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Successful Business Similarities With Olympic Athletes

Aug 13

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13 August 2012  RssIcon

Successful Business Similarities With Olympic AthletesIf you think about what makes a business successful, you'll find a lot of similarities to successful athletes.  To be a true success and the best that's possible, both business and athletes must:

  • put limited funds to best use
  • understand strengths & weaknesses
  • analyse competitors
  • have a suitable coach
  • focus on goals
  • continually review performance
  • plan and strategise
  • show dedication and determination
  • accept moments of defeat and move on

Limited funds put to best use

Like most businesses, athletes have very limited funds and have to carefully allocate how that is spent.They can't always afford the best coaches and experts, access the best facilities all the time, and get the best supplements so they look very carefully as to how funds are utilised. Businesses must do the same in order to maximise the value and results from what is being spent.

Understand strengths & weaknesses

Athletes have their strengths and their weaknesses very closely scrutinised. They will exploit as much as they can from their strengths, and do everything possibly to minimise their weaknesses... the same as a business must in order to be successful.

Analyse competitors

There are always competitors of some sort, and knowing what we're up against is as important as knowing ourselves. Both athletes and businesses should know their competitors and also their strengths and weaknesses in order to identify the best way to get ahead of them.

Have a suitable coach

We all need an outsider to help us take a step back to see how things really are.

Continually review performance

Athletes are continually reviewing their performance to see how they can improve.  Without reviewing our performance constantly, how can we know where to improve?  We don't which is why we need to also take that good hard look at ourselves and identify areas in which we're underperforming so we know where to focus attention to improve.

Focus on goals

We need to have goals set that we can constantly strive to achieve better results. Without goals, we don't have a clear path to what we're aiming for.  When areas for improvement have been identified, the goals the set out what we're to achieve.

Plan and strategise

A plan to reach those goals is needed, especially using strategies that consider the competition. With this in place, the chances of success can be maximised and you will win more often.

Dedication and determination

Absolutely necessary to success is dedication and determination. If things are done half-heartedly, the results just won't be there. It is also needed when the next item happens, and it will.

Accept moments of defeat and move on

We'd be extremely lucky if we were to win everything we aimed for, every time. Even the best of the Olympic athletes don't. They accept when they don't win, and learn from mistakes and reasons why they didn't win to improve for the future. Businesses must be prepared to do the same, and make the most from lessons that can be learnt.

 

David Toohey
The Accountants Circle


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