How March Madness is like the Business world

The current NCAA basketball championship game is a few weeks away, yet there are a few things that small businesses can learn from the games that are being played today. As of this writing I have witnessed Harvard and Florida Gulf Coast beat teams with better players and I have also seen Liberty (my School) persevere against all odds to play in the tournament. The lesson here is that when it comes to competition the bigger, more talented teams do not always win. Similarly, in the business arena larger industry leaders can be defeated. March Madness teaches small business the two keys to surviving and advancing; compete, and never give up.

Beat Goliath

Small businesses enter the business arena similar to small schools that play in the tournament. They have wide eyes and are often intimidated by the more popular, cash rich programs.  How can small businesses compete? The answer is in the way that lower seeded teams compete and beat the higher, more favored teams; with the right moxie.  Each small business has a unique background that led them to start and believe in their business. Is it an exclusive business model, high quality customer service, or just plain availability? When we think of large corporations we do not usually think of these qualities. We usually think of multileveled management where no one can make decisions in a timely manner.  This advantage is similar to the stresses on the student athlete from the power schools.

No…no…no…YES!

Think of the multilevel management as people that must be pleased with a decision at a corporate level. If you work in a corporation and have a unique idea, how quickly can you put that idea in play? If you fail, there is another hotshot middle manager AKA highly recruited player that will step in if your plan does not work.  As a small business you have the flexibility to change, fail, and change again.  You can take risks unlike many in the corporate arena.  Don’t think that you cannot compete and beat the industry leaders because you do not have the pedigree or the history. Make your own history, take some risks.

I run a small business that specializes in social media marketing such as Facebook, Twitter, Google+ and others. I have been looking in the corporate want ads for the positions that they have listed for this type of vocation and realized they are sticking to their old style thinking. They are looking for someone who has several years of experience and who can do this and that, but they are too busy creating the position that they are letting their opportunity slip away. As small businesses we have the chance to shift on a dime and make changes. This is why we succeed. I keep thinking of the railroad executive when I read the social media job descriptions. The railroad executives kept saying that they were in the railroad business. As we all know they were in the transportation business and automobiles soon surpassed them.  I build customer relationships by speaking the language that your customers speak, a digital language. I do not have to wait for my supervisor to give me the okay to post anything.  If I make an error, I can correct it immediately. When I make several in a small time-frame  like an underdog giving up several baskets in a row, I need to take a time out.

Never Give Up

When a coach takes a time out after their team has given up several baskets it is to calm the team down and allow them to re-frame the situation. The coach will explain to the team that it was only a few baskets and that there is time to run plays in order to take higher percentage shots. The key to these timeouts is to get the players in the mindset to keep going forward, to not give up. The famous coach Jim Valvano once delivered a speech in which he said “don’t give up, don’t ever give up!” every college basketball player alive has heard this speech, because every coach uses it or some variation of it to encourage players. As small businesses we need to keep playing this out in our heads; don’t give up, don’t give up, don’t give up.

In the tournament the team that can play to their strength more frequently usually wins. There are some games that go right down to the last second, however in the business arena the buzzer never goes off. What has worked for the industry leaders yesterday may not work today and definitely will not work tomorrow.  Find your strength and play to it every day and don’t ever give up and you will succeed.