The Business of Baseball...5 Tips!
Baseball's business side teaches us valuable lessons for running a successful company. Take a cue from pinch hitters and delegate tasks to focus on high-level strategy. Just like spring training, practice your pitch before game day. Don’t be afraid to take risks—sometimes you need to steal a base to make progress. Be a strong leader with a solid defense plan, and remember that success often comes from a series of small steps, not just home runs. Teamwork and strategy win the game, both on the field and in business!
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Did you know that the average Major League Baseball team rose 16% in value during the past year, to an all-time high of $605 million? Baseball has become larger than ever. Whether you follow the teams or not, there are so many lessons to be learned from this All-American sport. Batter up!
5 Tips to take away from baseball:
* Pinch Hitters! Who on your team can pinch hit? Who can you delegate items to that will allow you to focus on the high level tasks that will move your business forward and improve your bottom line?
* Spring Training! Teams warm up with practice rounds before opening day, use the same method in business. Practice that presentation, your pitch! Work out the kinks and get your team playing in harmony before opening day.
* Stealing the Base! There is a saying in baseball, “You can’t steal second base if you’re still standing on first” – in other words – take that risk, that chance. You may get thrown out every now and then, but you will get another “at bat!”
* Leading the Team! Good pitching always beats good hitting, in baseball the pitcher is the leader. His actions will lead the rest of the team. It means “a good defense always beats a good offense” – have a plan to handle any “offensive attacks” that come your way – whether from competitors, clients, employees. Be prepared!
* Bases are Loaded! Some players who are on third base think they hit a triple to get there. While some of them do get to third quickly, often that is not the case. Maybe one player hit a single to get to first. The next player hit a sacrifice fly to get him to second, the next player bunts – then the next gets a hit and the player on third scores a run. It was a team effort of small steps. That is often the case in business. Often you must take many steps involving several team players to hit that home run and make that big sale. Every now and then you will hit a home run, but most of the time it will be a series of smaller hits that help you score the deal!
Random Baseball Facts & Figures:
In 2011, revenue (net of payments to cover stadium debt) for the league’s 30 teams climbed to an average of $212 million, a 3.4% gain over the previous season.
Aggregate cable television revenue for baseball’s 30 teams has increased to $923 million from $328 million o ver the past 10 years.
The Mets fell 4% in value, to $719 million, due to falling attendance and $41 million in operating losses.
The Rays, one of the league’s biggest receivers of revenue-sharing, slipped 2% in value, to $323 million, as attendance and television ratings crashed last season