Welcome to the Business Success Series, a comprehensive guide designed specifically for small and medium-sized enterprise (SME) owners who are committed to achieving their business goals and overcoming challenges. In this seven-part series, we will delve into crucial aspects that can make or break your journey towards success. First up, we’re looking at how important the right mindset is in business.
As January comes to a close, many entrepreneurs find themselves reassessing their New Year’s resolutions. We understand the struggles that come with turning aspirations into achievements, and that’s why each article in this series addresses a key issue hindering business growth.
Every month, we will provide insights, strategies, and practical tips to empower you in navigating the obstacles that commonly hinder SMEs. Whether you are a seasoned business owner or just starting out, join us on this insightful journey as we explore the mindset, strategies, and actionable steps needed to elevate your business to new heights.
To begin, the biggest battle we all face in business: Mindset.
First things first, you need to go into the new year with the right business mindset, are you determined to make the year ahead your best yet, or are you just going to let it hit you and hope for the best?
This isn’t to say put rose tinted glasses on and expect things to be perfect with little to no effort, to achieve what you want, it will take effort. Having the right business mindset, along with the other considerations we will be looking at in this series, will give you the best chance of achieving what you want, and help you stay motivated when hitting a rough patch.
The importance of consistency:
One thing I have learned is the importance of consistency, showing up every day with perseverance, and tackling the most important things first. Procrastination is human nature and many people go through a day look back and still have the top thing they wanted to do still on their list. The thing you least want to do is often the thing you should do, so it is about pushing yourself to jump in and get that done, the rest of the day will then seem easier and you will be more creative and effective because of it.
Creating habits:
Something that really helps here, and one attribute that successful business owners have are creating habits, so the success factors become so deeply engrained into your way of life that you are almost doing them on auto-pilot. Habits take a while to form and be properly engrained though (research shows an average of 66 days) so it is important you start small, and where possible tag it on to an existing habit. (E.g. when you read the business news each morning, spend an extra 5 minutes looking over your sales and operations data for the previous day.)
Control Vs Empowerment Balance:
One specific challenge you are faced with as a business owner is the control vs empowerment balance. Naturally when starting a business you wear many if not all the hats, but if you remain this way you put a ceiling on your growth. Successful business owners understand this and look to find people who are the right fit, and empower them to be great, reducing the pressure on you and enabling you to continue innovating. The mindset that you are the only person who can do the job as well as you will not get you very far, and in-fact you want to be finding, training and empowering people who are better than you at that chosen area, as that is how you will create the most value in your business.
Accountability:
Another challenge we face as business owners is a lack of accountability, while you may give your team targets to meet, set deadlines and hold them accountable for their actions and performance, it is more difficult to do this for yourself, leaving many business owners completely unaccountable to anyone, and is often a large contributor to delays or even worse, non achievement of goals. This is where setting up an accountability partner can add huge value as they are able to look at what you are doing with an impartial and unemotional perspective and help you focus and action the things that really matter.
Support Network:
Many business owners also have no to minimal access to a support network. This in my experience is one of the most crucial aspects in business, surrounding yourself with like-minded people you trust is huge in maintaining momentum, enhancing creativity and reducing burnout.
Get A Hobby:
Business owners often find it near impossible to switch off, so it pays to have a separate hobby alongside running your business to help you get into a different atmosphere, giving you that release from the day-to-day stressors of running the business it not only boosts your all round well being but is proven to enhance your creativity, which is often the reason you took the leap to start out in business in the first place.
Having the right mindset is all about understanding yourself, and the challenges you face, to put you in the strongest position possible and realise you do not have to do everything or keep everything to yourself along the journey, in fact quite the opposite.
So if any of the challenges we have spoken about resonate with you, act now. Taking action will ensure you are putting yourself in the right business mindset and developing the right thinking to prosper in 2024.
If you are not sure where to start, please get in touch and book a complimentary intro session with our advisory team here at Nordens.
And remember……
“Whatever the mind of man can conceive and believe, it can achieve.”
– Napoleon Hill
Business Mindset FAQs
What role does mindset play in business success?
Mindset is crucial in business success as it shapes your attitude, determination, and resilience. Having the right mindset can help you stay motivated during challenges and strive for continuous improvement.
How can I maintain consistency in my business efforts?
Consistency is key to success. By prioritizing tasks, avoiding procrastination, and tackling the most important things first, you can maintain consistency and productivity in your business endeavors.
Why are habits important for business owners?
Habits help successful business owners integrate success factors into their daily lives effortlessly. Forming habits takes time, but starting small and linking new habits to existing routines can make the process smoother and more effective.
How can I balance control and empowerment as a business owner?
Balancing control and empowerment involves recognizing that you can’t do everything yourself. Successful business owners delegate tasks to capable individuals, empowering them to excel and fostering growth for the business.
What is the significance of accountability for business owners?
Accountability is vital for achieving business goals. While it’s easy to hold others accountable, business owners often struggle with self-accountability. Having an accountability partner can provide valuable support and guidance to stay focused and on track.
