I enjoy watching several sports, and I especially appreciate basketball for its fast-paced action. It’s quite entertaining to observe the highly competitive players battle with drive and determination for over 48 minutes, until one team achieves its ultimate objective of winning the game.

Recently, Game 6 of the 2013 NBA finals, which was fiercely contested by the Miami Heat and the San Antonio Spurs, gave me much more than just vicarious pleasure. I was extremely inspired by the action, as I marvelled at the twists and turns of one of the finest games in basketball history.

As the game progressed along to its nail-biting conclusion, I realised that the setbacks and successes the teams had experienced provided several lessons that could be applied to the world of business. Here are some of the entrepreneurial insights that I gained from the NBA finals:

DEVELOP A GAME PLAN

Success in basketball is heavily dependent on the game plan designed by the coaching staff, who analyse their opponents and create a strategy to make optimal use of all the players. It’s important for the team to keep focused on the game plan even in the midst of fierce opposition.

Similarly, strategic direction is essential for success in business. As the owner, you must assess your environment and evaluate the best course of action that will help your business to achieve its objectives. You also need to communicate your game plan to your team to keep them focused.

ESTABLISH A COHESIVE TEAM

While the exploits of star players such as LeBron James and Tim Duncan usually steal the spotlight, the effort of each team member is vital to win. A well-timed pass or a forceful defensive block can contribute to game success just as much as a superstar’s dramatic three-point shot or slam dunk.

In business, the manager or the sales and marketing team will often be at the forefront of the public eye. Although no one may see them, you must ensure that your back-office personnel and support staff also provide excellent service, as they can greatly influence the viability of your operations.

EXECUTE WELL TO WIN

Good players practise hard to improve their success rate in getting baskets, because the winning team always scores more shots. Players who missed free throws or easy layups in Game 6 will recognise how different the results could have been if their wayward shots had been on target.

While it’s important to develop a business plan to guide your operations, you still won’t be successful until you can execute your strategies well. Ensure that you utilise expert practitioners in key areas such as production, sales and accounting; and get training to develop your own business skills.

REVIEW YOUR STRATEGY TO REBOUND

A smart basketball coach knows how to assess the current situation in a game and make strategic adjustments to overcome the competition. In this NBA game, the winning coach had to substitute players, modify defensive tactics, and design new offensive plays to influence the final outcome.

When your business game is not working in the way that you anticipated, you need to take a break to analyse where you’re going wrong and create a new line of attack for success. In these challenging economic times, a constant review of your business strategies is required to win.

PRODUCE MORE WITH OVERTIME EFFORT

With the score tied at the end of the four quarters, the basketball combatants received an extra five minutes of overtime to continue playing until the winner was decided. All the hard work which the players had contributed in regulation time was still not enough to give their team victory.

Very often, the standard 40-hour work week will not be sufficient to build your enterprise. Be prepared to sacrifice your leisure time and work many long hours, especially if you are just starting your business. Working overtime can make all the difference to produce the result you desire.

DON’T GIVE UP TOO SOON

In the dying seconds of regular time when the Miami Heat were still down by five points, hundreds of disgruntled fans resigned themselves to losing and left the basketball arena. When they belatedly tried to return to the stadium to witness their team’s resurgence, they were denied entry.

Like basketball, victory in business comes to those who weather the storms and stick it out to the end. Don’t be like those supporters who lost heart too soon; once you know you have a winning business idea, keep planning, adapting and playing until you find the right route to success.

I gained many more lessons from this game — leaders need to set the pace for success; a good defence can beat your competitors; and you can recover from tactical errors. If you’re an entrepreneur, perhaps you can also learn how to succeed in business by watching basketball!

Cherryl is a money coach, business mentor, and founder of Financially S.M.A.R.T. Services. Her upcoming book, “The 3 Ms of Money” will reveal all the secrets she learned about financial success. Get more advice on money and business matters at www.financiallysmartadvice.com and www.entrepreneursinjamaica.com. Email comments to cherryl@financiallysmartonline.com.