Sadly, the Rio Olympic Games are over. The last two weeks have ended years of training for those competing, and planning and careful budgeting for the organisers. Team GB had their best over Olympics on foreign soil, and beat the overall medal tally achieved at London 2012. Key to their success? A well thought out long-term strategy that is strictly adhered to. What lessons could your business learn from their approach? Now is the perfect time to put it through its paces.
Timings
The Olympics has a fixed date, and therefore something very tangible for athletes to focus on and build up to. Could you set similar goals for your business? Think about yourself and what you want to achieve – then set a date for the time you will do it by. This could be to double business revenue by the end of the financial year, or start exporting to customers in the US by December 2017. Make the goals clear and measurable so you can track your success.
Training
An athlete would not be able to compete successfully without gruelling training schedules. This is planned years in advance and involves a combination of scientific and physical preparation, going far beyond what they need for the event itself. Distance runners, such as “double-double” Olympic champion Mo Farah, will spend several years building base mileage, core strength and cardiovascular excellence before advancing to more focused training for their 5,000- or 10,000-metre events. When it comes to your business, look to achieve your long-term goals by setting a series of shorter-term objectives, such as upgrading your fleet management software to improve efficiency and your profit margin.
Research
You need to know what you’re up against. Climate fluctuates in Brazil, so ahead of the Rio Olympics, athletes and their trainers did their homework to make sure the weather didn’t affect performance. The US soccer team, for example, spent at least 30 minutes a day in the sun or sauna to prepare their bodies for warmer temperatures before they landed in Rio. By researching every angle of the environment or market you’re entering into, you can create an advantage for yourself. This could be researching the competition, determining who the decision maker is in the company you want to work with, or investigating import regulations in another country.
Use your advantages
Beyond training incredibly hard, many Olympians are naturally gifted in the first place. Making the most of what you’re good at is important for businesses too. Start to build your achievable long-term business strategy by identifying the areas where you are strongest. What makes you stand out from your competitors? What do your loyal customers like about your products or services? Such insight will help you to focus and and allocate tasks accordingly. If one of your long-term goals is to secure a new client in the financial sector, look to your employees. Who has worked with that type of client before? Does anyone have a good track record for securing new business? Identify the people who will be able to help you achieve your goal – this may mean growing the team or outsourcing if you don’t currently have the required skills within the organisation.
Change and grow
Failure is inevitable. Some things will work and some things won’t work. In the four years between Olympics, athletes spend time perfecting their form, keeping up with the latest innovations and correcting any past mistakes. Do the same with your long-term goals. If there is something that isn’t working, take a step back and work out the reason why. It’s often the case that tweaking your short-term approach can help you better achieve your long-term goals. The key is to make sure you don’t let failure in one area affect your motivation to succeed in another.
Sacrifice
The success of a long-term plan depends on long-term dedication, and ultimately, sacrifice. Athletes spend years training at 5am, missing important occasions and forgetting that weekends exist. That’s the kind of dedication it takes to come home with a gold medal. And the same can be true of small business success.
Content on this page is paid for and provided by Kia Fleet sponsor of the Guardian Small Business Network Accessing Expertise hub.
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