Surprising Power of 1%
Starting today, if you make a 1% improvement to your business every day, what will your results be in one year?
It’s called The Theory of Marginal Gains,
…and it took famed cycling coach, Sir Dave Brailsford, 5 years of 1% improvements to lead the British Cycling Team from winning only a single Gold Medal in 76 years, to 10 Gold Medals in the 2008 Beijing Olympics.
In terms of money, if you increased $100 by 1% a day you would have $3,337.34 in one year.
Is there something in your business you could improve by 1% at this very moment?
If you run a successful business, you see opportunities for improvement everywhere you look. The question always comes down to: Is the change the improvement requires really worth the effort—especially if the improvement is only 1%?
But for Sir Brailsford, a 76-year losing streak left a lot of opportunity for 1% improvements.
…So does a national shutdown of our economy.
Sir Brailsford did everything, from rubbing alcohol on tires to make them stick to the road better, to finding the best massage oil for faster muscle recovery, and even the perfect pillow and mattress for the best night’s sleep.
What’s your 1%?
Pick something and get started…
But before you do, here are a few tips on how to get started:
Cast your vision of the future and include everyone in it.
People are naturally resistant to change and, if you want them to improve, you need to cast a vision of the future they can see themselves in. Once your vision is clear, break it into recurring 90-day execution plans and inspire your teams to find opportunities for 1% improvements.
Make performance data available at every opportunity.
The question is, do you have the data of past performance to see the opportunities for even the smallest of improvements in the future? If you do, make it available to all stakeholders, and show them how essential it is to your mutual success.
Recognize and reward marginal improvements no matter how marginal.
Like they say, if you measure it, it will improve. With a truly transparent system of performance measurement, the 1% opportunities will reveal themselves as each day unfolds. The key is to make the data a part of daily life, something everyone looks forward to seeing.
During these challenging times, let Sir Brailsford’s story of how he turned a 76-year losing streak into extraordinary success, inspire you to find the 1% improvements within your business, wherever they may be.
Investment Advisory Services are offered through Validus Growth Investors, LLC (“Validus”), an SEC Registered Investment Adviser. No offer is made to buy or sell any security or investment product. This is not a solicitation to invest in any security or any investment product of Validus. Validus does not provide tax or legal advice. Consult with your tax advisor or attorney regarding specific situations. Intended for educational purposes only and not intended as individualized advice or a guarantee that you will achieve a desired result. Opinions expressed are subject to change without notice. Investing involves risk, including the potential loss of principal. No investment can guarantee a profit or protect against loss in periods of declining value. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Opinions and projections are as of the date of their first inclusion herein and are subject to change without notice to the reader. As with any analysis of economic and market data, it is important to remember that past performance is no guarantee of future results.