In three days Super Bowl LII will be played. The New England Patriots are a Football Dynasty as they have achieved five super bowls wins, winning two within the last four years, and now hoping to do what has never been done, and that is to achieve a sixth super bowl win. In addition, the tandem combination of Coach Bill Belichick and Quarterback Tom Brady reaching six Super Bowls together is historic, as this has never before been done. On the other side of the field are the Philadelphia Eagles who have never won a Super Bowl. Either way, on Sunday history, will be made.
Now think about this: Suppose you had the opportunity to acquire two tickets to see your favorite team play in the super bowl. Current ticket prices for this Super Bowl is averaging $4500 ea. (per TickPick), not to mention the travel and other associated costs to attend this event. In all, you will have invested greatly for the chance to see your favorite team win!
Imagine now, you work your way through the crowd with your food and drinks to get to your seat, which may be in the middle, and then suddenly the announcer comes over the PA System and announces the following: “Ladies & Gentlemen today we are going to do something in the National Football League that has never been done before. What we are going to do, is to play three hours of smash mouth football without any scoreboards. Yes, that’s right! No scoreboards! just three hours of football fun with no scoreboards. In fact, we believe in this so much that we are going to do this from now on.”
Now let me ask, how would you feel as a fan? Better yet, how would Philadelphia Eagles Quarterback Nick Foles feel knowing that he may have overcome great odds to achieve the impossible? How would future Hall of Famers Tom Brady & Bill Belichick feel knowing that the opportunity to put numerous NFL records out of range for a very long time will not be significant, or even recorded?
So what can we take away from this? American business is not much different than sports. Players want to be acknowledged and know where they stand, one rushing yard, one kick or, even one pass can be the difference between winning or losing. For a player, in addition to the accolades of setting a new NFL record performance bonuses and a contract extension may follow. Employees view success in much the same way; they want acknowledgment for doing a great job. In business, all activities and processes must be measured and monitored to include employees. Let them know where they stand and coach them to success.
Bill Belichick is one of the best halftime coaches ever; Tom Brady has led his team time and time again from lagging behind at halftime, to eventually chalking up a win. In business, Managerial Accounting works in much of the same way. Managerial Accounting measures & monitors activities to proactively make the necessary adjustments that will overcome most business deficiencies.
At Cogent Analytics, we never stop looking for ways to improve your business and neither should you. So, check out some of our other posts for helpful business information: