by Sports stars turned small business owners have revealed how a sporting mindset can help create an edge in the business world. Well-known faces from football, rugby and weightlifting claim that the ‘marginal gains mentality’ (a sports psychology term that refers to incremental improvements that significantly increase performance) keeps their companies thriving. Former Aston Villa striker, expert and property auction company owner Dion Dublin said a marginal profit sporting mentality helped him implement small tricks, such as focusing on teamwork and employee motivation, to create continuous improvement that has led to the flourishing of your business. Wales and Ospreys rugby star George North explained how adapting to modern technology and dealing with pressure has made the difference to his motorcycle cafe project. Scottish weightlifting champion Sheli McCoy believes setting small but consistent goals for personal development and business growth helps her business move in the right direction. The stars have teamed up with Smart Energy GB to create a digital guide and show other small business owners how making small changes can add up to benefits across all areas of the business and help them feel more in control. Little tricks for small businesses [https://smart-meters-for-business.smartenergygb.org/how-can-a-marginal-gains-mindset-help-small-business-owners], comes after research conducted among 640 small business owners, which found that 90 percent were interested in thinking about marginal profits. And nine in 10 of the 84 percent who have already applied this approach reported seeing tangible benefits. Some of the top marginal improvements they were likely to attempt related to small but achievable performance goals (28 percent), a greater focus on motivation (25 percent), and the use of technology for better data analysis (23 percent). ). But this was not the only similarity that the owners found between sport and business, with teamwork, leadership and management, overcoming setbacks and clear end goals being other examples of the synergy between the two. It also emerged that 69 per cent want to make changes to the way they run their business but are not sure where to start. Dion Dublin, who runs auction house LOT9, said: “Setting small but consistent goals for my team of eight works well as they are achievable and keep everyone motivated. “Team communication is essential to the success of my business, it means that everyone understands the goal and agrees with what we are trying to achieve. “What I learned in the sport has really helped me in my business and that’s why I wanted to be a part of sharing tips with others. I know how difficult it can be to run a small business.” The study also found that when it comes to making changes to benefit their businesses, saving money and being more diligent with budgets were cited as areas where owners thought marginal profit tricks were most likely to help improve. It comes as 58 per cent said they are more worried about energy costs this winter compared to last year, and 86 per cent said they cannot afford to waste energy. However, while 75 percent said they had a smart meter at home, only 67 percent knew they could also have one in their business premises, according to OnePoll data. Accurate billing and the elimination of estimated bills were seen as key benefits of getting a smart meter, as was the fact that they can help identify where costs can be saved. Victoria Bacon, of Smart Energy GB, said: “The concept of marginal gains shows that even small, inexpensive changes can make a big difference. “Our research shows that energy bills continue to be a concern for many this winter, and that small business owners are aware of energy waste and its impact on their bottom line. “One small thing they can do is install a smart meter , which can “help give small business owners more visibility and control over their energy usage – a big help with financial planning and cash flow management.” George North, who now runs cafe and retail space Baffle Haus, believes a marginal profit approach works perfectly for SMEs. He said: “In the cafe, sometimes small steps can be as simple as making sure the lights are completely off at night, or that we only run the dishwashers once they are full. “In sport, you learn to work well and perform under pressure, and I have taken that skill with me into running the café. I am also a big fan of technology when it comes to monitoring and assisting my performance both in sport and in sport. and business.” ADVICE 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 equipment. In small businesses, you also need to think about where your money goes and how it is spent. That’s why we have 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 in managing cash flow. * Don’t be afraid to do things differently – George North There is no blueprint for success. Don’t be afraid to try things outside your comfort zone. This is something I have definitely kept in mind throughout my rugby career. I’ve been lucky enough to win the Six Nations three times and each time we had a different strategy. If you stay at the same level, you’ll fall behind while everyone else catches up. In business, it’s the same thing: You also need to keep things fresh and exciting for your customers, whether it’s a new menu item or even an improvement in customer service. *Quarterly Goal Setting – Sheli McCoy Goal setting is ingrained in your mindset early on in sports. The same should apply to your business. Setting small, manageable goals helps you stay focused on making progress that will lead to more noticeable improvements. Slowly increasing opening hours at Sweatbox allowed the team to acclimatise to the changes and made it easier for them to join the new rotation. We were then able to add more classes to the schedule, and by the end of the quarter, membership had increased by 5 percent. MAIN AREAS SMALL BUSINESSES THINK MARGINAL PROFITS COULD HELP 1. Be more diligent with budgets, expenses and savings 2. Improve employee productivity 3. Improve employee well-being 4. Optimize logistics 5. Development of products 6. Quality control 7. Using new technology to track performance 8. Time management 9. Adopting the latest technology to improve performance 10. Safety
