I have participated in speech contests many times over the years, and I highly recommend that all of you consider it as well. I believe it expands your speaking abilities in several distinct ways.
First, it gives you a brand-new audience. We all get comfortable in our club environment, and that is genuinely a good thing! We want our members to feel comfortable giving speeches and participating as quickly as possible. However, this comfort can also lead to a bit of coasting.
I remember a year or two into my Toastmasters journey, I volunteered to be a test speaker for an Area evaluation contest. I ended up in downtown Denver, in a basement room at the RTD headquarters. The audience was considerably larger than my home club—I am guessing around 50 people. I remember welcoming back those old, familiar friends: the butterflies in my stomach. I hadn't been that nervous in a long time! But I like to think of anxiety as just extra energy, and you can direct that energy right into the performance of your speech. It was a great experience that broadened my horizons significantly. While this example was a test speaker being the contest speaker has the same implications.
Second, contests force you to refine and hone your material. Many times in our regular club meetings and Pathways paths, we prepare, practice, and deliver a speech once, only to file it away, never to be performed again. For a contest, you will practice that speech many times. If you win and move on to the next level, you will practice and refine it even more. It requires a level of polishing and editing that most standard club speeches just don't get.
Finally, it builds an even deeper level of confidence. Performing in front of larger, unfamiliar audiences builds your speaking muscles.
After being in Toastmasters for all these years, I know how easy it is to fall into "coast mode" or to just go through the motions. I encourage you all to think about participating in the upcoming speech contests. Club contests will begin this January, featuring the International Speech Contest and the Tall Tales Contest. Challenge yourself, step out of your comfort zone, and see how much you can grow!