Developing a growth mindset with your small business
Business - 13/10/2022
According to Forbes magazine, a growth mindset is the belief that your efforts and those of other people will lead to success in business. Whether the road is long and difficult or short and easy is irrelevant. A growth mindset sets you up for success, knowing whatever obstacles or challenges you face, you’re more than able to overcome them.
Could you be using a growth mindset to transform your business?
Be the expert
Knowing more about your industry than your competitors is a relatively easy way to gain a competitive edge. Not only that, but as an industry expert you can start to build more trust and create an audience of loyal customers. Customer loyalty is more important than ever when you consider that just a 5% increase in customer retention can boost your profits by as much as 95%.
While retaining your current customers is vital, it’s important you put yourself out there in front of new people. Commit to creating compelling content to grow your business. Create a vision for your industry and start creating thought leadership pieces on your blog and social media. By becoming an expert in your field, you’re preparing your business for growth.
Have a purpose
Becoming a thought leader requires creating a vision for your industry. Growing your business requires a vision for your company. This begins with your purpose, and to figure out what that is, you need to ask yourself a few questions.
Why did you choose to start this business?
What legacy do you want to leave in your industry?
What does your business do that’s unique?
Does your business solve a specific problem and how does that fit into your vision for your industry?
Once you’ve got your answers, tie them all together and you’ll find your purpose. Then start shouting about it.
Know when it’s time to grow
Having a growth mindset is all about self awareness. Knowing when the time is right to start scaling up your business is important. If the timing is wrong, you could end up going backwards instead of forward. We’ve talked before about the importance of cash flow. Having a solid understanding of where your business is at financially is a big part of preparing for growth.
But it’s not all about the money. You need to ask if you and your team are ready and prepared with the skills needed to take your business to the next level.
How Numero can help
When you know it’s time to start scaling your business, outsourcing your bookkeeping can be a major help in kickstarting your growth journey. Outsourcing can save you time and money. At the same time, you get a clear picture of your finances with professional guidance and advice.
The benefits don’t stop there. All our plans are flexible and can be scaled to match your business growth. Ready to find out more? Get in touch with us today.
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