Sports stars turned small business owners have revealed how a sports mentality can give you an edge in the business world. Well-known faces from football, rugby and weightlifting claim that the ‘marginal gains mindset’ – a sports psychology term referring to incremental improvements that significantly improve performance – keeps their businesses thriving. Former Aston Villa striker, expert and property auction firm Dion Dublin, said a sporting marginal profit mentality helped him implement small hacks, such as focusing on teamwork and employee motivation, to create continuous improvement that has led to his business flourishing . Wales and Ospreys Rugby star George North explained how adapting to modern technology and dealing with pressure has made all the difference in his motor pub business. Sheli McCoy, a Scottish weightlifting champion, believes that setting small but consistent goals around personal development and business growth helps her keep her business moving in the right direction. The stars have teamed up with Smart Energy GB to create a digital guide and show other small business owners how making small changes in all areas of the business can help and make them feel more in control . The little hacks for small businesses, [https://smart-meters-for-business.smartenergygb.org/how-can-a-marginal-gains-mindset-help-small-business-owners], follows research among 640 small business owners, which found that 90 percent were interested in thinking about marginal profits. And nine in ten of the 84 percent who were already using this approach reported seeing tangible benefits. Some of the top marginal gain improvements they were likely to try involved small but achievable performance goals (28 percent), a greater focus on motivation (25 percent), and using technology for better data analysis (23 percent) . But this wasn’t the only similarity owners found between sport and business, with teamwork, leadership and management, overcoming adversity and clear end goals other examples of the synergy between the two. It also found that 69 percent want to make changes to the way they run their business, but are unsure where to start. Dion Dublin, head of LOT9 Auction House, said: “Setting small but consistent goals for my team of eight works well because they are achievable and keep everyone motivated. “Team communication is critical to the success of my company. It means everyone understands the goal and buys into what we’re trying to achieve. “What I learned in sports has really helped me in my business and that’s why I wanted to be a part of sharing tips with others. I know how difficult it can be to run a small business.” The survey also found that when it comes to making changes for the benefit of their businesses, saving money and being more careful with budgets were cited as area owners thought marginal gain hacks were likely to help improve. The bottom line is that 58 percent say they are more concerned about energy costs this winter than last year, while 86 percent say they can’t afford to waste energy. While 75 percent say they have a smart meter at home, only 67 percent know that they are also eligible for one at their business premises, according to OnePoll data. Accurate billing and no more estimated bills were seen as the key benefits of purchasing a smart meter, as well as the fact that they can help identify where cost savings can be made. Victoria Bacon from Smart Energy GB said: “The concept of marginal gains shows that even small, cheap changes can make a big difference. “Our research shows that energy bills are still an issue for many this winter, and small business owners are aware 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 small business owners gain greater visibility and control over their energy use – a big help with financial planning and managing cash flow.” George North, who now runs cafe and retail space Baffle Haus, believes a marginal profits approach works perfectly for SMEs. He said: “In the cafe, small steps can sometimes be as simple as making sure the lights are turned off completely at night, or only running the dishwashers when they are full. “In sports you learn to work well and perform under pressure, and I have taken that skill with me when running the café. I am also a big fan of tech when it comes to monitoring and assisting my performance, both in sports and business.” TIPS FROM SPORTS STARS WHO BECOME SMALL BUSINESS OWNERS * Use your resources wisely – Dion Dublin When I was captain of Cambridge United we didn’t have huge amounts of money to spend on players, so we used what we had in things like training and equipment to build our team to improve. With small businesses, you also need to think about where your money goes and how it is spent. That’s why at Lot9 we have a smart meter – it tracks our energy consumption almost in real time so we only pay for the energy we use – a real help in managing cash flow. * Don’t be afraid to do things differently – George North There is no blueprint for success. Don’t be afraid to try things outside your comfort zone. This is something I have definitely kept in mind throughout my rugby career. I’ve been lucky enough to win the Six Nations three times, and each time we’ve had a different strategy. If you stay at the same level, you’ll fall behind while everyone else catches up. In business it’s the same: you have to keep things fresh and exciting for your customers too, whether it’s a new menu item or an even improvement in customer service. * Quarterly Goal Setting – Sheli McCoy Goal setting is ingrained in your mindset from very early in sports. The same should apply to your business. Setting small, manageable goals will keep you focused on making progress, which will lead to more noticeable improvements. Slowly increasing the hours at Sweatbox allowed the team to get used to the changes and adapt to the new schedule. We were then able to add more classes to the schedule and by the end of the quarter membership had increased by 5 percent. TOP AREAS SMALL BUSINESS THINK MARGINAL PROFITS CAN HELP 1. Be more careful with budgets, expenses and savings 2. Improve employee productivity 3. Improve employee well-being 4. Optimize logistics 5. Product development 6. Quality control 7. Using new technology to track performance 8. Time management 9. Applying the latest technology to improve performance 10. Safety