Can mindset impact your bottom line?


21st January, 2021

Power up: Can mindset impact your bottom line?

Mindset isn’t a switch you can flick, nor is it something obscure and meaningless, it is however, the sum of its parts. Why is mindset crucial to business success?

If like me, you enjoy reading blogs and editorial features on emerging trends, advice from successful entrepreneurs, and the latest in tech, you would have no doubt heard of the term ‘growth mindset’.

It’s used frequently in the business world, and is usually attached to VCs, serial entrepreneurs and Silicon Valley.

It’s easy to understand, with leading psychologists explaining that anyone can change the way they think and approach things; even the way they tackle problems — with education, reading, training, hard work, and dedication.

I mulled over mindset and New Years’ resolutions with a friend last week, exploring how a shift in mindset can dramatically change the outcome of a goal. She queried what mindset actually is, and how it can be considered tactically?

A growth mindset, (heck, even a positive mindset) can ignite a business, and transform the way you think, operate, deliver, and progress.

Since that conversation with my friend, I’ve noted down seven ways to develop a mindset that could help propel your business forward.

Know your niche: Become the expert

Fake it ‘til ya make it? Not this time I’m afraid. Nothing will boost your confidence and belief in your ability more than someone coming to your business for your expertise. Get wise on what matters in your field, and showcase your knowledge — use it in your arsenal, and make it a selling point.

Avoid dwelling on failures or the past

Goodbye and ‘hasta la vista’, 2021!

There’s a reason hikers have lightweight bags and gear when tackling an ambitious walk; the more baggage you’re lugging around with you, the increased likelihood of burnout, anxiety, not to mention the pace at which you can tackle the journey.

Find a way to come to terms with your past mistakes, and find three things you can learn from them. Then ditch the baggage and walk into 2021 with useful learnings, not perceived failures.

Hold up a mirror and make yourself accountable

This is a toughie, but a goodie. The decisions you make have an impact, good or bad.

If you’re walking through your business, and not accepting responsibility for action and consequences, you’re not opening up your mind to change. Accountability is an important aspect of adopting a mindset that can set you on an improved and fruitful path.

Stop trying to keep up with the Joneses

I used to work with someone who was so obsessed with his competition (in business and next door!) He took his eye off the ball and almost lost his beloved business.

Focus on what drives you, your purpose and your fuel – not what others are doing or have.

You’re the master of your own ship, steer it in the direction you want to go, and remain focused, driven and passionate about what you love.

READ: Tips for business planning in 2021

Let your purpose drive you

It takes time to truly cement your purpose and the actions you take that deliver against it.

By getting a firm grip on what you truly want to achieve from life (beyond making money) can help attract the right clients, and talent.

By defining and living your purpose, every action has merit and can every action can be measured against how it progresses what you believe in.

My dog ate my homework

We’re all good at fabricating excuses when we want to, and sometimes it’s just a good way of learning how to say no to something you don’t want to do. But most of the time, it’s a way of procrastinating and kicking decisions or actions down the road.

Mindset is a frame of mind and by taking accountability for your actions and powering through with whatever it takes to get you to the next level, you will begin to see a difference. If you don’t change anything, nothing will change.

Get comfortable with imperfection

Like growth mindset, you’ve likely heard of the term ‘fail fast’, and there is merit in this thinking.

Develop an appetite for learning from what didn’t work or what needs work, instead of being worried about it being perfect.

I jumped in the deep end by launching my business at midnight on Valentine’s Day. I didn’t have the perfect logo, website or the finalised product, I just wanted to move quickly and grow as fast as I can, learning along the way. Keep moving, this is a key ingredient in a growth mindset.

With continuous belief that you can learn from every opportunity, failure or success, you’re walking the path to growth mindset and can foster an environment that encourages progressive thinking.

You’ve gotta be in it to win it — adopt these steps and seek to learn and improve everyday — the impact could be significant.