs this year, and see how our work stacks up... or just go out for a fabulous dinner.