What can we learn from the Olympics 2016?

Posted on by Cindy Yip

Estimated read time: 5 mins

Were you hooked on the Olympics? Did you see Tom Daley and Dan Goodfellow performing in the men’s synchronized 10 metre platform? The GB team smashed it out there with an impressive number of bronze, silver and golds.

Way back in 2007, Rio de Janeiro, the previous capital of Brazil was announced as the host for the 2016 Olympics. To be chosen as the host city, each city submits their initial application which goes through a rigorous vetting process and ends with the voting of 115 members.

There were countless news reports and updates in the run up to the games on the progress of the city’s preparation. Negative headlines have been plastered across different newspapers and online channels, however if we take a step back and reflect on the situation, there’s actually lessons to be learnt that can be applied to everyday business management.

Political

The political issues in Brazil most likely don’t have a direct impact but it’s an issue that’s lingering over the country and the event. Corruption and political conflict has drawn the wrong attention to Brazil as a country and something that may still hang over them even after the games have ended.

What can we learn from this?

In the wider political world, there’s not a lot that we can control apart from taking part in votes that’ll affect the political landscape. The latest EU referendum and the outcome of this is an example of political decisions affecting the business community, it’s still uncertain what the possible effects of it could be, read more about how you can anticipate the changes of it here.

However, what you can control is the political landscape of your own business. It’s inevitable that office politics will exist in every working environment whether we choose to take part in it or not. What can you do as the business owner, team manager or employee to minimise the negative effects this has on your staff morale and performance? Understandably, there’ll be business decision that can’t be shared until they’re publicised, but try to keep communication as transparent as possible. This way, everyone can feel a part of the business and feel important in doing so instead of hearing news on the grapevine.

Economic

When Brazil won the bid to host the Olympics, their Gross Domestic Product (GDP) was growing year on year but over the last couple of years, Brazil has plunged into its worst economic crisis in more than a century. Their budgets for the games haven’t been cut but was this the best time for them to host the games and could the money have been better spent somewhere else?

What can we learn from this?

Turning back to your own business, budgeting is critical to any business’ finances. Whether this be budgeting for growth, spend or revenue; using previous figures, forecast for the next year or two ahead. Know where you want to spend your budgets and how you can make a return on this with predicted revenue. Don’t be afraid to adjust any of this throughout the year as economic and political conditions change. Make best use of your budgets and ensure you have enough contingency for a rainy day.

Health

2015 saw the breakout of the Zika virus, initially predicted to have minimal impact on the Olympics, experts are now concerned with the potential problems it poses on the games. Some Olympians have either pulled out or have said they will be quarantining themselves. Maximum efforts have been made to cleanse the surrounding area of mosquitoes but it still imposes threat on impoverished areas.

What can we learn from this?

Look after the health of your employees with preventive measures in place before it’s too late. Are your employees happy and motivated and does your company offer any health packages for them? The saying goes that happy employees make happy customers, read our blog on ways to motivate your employees that doesn’t include increasing their salary. The mental and physical health of you and your employees are vital to ensure your business keeps running and can continue to prosper.

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