On July 8th thousands of Americans tuned into ESPN to find out the fate of one of the NBA’s biggest stars. After weeks of deliberation, LeBron James finally decided that he would leave his hometown team, the Cavaliers, and join the Miami Heat. This free agency was one of the most publicized in the history of the NBA, attracting interest from not only sports fans, but also the general American population. From teenagers to grandparents, businessmen to students, people in all different demographics had seen some form of media discussing the LeBron James deal. So what does this have to do with running a small business, you may ask?
The Miami Heat’s acquisition of James was extremely calculated and is a perfect example of strategic business planning. The Miami Heat Corporation created a plan, dating years prior, in order to get to this point. An article in Sunday’s Miami Herald titled, “Small Business Can Learn from Miami Heat’s Slam-dunk Strategy,” addresses the nature of this business deal and how all small business owners can learn from the Heat’s strategy.
This article talks about the nature of business strategy and how goal-oriented financial planning can take years to pay off. A small business owner needs to think 3, 5 and even 10 years down the road. The Miami Heat had been clearing salary space on the roster for years prior to this decision, in order to have enough funds to obtain James in the future. This article also addresses the importance of networking and creating relationships in the business realm. The Miami Heat capitalized on James’ friendship with other players on the Heat, and that helped influence his decision. Networking and building business from great relationships is a key element into creating a successful business. That is not to say you should form false relationships only made to benefit your business. It means you should put effort into creating meaningful symbiotic business contacts that will be beneficial to both parties. And once James decision was made, the Heat put all their resources into marketing and promotion. How else would they have gained the interest of hundreds of thousands Americans? People are not going to know how great your services are unless you tell them. You can create and execute great strategy, but you have to get the word out.
Click here to read to full Miami Herald article and learn more about how your business can learn from this strategy.