4 Lessons Businesses Can Learn from March Madness

As March Madness kicks off, it’s a month of pure competition. When it comes to business, success is based off how you can rally your team, get a game plan and execute. Here are four lessons that you can take from the court to your boardroom.

Teamwork makes the dream work

No team can take home the championship title without working together. Even with a superstar, a team won’t win without accountability and passion for the job they need to do. Whether you’re on the court or in the office, teamwork is critical to creating culture, encouraging healthy risk-taking and building trust.

Chamber tip: A collaborative culture fosters effective teamwork. Check out why culture is your new HR for more tips on how to develop your company culture.

Don’t underestimate the underdog

It isn’t March Madness without an upset or two, shattering everyone’s brackets. This goes to show that you can’t underestimate the underdog, and that’s just as true for business.

In every industry, there are companies large and small, but that doesn’t mean small businesses should feel intimated. You can still build a deep bench with peers and experts, even if they’re not on your staff. The more people you have in your court the greater chance you have to succeed.

Chamber tip: In order to compete with the number one seeds, small businesses need a strong business strategy. Be a part of the Small Business Development Center’s Leading Edge for Entrepreneurs to get a leg up on the competition. 

Leave it all on the court

When the final buzzer goes off, that’s it. Each team has 40 minutes to take home the championship and not a minute more. There’s not much time to shake off previous losses or setbacks; what matters most is what happens in the moment. In business, you don’t get a second chance to make a first impression with your customer. Make that impression count, whether it’s through great customer service or a recognizable brand. Treat every customer interaction like the game winning shot.

Chamber tip: Your brand is the first impression that customers have with your company and helps your organization stand out in the crowd. Here are three ways to build your brand recognition.

Don’t be afraid to pivot

It doesn’t matter what the score is at halftime, the final score is what matters. If your team is down you can still make a comeback. You can change your game plan. Pivoting can ultimately make a business more successful. It can open your business to new customers, light a fire under your employees and encourage them to look towards the future. Be willing to make that pivot because you never know what the outcome will be.

Chamber tip: The best businesses have a game plan to be successful. Join the Small Business Development Center’s Start-up Track to discover how to position your business for success.

Laura James is the senior marketing and specialist for the Denver Metro Chamber of Commerce.