When I first speak to a new client they often tell me that it’s impossible to grow their business due to a lack of customers or due to the state of the economy. Whilst they may think that this is holding them back, it isn’t the real reason that they aren’t growing their businesses. The real reason is their mindset.
What is a mindset?
A mindset is a set of beliefs or assumptions held by one of more people that is so established it affects the way groups or individuals behave.
You acquire a mindset from your experiences, what you’ve been told, what you’ve read or what you see happening with people you believe to be just like you.
So if you believe that your business isn’t growing because of the state of the economy or due to lack of customers that’s your mindset.
As Henry Ford said:
“Whether you believe you’re right or wrong, you’re right”
When it comes to growing your business, there are probably several things holding you back from developing the success that your skills and talents deserve. Lack of customers, lack of demand or product supply, are important issues, but the number one reason for most business owners is their mindset.
Different Types of Mindset
There are two types of mindset: Fixed and Growth.
People with a fixed mindset believe that their skills and talents are just givens. They have a certain amount of brains and talent and nothing can change that. If they have a lot, they’re all set, but if they don’t then they believe it’s disaster… So people in this mindset worry about their talents and resources and how adequate they are. They have something to prove to themselves and others.
An good example of a fixed mindset is doing the same thing all the time (which a lot of business owners do):
“If you do what you always do, you’ll get what you always got”
The problem is that, in business, things don’t stay the same.
Just imagine you were in a town where there were just two car dealers; Bob and John. Bob and John have an equal share of the of the 100 car a year market in that town (i.e they each sell 50 cars).
One day John decides that he wants to buy a holiday home, and in order to afford it he needs to sell another 5 cars a year.
So he set about giving better customer service and better prices on part exchanges to customers. After a short time he starts selling more cars and before long he is selling 55 cars a year and Bob was selling 45.
Suddenly John is actually selling 20% more cars than Bob – so by continuing to do the same thing, John is actually loosing sales and loosing money.
So doing what he always did actually doesn’t get him the same result.
Adopt a growth mindset
People with a growth mindset, on the other hand, see their qualities as things that can be developed over time through dedication and effort. Whilst it’s great if they are smart or talented, that is just the starting point.
People with a growth mindset understand that no one has ever accomplished great things without years of practice and learning – not Mozart, not Einstein, or even Michael Jordan.
Benefits of a growth mindset
Once a business owner realises that their mindset can be developed, they can focus their efforts on getting better, not showing how good they are or focusing on what they’ve achieved.
Another way to look at this is that business owners with a growth mindset see their businesses and themselves as being on a journey, not a destination.
But to have a growth mindset you have what Napoleon Hill described in the business book classic Think and Grow Rich a “Burning desire for success”.
Which essentially means that if you want something badly enough then you can make it happen. The problem is for many people is that they think they want something, but aren’t really prepared to put the effort in to achieving it. Whether that’s loosing weight or growing business. You have to have “a burning desire for success”.
6 Steps to success
If you really want to grow your business the following 6 steps adapted from Hill’s classic will ensure you achieve what you want:
Step #1 – Fix in your mind the exact amount of money you desire. It is not enough to say you want “plenty of money”. What is the exact amount of money you want to be earning each year.
Step #2 – Decide exactly what you’re going to do in return for the money you’re wanting to earn
Step #3 – Agree with yourself a definite date by which you will intend to posses the money you desire in step 1.
Step #4 – Now create a definite plan for achieving your desire and begin to put your plan into action. (See the business plan on a page for ideas)
Step #5 – Write a clear, concise statement of what you want to achieve, why you want to achieve it, by when and finally how you intend to achieve it.
Step #6 – Tape or stick the statement where you’re going to see it at least twice a day read it out aloud once on waking and the on going to bed. “As you read – see and feel and believe yourself already in possession of money”.
I have used this exact model many times with clients with great success, but I make a small (but very important) modification to step 1.
Add a zero
Which is to add a zero to the amount of money that people seek to acquire. This is not out of greed, but to stop people thinking too small.
For example I had one client who wanted to earn 100k a year. When I suggested adding a zero to it, i.e. making the number $1m pa she started looking at her her business from a completely different perspective.
Adopt a growth mindset and start seeing the possibilities, then start taking action.
Lets work together and grow your business. To find out more click here