Finalists in the awards included a mix of up-and-comers and established business names, he said.
However, those in the business categories couldn't rest on their laurels just yet, he said, with more judging ahead of them as they had to make presentations before final decisions were made.
"They still have one more hurdle to go over ahead of the final judging."
Judging for those in the distinction categories was completed, he said.
The finalists for the Waiariki Institute of Technology Apprentice of the Year haven't been announced yet, with the judging in the category to start next week.
The Rotorua Business Person of the Year will also be announced on the night.
Last year Okere Falls Store took out the top prize of the 2013 Business of the Year, after earlier being named the retail business of the year.
Mr Walsh said the glitzy black tie awards dinner announcing the winners on Friday, October 3 was set to be a highlight of the business year.
This year the ticket prices have been reduced to $95 per person or $850 for a table of 10.
That includes a complimentary drink on arrival, three-course dinner and three bottles of wine per table. A cash bar will also operate.
TV3 presenter Howard Dobson will MC the evening, which will include entertainment from Jason Kerrison of Opshop and New Zealand's Got Talent fame, local pop singer Lizzie Marvelly and Kiwi artists Hannah McGrail, Sam Allen and Josh Leys.
Tickets are available from www.rotchamber.co.nz or call the chamber on (07) 349 8365.
WESTPAC ROTORUA BUSINESS EXCELLENCE AWARDS FINALISTS:
The Rotorua Daily Post Hospitality & Attractions Business Award: Arista of Rotorua, Sport of Kings Motel.
Holland Beckett Manufacturing & Trade Business Award: Speedy Signs, Evergreen.
Deloittes Service Provider Business Award: Waste Management, Gardens Resthome.
Rotorua District Council Emerging Business Award: Quest Rotorua, Be Rude Not To Cafe, Ahu Boutique.
Pukeroa Oruawhata Retail Business Award: Cottage Flair, Drapes by Design, Liquor King Rotorua.
The Hits Community Organisation Business Award: St Chads, Waiariki Institute of Technology, Swim Rotorua.
NZCU Employee of Year Distinction Award: Sam Roil (Pure Cruise), Kathy Galvin (Quest Rotorua), Eric Elvarez (Third Place Cafe), Wanda Podmore (G.J Gardner Homes).
Rotorua Trust Community Support Distinction Award: Swim Rotorua, TV Rotorua, Rangiwewehi Charitable Trust.
TrustPower Customer Service Distinction Award: Sport of Kings Motel, Quest Rotorua, Cottage Flair, LK Rotorua, Third Place Cafe.