Tears have been shed at the Olympics, particularly by our young swimmers who, according to the critics, “could have, should have” done better. Pity the swimmers; preparation is vital but so is focus and self-belief.
In an elite field of almost-equals, it is mental and emotional preparation, as much as physical conditioning, that separates those who win from those who come in second. In professional services, like accounting or bookkeeping, everything starts with self-belief. Do you actually believe you’re worth more than you’re charging? Or do you only believe you’re only worth an hourly rate? Following the price set by others is no way to win the race; indeed, in pricing of basic services, it’s a race to the bottom. Pricing is not set by the market; it’s as much about confidence – how you carry yourself and how you come across – as anything else.
What business owners can learn from elite athletes
Research on elite athletes shows that most successful athletes differ from less successful ones in the following ways:
- Increased confidence
- Greater-self regulation
- More positive thoughts and images
- More determination of commitment
Elite sports people (and their trainers/coaches) look at strengths and weaknesses and require a plan. That’s what the women's rugby sevens did and this played a key role in Australia's Olympic victory and the claiming of the World Series crown.
A professional services firm or any service business that does not want to be a second rate business will require a fundamental shift in their approach and processes. It will require that you have a plan to close the gap strategically. And it will require that you assess and adapt your approach to meet the demands of your goals. Medallists have adjusted their approach to meet the demands of their goals.
In short: gold medal performers have goals that are far higher than the rest.
About the Author.
Morris has a background in finance and business. With many years as stockbroker and investment fund manager, Morris moved on to be a business writer for The Australian featuring stories about start-ups and small business. He is co-founder of the Bookkeepers Hub a membership site for the profession and is CE of RainmakerMedia a publisher of non-fiction and text books for the finance sector.