Small business owners applying sports-inspired marginal gains mindset

Nine in ten revealed they are interested in a marginal gains thinking, a term from sports psychology that refers to making small changes and improvements to enhance results.

Some of the marginal gains improvements bosses voted as the most likely hacks they’d try were around implementing small but achievable performance targets (28%), a focus on motivation (25%) and using technology for better data analysis (23%).

And over a third (35%) of small business owners recognised leadership and management as a similarity found across sport and business, with a similar number (34%) also saying that overcoming setbacks was a common thread between sport and business.

Sports stars and small business owners Dion Dublin, George North and Sheli McCoy have all joined forces to reveal how a sporting mentality has given them the edge in the business world.

And Dublin, a former professional footballer and co-owner of Lot9 Auction House, believes there are many similarities between his approach to elite-level sport and how he now runs his business.

He said: “What I learnt in sport has really helped me in my business and it’s why I wanted to be part of sharing tips with others.

“I know how tough it can be running a small business. Teamwork is key. Setting small, but consistent goals for my team of eight works well, as they’re achievable and keep everyone motivated.”

On the topic of managing costs, over half (58%) of small business owners reported feeling more concerned about energy costs compared to last year, with 86% agreeing they cannot afford to waste energy.

Dublin added: “In small business, you also need to think about where your money is going and how it’s being spent.

"That’s why we’ve got 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 with managing cashflow.”
 

The survey, commissioned by Smart Energy GB, also revealed that 69% of small business owners want to make changes to the way they run their business but aren’t sure where to start, with 46% stating that marginal gains thinking could help them improve how they identify financial savings and be more diligent with budgets and spend in particular.

And on the topic of managing costs, over half (58%) of small business owners reported feeling more concerned about energy costs compared to last year, with 86% agreeing they cannot afford to waste energy.

Smart Energy GB’s Victoria Bacon said: “The concept of marginal gains shows even small, inexpensive changes can make a big difference.

“Our research shows that energy bills are still a concern for many this winter, and that small business owners are mindful of energy waste and its impact on their bottom line.

“One small thing they can do is get a smart meter installed, which can help give small business owners more visibility and control over their energy use – a great help with financial planning and managing cashflow.” 

Smart Energy GB has produced a digital guide, available today at with top tips from Dion Dublin, George North and Sheli McCoy alongside interviews with each talking about running a small business.