What can small businesses learn from the sporting world?

Cashmanager | 9 years ago

The sporting world and the life of a small business owner may seem disconnected, but there are actually more similarities than appear at first glance. Specifically, both can be hyper-competitive at times and have a focus on beating out the competition.

So, while small enterprise owners may not draw direct parallels between themselves and their favourite sporting stars, there are a host of commonalities to consider. Here are the best lessons that business figureheads can take from the world of sport:

Taking passion to the next level can be the key to success in the sporting and business worlds.

1. Utilise passion

The vast majority of business owners will have pursued their current endeavour as they want to make a difference, and are passionate about the products, services and offerings they are selling. Taking this to the next level can be a key to success.

For example, AllBusiness.com explained that business owners need to drive the passions of their employees toward achieving company goals. This leadership role is very similar to the one taken by the captain in team sports. It's their job to set an example, and provide an environment where everyone can flourish for the greater good.

2. Learn from the competition

Unless the business has carved out its niche absolutely perfectly, most enterprise owners will have one or two notable peers that they are striving to learn from, and ultimately surpass. Forbes contributor Michael Fertik explained that this rings true in both business and sporting environments.

Specifically, goalkeepers in football will often study the routines of the opposition in preparation for a penalty shootout. Consequently, the added work in advance can equate to better results further down the line.

In short, the takeaway for small enterprise owners is that they can not only learn from their rivals, but also dig deep into their business practices to find potential ways to better them.

3. Think forward

Today's world of sport is littered with the use of advanced technologies. Everything from boots to timing equipment is state of the art, offering accuracy and increased performance via a digital helping hand. Small business owners can take this mantra and apply it to their operations.

For example, using customer relationship management packages can give a better understanding of consumers, while small business accounting software - such as CashManager from Accomplish - lends a helping hand to finances.

Ultimately, PNC Bank explained that the sporting and business worlds have many similarities: The former ascertains success via wins and losses, while the latter has a focus on financial gains. The two may seem disconnected at first, but there are big advantages for small business owners who understand the lessons that can be found in the sporting sphere.