One of the biggest sports club competitions in the world, the UEFA Champions League has created numerous business opportunities for many brands.
Crucially, the postponed Euro 2020 event, which culminated in a dramatic England-Italy final in July 2021, taught us some valuable lessons. We witnessed monumental struggle, last-minute work-arounds and awe-inspiring commitment from players and coaches.
Notice any similarities with your world? Paul Vaughan, managing director of Academy 1 Group Ltd, part of MBH Corporation PLC, does: “Small business is similar to the game of football in a lot of ways, especially when it comes to the knockout stages of a tournament.”
“It’s all about the team and having the right strategy … but it doesn’t matter how good you are, there is also that element of luck. As small business owners we don’t always get the breaks, but if we’re clear on our strategy and the team is aligned we can keep coming back for more wins.”
We’ve drilled down into Euro 2020’s lessons below – which we hope will prove helpful with your business.
CHANGE IS CONSTANT
We can always hear that nothing remains constant except for change. Even the biggest tournament in all Europe is subject to this. You might only think about the game setup, but alterations do not only happen here. Aside from the operation itself, there are many businesses aligned with the whole sports event. If you are an entrepreneur who has a business that operates at sports events like a food cart, tailoring business, or any sport-related products, you need to be open to the possibility of putting your business on a different target. For example, even if you earn more from your food cart business during sports events, you still need to find other avenues where you can sell.
DIVERSIFY YOUR SOURCES OF INCOME
For small business owners, having diverse sources of income should be part of their list. Business is always unpredictable, so it is best to create a different source of income. For instance, the UEFA Euro tournament was held in 12 different cities across 12 different countries rather than one or two host venues; the diversification made Euro 2020 a resounding financial success despite the pandemic. The latter option will risk losing revenue from ticket sales due to current health and political situations.
THE HUGE ROLE OF UEFA
The organisation made it possible to continue Euro 2020. It was clear that the organisation faced a lot of challenges, from the venues, sponsorships and health protocols, but these did not stop their willpower to continue what they had left behind. They strategise everything they do, to keep the place safe for the players and the viewers. Furthermore, they identified which things should be prioritised. They also supported their members and they let them know that they are the backbone that keeps the organisation going.
What have we gleaned from all of this? If you want something to happen, you must do all the possible things to make it happen. Just like in business, opportunities will be open to those who work hard for them. Struggles play a big part in our success, but they should be there to inspire others and not attract sympathy. Difficulties should remind us that there are plenty of business opportunities. You just need to open your eyes to these possibilities and explore existing ones further.