29 November 2023 , 13:15
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Small business owners can improve product development and quality control, and boost employee wellbeing and productivity – by adopting a key sporting mindset, according to former sports stars who have launched their own small enterprises.
The term “marginal gains mindset” is used in sports psychology, referring to gradual, step-by-step improvements, that all add up to significantly boost overall performance.
A poll of 640 small business owners found that nine in 10 of those who knew about this approach, are interested in applying it to their own business – with 84% having done so already.
And of those who have, 90% claim they have already seen tangible benefits – as they strive to use marginal gains improvements to improve motivation (25%), and utilise technology for better data analysis (23%).
Meanwhile, other top ways in which SME owners believe marginal gains could help include small but achievable performance targets (28%) – such as being more diligent with budgets, spending, and savings, and using the latest technology to track and improve performance.
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However, of those polled, seven in 10 admit they are keen to make changes to the way they run their business – but don't know where to start.
Dion Dublin said the things he learned from his sporting career have really helped him in business (Smart Energy GB)In light of the findings, Smart Energy GB, which commissioned the research, has teamed up with former sports professionals Dion Dublin, George North, and Sheli McCoy – who have all turned their hands to running their own small businesses.
Former Aston Villa striker pundit, and property auction business owner, Dion Dublin, said a sporting marginal gains mentality helped him implement small hacks, like focusing on teamwork and employee motivation, to create continuous improvement that has led to his business flourishing.
Meanwhile, Wales and Ospreys Rugby star, George North, explained how adapting to modern technology and dealing with pressure has made the difference in his motorcycle café venture.
And Sheli McCoy, a Scottish weightlifting champion, believes small, but consistent, goal-setting across personal development and business growth, helps keep her business moving in the right direction.
In partnership with Smart Energy GB, a new digital guide has been created – The Small Hacks for Small Businesses – to show other small business owners how making little changes can add up across all areas of the business, and help them feel more in control.
It also emerged that business owners have spotted other similarities between sport and business – with teamwork, leadership and management, overcoming setbacks, and clear end-goals, other examples of the synergy between the two.
Dion Dublin, who runs LOT9 Auction House, said: “Setting small, but consistent, goals for my team of eight works well, as they’re achievable and keep everyone motivated.
“Team communication is pivotal to the success of my business – it means that everyone understands the goal, and is onboard with what we are trying to achieve.
“What I learnt in sport has really helped me in my business, and it’s why I wanted to be part of sharing tips with others. I know how tough it can be running a small business.”
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And Sheli McCoy advises setting small, manageable goals every quarter, to ease employees into any new transitions (Smart Energy GB)The study also found that when it comes to making changes to benefit their businesses, saving money and being more diligent with budgets were named as an area owners thought marginal gain hacks were mostly likely to help improve.
It comes as 58% said they are more concerned about energy costs this winter compared to last year, with 86% claiming they can't afford to waste energy.
However, while 75% said they have a smart meter at home, only 67% were aware that they’re eligible for one at their business premises, too, according to the OnePoll data.
Accurate billing, and no more estimated bills, were seen as key benefits of getting a smart meter, as well as the fact that they can help identify where cost savings can be made.
Victoria Bacon, from Smart Energy GB, said: “The concept of marginal gains shows even small, inexpensive changes can make a big difference.
“Our research shows that energy bills are still a concern for many this winter, and that small business owners are mindful of energy waste and its impact on their bottom line.
“One small thing they can do is get a smart meter installed, which can help give small business owners more visibility and control over their energy use – a great help with financial planning and managing cashflow.”
George North, who now runs café and retail space, Baffle Haus, believes a marginal gains approach works perfectly for SMEs.
He said: “At the café, sometimes small steps can be as simple as making sure the lights are completely switched off at night, or only running the dishwashers once they are full.
“In sport, you learn to work well and perform under pressure, and I’ve taken that skill with me in running the café. I am also a big fan of tech when it comes to monitoring and assisting in my performance, both in sport and business.”
TOP 10 AREAS WHERE SMALL BUSINESSES THINK MARGINAL GAINS WOULD HELP:
- Being more diligent with budgets, spending, and savings
- Improving employee productivity
- Improving employee wellbeing
- Optimising logistics
- Product developmenty
- Quality control
- Using new technology to track performance
- Time management
- Adopting the latest technology to improve performance
- Safety
TOP TIPS FROM SPORTS STARS TURNED SMALL BUSINESS OWNERS:
- Use your resources wisely – Dion Dublin
When I was captain of Cambridge United, we didn’t have huge amounts to spend on players, so we used what we had on things like training and equipment to improve our team. In small business, you also need to think about where your money is going, and how it is being spent. That’s why we’ve got a smart meter at Lot9. It tracks our energy usage in near real-time, so we only pay for the energy we use – a real help with managing cashflow.
- Don't be afraid to do things differently – George North
There is no blueprint for success. Don't be afraid to try things outside of your comfort zone. This is something I’ve definitely kept in mind throughout my rugby career. I've been lucky enough to win the Six Nations on three occasions, and each time we had a different strategy. If you stay at the same level, you're moving behind as everyone else is catching up. In business, it’s the same. You have to keep things fresh and exciting for your customers, too – whether that’s a new menu item, or an even elevation of customer service.
- Quarterly goal-setting – Sheli McCoy
Goal-setting is ingrained in your mindset very early on in sports. The same should go for your business. Setting small, manageable goals helps you stay focused on making progress, which will lead to more noticeable improvements. Slowly increasing the opening hours at Sweatbox let the team acclimatise to the changes, and eased them into the new rota. We were then able to add more classes to the timetable, and by the end of the quarter membership had increased by 5%.