Continuing with this month’s sports theme, I’ve been thinking of the parallels between business and March Madness. Soon, college basketball fans will be consumed with filling out their brackets. Everyone has their own strategy for picking their teams that will go the distance. Some base it on the odds maker’s predictions. Others weigh the expert pundit’s sage advice. Still others use variables like a team’s mascot or the color of the team’s uniforms.
The truth is, like in business, there are a lot of variables at play: attitude, competition, home court advantage, seeding, luck of the draw, etc.
That’s why I decided a long time ago that our winning strategy was going to be: Determine what we do best, and then do it better than anyone else. Naturally, we take all of the other variables into consideration. But if we’re not bringing the best fiber optic management, protection and delivery products to the communications network market, we might as well take our ball and go home.
OK, I can’t resist a few more basketball analogies for business:
Have a Game Plan – Doing business without a plan is like a high wire act without a net. (Wrong net, but you get the point.) It’s unnecessarily risky and just plain dumb.
Have a Deep Bench – You’re always going to have your star players who will have a huge impact on your team’s success. But be sure to keep bringing up less experienced players to ensure your team’s long term success.
Keep Your Fans Happy – Look to the bleachers on a regular basis to make sure your fans feel acknowledged and appreciated. I’ve seen too many companies fail because they were always looking at the next big sale and not appreciating their loyal customers.
Play Fair – It all begins and ends with ethics for me. I do not believe in cutting corners, no matter how minor the infraction. If you can’t follow the rules, get out of the game.
Have Fun – Even when the stakes are incredibly high, it’s important to remember to enjoy the process. We are a success because we love what we do and are good at it. Sometimes you just have to step back and remind yourself to have some fun.
Now let the madness begin!