What your business has in common with the Olympics (and the role of Profit Gap/Profit Mastery as “coach”)
Probably like most of the world, we enjoyed watching the Olympics. As you may have already intuited from our title for this Profit Gap letter, we have been impressed with similarities between successful businesses and successful Olympians…whether teams or individual athletes.
Here are a few of our observations:
- Analytics: We’ve been amazed at the role of analytics. Similar to what modern Olympians do where they now measure analytics beyond just their final results on an event to improve their efficiency. These days, analytics correlate with efficiency. In the same way, Profit Gap analyzes and reports on efficiencies in your business using mathematical analysis to point out opportunities for improvement. We have observed that we need to put what we have learned into practice – our companies benefit from looking into weaknesses through Profit Gap metrics and translating those observations into improvement (success).
- Goal Setting: Every athlete and every team has goals that they constantly measure and utilize as benchmarks for progress…same for companies using the Profit Mastery system with Profit Gap reports.
- Work Ethic: The focus, commitment and investment that each team is dedicated to equates to its successes. It stands to reason that if a team (business) keeps “training” (operating) in the same way, they stand less chance for a successful outcome. In business, Profit Gap helps improve operating efficiencies that improves the results from a prodigious work ethic. Rewards from hard (and efficient) work are appreciated and savored.
- Team Spirit: Have you ever noticed the team spirit that exists on the Olympic championship teams? Everyone is on the same page…focused on common goals and everyone understands their role. Profit Gap helps your business in the same way, providing a platform that facilitates communication and is understood by the whole team.
The business cycles of the real world tend to penalize companies that are not managed to maximum efficiency. Conversely, well managed companies tend to come out of adverse conditions (recession) stronger than ever.
Profit Gap, used effectively, gives your business team its best chance for success.