Small hacks for small businesses
- New research reveals that 90% of small business owners who have applied a ‘marginal gains mindset’ have seen tangible results1
- Over half (58%) of small business owners reported feeling more concerned about energy costs compared to last year2
- 69% of small business owners want to make changes to the way they run their business, but aren’t sure where to start3
Sports stars and small business owners Dion Dublin, George North and Sheli McCoy, have revealed how a sporting mentality has given them the edge in the business world by applying a ‘marginal gains mindset’ - a term from sports psychology that refers to making small changes and improvements that build to significantly boost performance.
After new research showed that nine in ten small business owners (90%) are interested in marginal gains thinking, the stars teamed up to share their ‘Small Hacks for Small Businesses,’ based on learnings from their professional careers in sport and as small business owners.4
When it came to sharing their advice, top tips include everything from bringing energy to the team; having the confidence to try something new - even if it’s outside your comfort zone; and setting quarterly goals which can help you stay focused on making progress. They also highlighted the importance of keeping an eye on the detail, such as regularly evaluating suppliers and costs, as well as analysing what does, and doesn’t, work for your business.
As part of the survey, 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%).5
Former professional footballer and co-owner of Lot9 Auction House, Dion Dublin, believes there are many similarities between his approach to professional football and how he now runs his business, highlighting the value of these transferable skills.
Dion Dublin 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.”
35% of small business owners recognised leadership and management as a similarity found across sport and business - something CrossFit athlete, Olympic weightlifter and co-owner of Sweatbox gym, Sheli McCoy, agrees with. She knows her own personal strengths, so she always offers opportunities to others that complement the strengths and weaknesses of her team.6
Similarly, 34% of small business owners also said that overcoming setbacks was a common thread between sport and business. Rugby player for Ospreys and Wales and co-owner of Baffle Haus café, George North, advocates that although problems will always arise, it's about approaching them with the right mindset. His advice would be to stay calm and work through the problem pragmatically.7
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.8,9
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.10,11
Dion Dublin said: “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.”
However, whilst 75% of small business owners surveyed said they already have a smart meter at home, a third (33%) didn’t realise they’re eligible for one at their business premises too.12,13
Victoria Bacon, Director, Smart Energy GB, 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 https://smart-meters-for-business.smartenergygb.org/small-hacks-for-small-businesses, with top tips from Dion Dublin, George North and Sheli McCoy alongside interviews with each talking about running a small business.