When the last race has been run, the final hurdle cleared and the cauldron extinguished until next time, we’ll be left with countless unforgettable memories from the Paris 2024 Olympics. And the Games featured many for Team Canada—from Summer McIntosh’s multi-medal, in-pool dominance to surprise track and field victories from the likes of hammer throwers Ethan Katzberg and Camryn Rogers. But the key takeaways didn’t end there.
Specifically, these Games (as with any) are replete with strategic lessons that business leaders can apply within their own organizations. Many are reminders of maxims that are well known but often forgotten. And therein lies the added value in global events such as the Olympics.
Business owners and executives can leverage these inspiring stories, translating what they see on the field of play to gain a competitive advantage in their respective markets.
Because there are striking similarities between training and competing for an Olympic medal to building, managing and growing an organization. Both require perseverance, determination and a willingness to turn the naysayers aside when they point out the insurmountable odds between you and success. Entrepreneurs typically see those barriers and choose to bypass them through innovation, adaptation or sheer excellence (sometimes sprinkled with a dash of exuberant hubris).
So, what are some of the winning traits that champion athletes (and teams) display that business leaders can leverage in their work? They start with:
Planning for all outcomes—In sports as in life, there are no guarantees. Strategic risk management means looking holistically at a competitive landscape and identifying risks and opportunities. A comprehensive threat analysis helps to highlight the former, while underscoring potential paths to help bypass challenges en route to carving a successful niche in your sector. Athletes do the same when they analyze competitors’ strengths and weaknesses, assessing their chances at a medal. The difference: Your risk management analysis should be ongoing and done with an eye to ever-shifting macro- and micro-economic trends.
Focusing on the process—Winning an Olympic medal isn’t really about performing at the highest level in a single event. It’s about the hours, days, weeks and years of training and preparation done away from the greatest stage; what your competitors don’t see is what truly makes the difference. Developing your own strategic plan and executing is the key to long-term growth and success. Knowing when to pivot if necessary or having the wherewithal to capitalize on opportunities could mean the difference between having a merely profitable small to medium-sized business or one that has regional—or even global—expansion potential. Having a well-defined business development and growth strategy and executing on that plan with defined systems and processes will help ensure a podium finish for your organization (which could mean a lucrative exit or other favourable end result, however you define it).
Turning adversity into strength—The very best athletes are those who see challenges as opportunities for personal development. They don’t tremble at the sight of a stronger competitor. They analyze their rivals’ training and performance (see above) and find ways to beat them in competition. You may have direct competitors who seem unstoppable in your market. But they’ll inevitably have an Achilles’ heel—every business does. How can you innovate, exploit their weaknesses and improve your own business practices to gain an edge? Conducting an operational performance review and focusing on systems optimization can achieve the latter. So, too, can using financial analysis to highlight extraneous expenses or optimal tax strategies to improve your organization’s balance sheet and financial performance.
Thinking globally—The Olympics maintains its cachet because it’s the world’s premiere sporting event, but also because it’s a platform for the world to come together and look beyond our differences for 17 days every four years. It’s not only a showcase for the host city, but also the many opportunities to interact (and, after all is said and done, do business) with countries across the globe. As outlined in a previous blog on my attendance at last year’s AGN International conference in Japan, the opportunity to mix and mingle with the world’s finest talent can’t be understated. The Games shed light on the potential to look beyond your domestic or North American market and develop new sales channels abroad. It’s not always an easy process and markets should be chosen carefully, but when cultivated with a strategic approach and finely tuned planning, the growth opportunities can be exponential.
Assembling the right team—At the Games, that’s done through qualifying events and, in the case of most team sports, national Olympic organizations bringing together an optimal group of athletes with the potential to maximize their country’s medal count. The goal is putting the right people in the right places to win. Similarly, the success of your organization will correlate with the experience, expertise, talent and dedication of its employees. Ensuring you’re not only hiring the right staff, but keeping them engaged, productive and focused on achieving your strategic goals will fuel that success. Managing change, establishing corporate governance standards and setting and maintaining a vision for growth will give your organization the best chance at a (yearly) podium finish.
Tony Sokic, Managing Partner
For assistance with your strategic advisory needs, contact a member of the Adams + Miles team today.
