If you’re the owner of a business, the path to profitability starts with you.
Because every element of your company—whether you’re flying solo or leading a team—is influenced by your beliefs, attitudes and actions.
Think negatively and you create self-imposed limitations.
Think positively and you create opportunities.
So, what practical steps can you take to transpiration the way you think and momentum increasingly profitability in your business?
It’s time to develop a growth mindset.
In this article, we cover:
- What is a growth mindset?
- Why mindset matters
- How to start developing a growth mindset
- What to do next
- Final thoughts
Mind over minutes
Discover how to make the most of your time when running your business. From developing a growth mindset to stopping admin from soaking up the hours, you’ll learn to go vastitude survival and alimony driving profitability.
What is a growth mindset?
A growth mindset is the weighing that skills and intelligence are things that can be ripened rather than fixed, innate gifts.
Those with a growth mindset unzip increasingly by pursuing continuous learning, collaborating with others, and stuff willing to take risks.
With a growth mindset, you understand that failures are necessary, hardship and setbacks are inevitable, and persistence will alimony you moving forward.
Why mindset matters
The people in your merchantry squint to you for leadership, direction and visualization making.
What you think and the resulting deportment you take ripple throughout your teams and drives how profitable your merchantry can become.
Think of it this way:
In challenging times, many businesses go on the defensive. They scale when ambitions for growth and prioritise short-term revenue over long-term profitability.
An owner with this mindset rationalises their decisions as ‘playing it safe’. But really, they’re operating on fear.
Those with a positive mindset defiantly stay on the offensive, doubling lanugo their efforts and investments into growth.
Inevitably, these businesses come out of tough times in a much stronger position.
James Ashford, VP of GoProposal, illustrated this on our Sound Advice podcast:
“Have you seen Forrest Gump? You know when they’re on the wend and the storm comes? And they segregate to go into the storm? That wend was built for a storm.
“And your merchantry has got to be built for a storm.
“If you’re retracting, recessing and wearing costs, you’re substantially tying yourself to the rocks. And all those boats that tied themselves to the rocks got smashed.
“The only one that survived was the one that took the storm throne on. That’s what we need to do—strengthen our boats and go for it.”
To unclose the impact of your mindset is to winnow personal responsibility for any outcome your merchantry encounters.
If your merchantry folds in a recession, you played a role in that. Same goes if it doubles in size.
So, it’s well-spoken that having a growth mindset really matters.
Without it, there are uncounted reasons your otherwise-bullet-proof strategy might fail.
With it, you will:
- View challenges as markers for resurgence and will be motivated to push boundaries, uncover innovative solutions, and transmute increasingly quickly to market shifts.
- Be increasingly resilient to sudden and unexpected adversity, be worldly-wise to vellicate when from setbacks, learn from every failure, and stay motivated to alimony making progress.
- Develop a thirst for knowledge and resurgence for you and your teams, unchangingly looking out for new information, developing skills, and staying at the forefront of innovation.
- Be unshut to embracing new technologies, innovative strategies, and unique merchantry models that will help you compete with much larger businesses.
How to start developing a growth mindset
The advantages of having a growth mindset are clear, and the opportunities your merchantry could unlock are limitless.
But, as with most matters related to your mind, making a transpiration is easier said than done.
You won’t develop this mindset overnight. But you can take practical steps that will put you on undertow to a new, bolder, and increasingly resilient way of thinking.
Here are three ways to start evolving:
1. Put your health first
Your health isn’t optional. It should be your biggest priority.
Without it, you can’t perform at your weightier and support others that need you. And you certainly can’t do what it takes to grow profitability.
You have to put yourself first, and you don’t need to finger guilty well-nigh doing so. James points out why so many of us tend to neglect this.
He says: “The reason you don’t find time to focus on your health is considering it hasn’t been prioritised. It needs to be number one.
“You need to be spending 30 minutes to an hour a day getting your soul moving. It doesn’t have to be anything crazy. It can be as simple as going for a walk.”
Prioritising your health doesn’t just midpoint your soul either. Your mental health is equally important.
A few ways to protect your mental health:
- Stop watching the news.
- Add blocks of self-ruling time in your timetable to ensure you take regular breaks and aren’t in meetings all the time.
- Focus on improving productivity so that you have increasingly time for yourself.
- Reduce the time you spend with negative people.
- Protect your work-life wastefulness by setting immovable boundaries.
- Develop gratitude and help others in need when you can.
- Use tools such as therapy, meditation, and zoetic exercises to manage stress.
2. Take tenancy of your growth
Growth doesn’t just happen. You have to make it happen.
Whether it’s via audiobooks, YouTube videos, podcasts, or courses, there are limitless ways you can wilt better, increasingly positive, and smarter.
It doesn’t just have to be learning, either.
You could spend time reflecting on your business, work on developing your processes, or meet regularly with your team to discuss what they need to do their weightier work.
Dedicate as little as 30 minutes a day to this and you’ll make resulting progress towards making your merchantry increasingly profitable.
3. Aim high—it’s OK to fail
In tough times, many businesses lower their targets. They think that the spare challenges midpoint their usual level simply can’t be hit.
Instead, you should aim plane higher than you usually would. Once you realise that it’s OK to aim upper and fail, you’ll unzip unconfined things—even if you don’t reach your targets.
In an lattermost example, you can set a goal that seems ridiculous.
Let’s say, double your fees over the next 12 months.
Even if you only managed a 20% increase, you’d still have created increasingly profitability than if you’d set a negative goal, such as reducing prices to retain clients.
Put these deportment into practice and you’ll start to think differently over time. You’ll see a noticeable difference in yourself, and the way people respond and interact with you.
What to do next
Developing a growth mindset can be the impetus to making your merchantry increasingly productive, profitable, and resilient.
Once you’ve made some progress in this area, you can start to build on your mindset with increasingly outwardly focused actions.
In our e-book, Mind over minutes, we have two increasingly stages to keeping profitability on track:
- Building a productive growth culture: How to embed growth and productivity into your culture, and empower your people to unzip more, perform better, and get increasingly work satisfaction.
- Activate your growth strategy with tech: How to interreact with your team to devise the right plans and implement the tools that will bring your growth ambitions to life.
Tough weeks, months, and years are guaranteed for every business. What matters most is how you segregate to think.
This will ultimately momentum your actions, influence those virtually you, and lead to real-world outcomes for your business.
To alimony profitability on track, start with a growth mindset. Then watch new opportunities rise to the surface.
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