Boeing’s 737 Max issues highlighted the company’s sacrifice of safety for financial performance, resulting in a tarnished reputation. The prioritization of profit over core values also damaged the FAA’s credibility and revealed a lack of accountability for top executives. This downfall serves as a reminder of the importance of maintaining core values and prioritizing them over short-term financial gains.
Lessons from Squash Applied to Business
The last piece in my series, “Lessons I Learned from Sports that Apply to Business,” covers a game that I love, Squash. The key points from squash that apply to business, in my opinion, are: (i) dominate the “T”; (ii) keep the other person on the defensive; (iii) not every stroke is a winning one; and (iv) when stuck in a war of attrition, change the game.
Dominating the “T”
In squash, the “T” is an intersection of lines near the center of the court where the player is in the best position to retrieve the opponent’s next shot. In business, the same is true. Corporate strategy is about managing uncertainty by creating a portfolio of necessary strategic and growth options that allow the company to respond to a changing environment – in effect, returning to the “T.”
Keeping Your Opponent on the Defensive
In squash, the aim is to keep your opponent on the defensive until you can hit a winning shot. In business, the key is continually keeping your competition on the defensive so they cannot attack. When you launch the winning product, your competitors are effectively neutralized and not able to muster an adequate response.
Not Every Shot is a Winning Shot
As the players’ ability improves in squash, the game becomes one of attrition. In business, while most planning assumes a ceteris paribus basis, the launch of a new product or strategy nearly always elicits a response from the competition. However, if, in responding to your strategy or new product, the competition has put itself in a position where they are unable to respond to your next move effectively, you can take a market leadership position or redefine the market.
The Follow-Up is the Winning Shot
In squash, the follow-up shot to some change or new move is often the winning shot. In business, if a company launches a winning product or redefines the market during periods of market turbulence and recession, the competition cannot respond adequately, and the company can take a market leadership position.
Changing the Game in a War of Attrition
In squash, if you get into a war of attrition, it is best to change the game to retake the advantage. In business, it is the same. You have to change the game by (i) changing the tempo of play, (ii) changing the height of the ball, or (iii) being unpredictable. This can throw off your competitors and move you into a more competitive position.
Conclusion
Keep playing, and remember to keep your competitors playing defense as much as possible, so you can take advantage when needed. By applying these lessons from squash to business, you can improve your competitiveness and adapt to a constantly changing environment.
© 2012 Marc Borrelli All Rights Reserved
Recent Posts
The Downfall of Boeing: A Lesson in Core Values
Resolutions, Here We Go Again.
In reflecting on 2021 resolutions, the author scored themselves in three categories and sought to improve success in 2022 by addressing friction points. Drawing on advice from social psychologist Wendy Wood, the author identified areas to reduce or increase friction in their failed resolutions. By making these adjustments, the author aims to enhance their goal achievement and encourages others to consider friction when setting resolutions.
You need to take an extended vacation. No, seriously, you do.
COVID has taken a toll on all of us. If you have not taken an extended vacation in a while where you disconnect, you need to now. You and your business will benefit.
Becoming Famous in Your Niche: The Success Story of Linn Products Limited
In a previous discussion, I highlighted the importance of being famous for something. Being well-known in your niche can help you: Concentrate on your strengths Connect with your target audience Communicate your offerings more effectively Receive referrals Identify...
Understanding and Optimizing Your Cash Conversion Cycle
Understanding and optimizing the Cash Conversion Cycle is crucial for business growth, as it impacts cash flow and the ability to access external capital. This cycle consists of four components: Sales, Make/Production & Inventory, Delivery, and Billing and Payments. To improve the Cash Conversion Cycle, companies can eliminate mistakes, shorten cycle times, and revamp their business models.
Discovering Your Niche: Why You Need to Be Famous for Something
As an entrepreneur, it’s crucial to specialize in a specific area and become famous for something, allowing you to generate referrals and build your brand. Understanding the “job” you’re hired for helps you stand out in the marketplace and communicate your value proposition effectively. By providing value to your clients, you can adopt a value-based pricing approach, ensuring your business remains competitive and maintains a strong market presence.
Rethinking Your Pricing Model: Maximizing Margins and Providing Value
Rethink your pricing model by focusing on the value you provide and your customers’ Best Alternative To a Negotiated Agreement (BATNA). This approach can help you maximize margins while delivering better value to your clients. Assess your offerings and brainstorm with your team to identify pricing adjustment opportunities or eliminate commodity products or services.
Do you know your Profit per X to drive dramatic growth?
I recently facilitated a workshop with several CEOs where we worked on the dramatic business growth model components. One of the questions that I had asked them beforehand was, "What is Your Profit/X?" The results showed that there this concept is not clear to many....
The War for Talent: 5 Ways to Attract the Best Employees
In today’s War for Talent, attracting the best employees requires a focus on value creation, core customer, brand promise, and value delivery. Clearly articulate your company’s mission, identify your “core employee” based on shared values, and offer more than just a salary to stand out as an employer. Utilize employee satisfaction metrics and showcase your company’s commitment to its workforce on your website to make a strong impression on potential candidates.
Are you killing your firm’s WFH productivity?
Productivity remained during WFH with COVID. However, further analysis found that hourly productivity fell and was compensated for by employees working more hours. What was the culprit – Meetings. Want to increase productivity, have fewer meetings.