The sporting world may not be your first thought when it comes to business success however, the industry itself can contain some of the most high profile and profitable business decisions on a yearly basis. The transfer window occurs seasonally and allows teams to negotiate deals of selling players across teams, with multi-million offers rivaling that of most high profile business companies there is much to be learned about business from the sports world, that can be applied to real-life business management and negotiation.

 

Running a Team

A key point that the sports industry thrives on is team management, much like in the business world sports teams will consist of players and a manager, it falls to the manager to take up many roles to help maintain team strength. A manager must not only delegate key roles but also be a mentor, a friend, a therapist and a strict decision-maker, the qualities needed to be a good sports manager are also vital components of a leader in the business world.

 

In the business world, a good leader will have similar qualities and skills in order to keep up team spirit and ensure that everyone is where they are supposed to be. In order to ensure success is achieved in both industries a manager will also take up the role of guiding their team efficiently, it is clear that the sporting world and business world are both in need of strong management.

 

Financial Decisions

Something else that the sporting industry relies upon is the professional and sensible use of club funds, particularly in football the team will be funded in a variety of ways including under the club fund. Cohesive money management is vital in ensuring your team’s future is safe and the money isn’t being misspent in any way. Many clubs will raise funds by selling merch such as souvenirs, sporting equipment (some of which can be found on  runningandmiles.com) as well as hosting events and renting out function spaces, this money is relied upon to secure the club’s financial safety, which is why it is crucial it is managed properly.

 

This idea of being safe with money is something that can also be carried over into the business world, companies must be proficient with how much money they are spending particularly in the early stages of a new setup. When profits are just starting to come in, you must be careful not to overspend too quickly and to save some of the money you earn to ensure your business is covered if sales are to drop.

 

Negotiation

A final essential skill utilized largely within the sports industry is negotiation, teams must be skilled in negotiation particularly within transfer windows when teams will exchange players. Negotiation is a key factor as you must battle to sell and purchase players for a mutually beneficial price, the exchange must be worth it, for example, if you buy a player for a large sum they must bring revenue back into the team by helping to get wins for the team.

 

In the business world negotiation obviously plays a huge part in the investment process, if you were to sell shares of your business in exchange for investment it is vital you make good use of the money and use it to generate even more profit. Much like in sports the investments you make must be negotiated to get the best price and increase the likelihood of the money being well spent. Overall there are many aspects that can be taken from the sporting industry and applied in the business sector, particularly within team and finance management.

 

Advertising is the backbone of any business. Building your companies name recognition is essential in building sales, and thus building profits. For new businesses an advertising campaign can make or break for its survival and can even be the major factor in taking your business to the next level. This passage will detail four reasons why advertising is so crucial. 

 Stand out from the crowd

The biggest issue every new business will face is trying to stand out in markets that have become more and more crowded. This means you need to be inventive with your advertising to truly stand out. Creative ideas such as challenges involving your product or an online advertisement. Online advertising is- an even better idea with the current state of social isolation with more and more people staying at home and staying online. So, if you need to display your signs on digital media do not be concerned as this is the future of advertising!

Shows professionalism

Perhaps the biggest key of advertising is that it highlights professionalism in your business. Though it may seem quite simplistic advertising pushes your business onto that next level. This may be by sheer association. Your business will now be put on to the same level as the biggest brands on the planet such as Apple and Coke; your business will be up in lights next to theirs. This allows you to leach off of their brands and their reputation. Something that can be hard for smaller businesses to build. 

Change how your business is viewed

Once you invest in advertising you take control of the narrative around your business. If you want your business to be viewed in a serious or professional fashion, then you should invest in a serious advertising campaign, and if it is more beneficial for your business to be seen in a lighthearted way-then obviously you need a lighter campaign. All that is really important is that you now control the narrative, and you have managed to seize control. Think about companies like Marlboro and the famous Marlboro man. This completely shifted how the cigarette was seen and it became viewed as the macho man’s cigarette all from how they were advertised.

Build Name Recognition

Finally, building name recognition is priceless for any business. If you think of the biggest companies their brand is bigger than the product itself, almost coming to surpass the product itself even in a crowded market. When the majority of consumers think about smartphones they think of the iPhone, or when a consumer thinks of watches they will think of Rolex. The consumer does not know of any major differences between them and their competition it is simply how they are advertised. So, remember when building your brand to build a name that will stay in the consumers mind over your competition. Advertising is all about feeling so create a feeling of brand superiority in the consumers mind.