As a lifelong baseball fan, each year I devote one of my columns to the business lessons I learn from baseball. The baseball season’s almost at an end, and I realize I have yet to write my annual baseball column.
So here are my business lessons from the baseball season of 2007:
Lesson One: You don’t have to beat the competition to make money.
All too often, companies get fixated on beating their competitors rather than focusing on their own bottom line. But this year, my baseball team demonstrated you didn’t have to win to make money.
My team is the San Francisco Giants, and 2007 was the year the Giants called, “The Road to History.” This year, our star, Barry Bonds, was chasing the all-time home run record. That’s the most cherished record in all of baseball, if not all of sports.
All season long, whenever Barry came to bat, the fans (myself included) would rise to our feet, cheering and excited.
The Giants were a losing team, but from a purely bottom-line, financial standpoint, it didn’t matter much. Each game I went to, the stadium was packed; the concession lines huge. Fans stuffed cash registers as they bought hot dogs, garlic fries, Barry Bonds jerseys, and lots and lots of beer.
The Giants may not have won on the field, but they won on the financial statements — by offering customers something unique.
Now, you may not be able to afford a huge star like Bonds or offer customers an historic experience like a home run chase, but you can find ways to differentiate yourself from your competitors. Focus on developing a unique position in the marketplace that meets the needs and wants of customers.
Lesson Two: Stars can make you money in the short-run, but they don’t build a long-term profitable business.
Many companies have a star salesperson who brings in most of the customers, just as the Giants have a star player who brings in most of the fans. But what happens next, now that Bonds has hit the record and his career is winding down? The Giants have been overly dependent on Bonds to fill seats.
It’s tempting when you have one major contributor in your company to coddle that person, but that means you often neglect developing the talents and skills of other employees. Recognize, reward, and develop your entire team if you want long-term success.
Lesson Three: Get some new blood. Businesses, just like teams, need new team members to give a company some new life, new energy, new ideas.
Traditionally, the Giants have relied on past-their-prime veterans, bought from other teams. If there’s any hope for the Giants’ future, it’s because they’ve finally started to develop some of their own good, young pitchers. But they need more fresh faces.
I’ve learned this lesson in my own business, too. In the last couple of years, I’ve hired some new key employees, who’ve added tremendously to the health of my company. This summer, we hired student interns, who brought energy and enthusiasm.
Now, I’m not talking about dumping your current employees. Just find ways to bring new ideas and talents to your business, perhaps through interns or consultants.
Lesson Four: There are more important things than baseball or business. Where was I when Barry finally hit the record breaking No. 756 home run? Not in my seat in the stadium. No, my 14-year-old niece, Kayley, and I were on vacation. Did I mind missing Barry’s big homer? Nope. Kayley and I had a trip we’ll remember the rest of our lives. Now, that’s a real “Road to History.”
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Rhonda Abrams is the author of “Six-Week Start-Up” and “What Business Should I Start?”
