Boosting Your New Business with Blackjack

While the origins of the phrase ‘failing to plan is planning to fail’ are often questioned, the words undoubtedly ring true where a new business is concerned.

Before you start any new enterprise, it is essential to formulate a structured plan to ensure you can safely navigate through the tricky early years. In some respects, many key elements of the business plan can be garnered from blackjack – an iconic casino game famed for its strategic nature.

With that in mind, read on as we take a closer look at how new business owners can take inspiration from the strategies players use to master blackjack.

Pay Heed To The Rules

Very few people enjoy the luxury of having a free reign to do what they want. Rules, regulations and laws are in place which everyone must adhere to.

This ethos is applicable to both blackjack and business. At the card table, there are rules each player and game operators must follow to ensure fairness.

Regardless of the industry they operate in, business owners have guidelines they must adhere to in order to ensure they do not fall foul of the law.

Understanding those rules and sticking to them is an essential part of running a business. Failing to do so can be a recipe for disaster.

Establish An Affordable Budget

One of the core constructs of responsible gaming is to only bet what you can afford to lose. In simple terms, establish an affordable budget and stick to it.

Starting a new business requires the same approach. Owners must create a cash flow plan based on their sales projections. The projected figures must be realistic.

New businesses which spend beyond their means – gamble more than they can afford to lose – are effectively setting themselves up for an expensive fall.

By staying disciplined and remaining within the boundaries of the budget, new businesses significantly improve their chances of staying afloat.

Make Strategic Decisions

‘Basic strategy’ is a system designed to tell players the optimal decision they should make in every gameplay situation in blackjack.

It has its roots in mathematics and can reduce the house’s edge to just 0.5 percent if employed perfectly. Used wisely, ‘basic strategy’ can be extremely lucrative.

A similar methodology can be applied to business. History is littered with examples of successful business strategies and ones which should be avoided at all costs.

By incorporating the best elements from the successful strategies, you can develop a formula which should drive your new business up the ladder.

Know When To Walk Away

‘Every gambler knows, that the secret to surviving, is knowing what to throw away and knowing what to keep.’

Country singer Kenny Rogers knew he was onto a winner when he released the song ‘The Gambler’ in 1978, and the words still ring true today.

While the song has its roots in gambling, it is actually about and knowing how to best play the hand you’re dealt. It’s a mantra new business should pay heed to.

Knowing when to capitalise on opportunities or walking away from ideas that have not worked are skills every new business owner must have in their armoury.

The Final Word

The link between blackjack and business may seem an odd one to make, but the skills required to master the game are unquestionably transferrable.

By getting into the mindset of a successful blackjack player, you can significantly increase your chances of making your new business flourish.