How Your Mindset Affect The Growth and Scalability of Your Business

You have established your service within the financial services marketplace and achieved significant traction, and now it’s time to grow and scale your business. The shift to managerial processes and internal workflows are crucial to growing your business. But there’s another critical component to this transition, your mindset. You need to shift your mindset from fixed to growth.

Business owners who only focus on external efforts often fail to achieve accelerating growth and struggle to manage to scale their businesses. Dr. Carol Dweck explains in her book “Mindsets: The New Psychology of Success” that it’s not just our abilities and talents that bring us success, but whether we approach them with a fixed or growth mindset.

This is one of the reasons why the greatest tactics, systems and strategies won’t work if you don’t have a strong mindset. The business can’t outgrow its owner so, to be able to successfully grow and scale your business, you need to have a strong mental game. Your mindset is a critical component to achieve success. 

Fixed mindset entrepreneurs

Entrepreneurs with a fixed mindset identify and often use labels and affirmations. They would see their situations and qualities as unchangeable and their skills and capabilities as fixed. 

You would often hear entrepreneurs with this mindset say things like, “My experience is such that I won’t be good at/or successful at (some new task).” They believe that you have to be born a leader to be a leader. They were able to successfully navigate the early stages of their business but their mindset would stop them from scaling and growing their business successfully. It could work against them in the process. 

But there is hope. You can shift your mindset from a fixed to a growth mindset by replacing your tactical approach with a strategic one. Easier said than done. Great things in life never come easy, changing your mindset is hard but we assure you it’s going to be worth it. What you need is to see the bigger picture and understand what are the skills and behaviours you need to develop to take your business to the next level.  

Growth mindset entrepreneurs

This group of entrepreneurs are constantly evolving and thriving in their industry. They are always finding ways to serve a sizable market and constantly innovating their service. Entrepreneurs with a growth mindset seek to improve and learn new things by not being afraid to be in a challenging situation. 

When hard times come, they can see it as opportunities to develop a new side of themselves. They see themselves as a product of their experiences that is why they always look for more experience to help them expand and enrich their personality and skills. The success of their business is a product of their team’s contribution.

Data and both negative and positive feedback is welcomed and serves as the reason to continue innovating and improving. Change is a constant in business nowadays and it brings more chances to evolve. Entrepreneurs with a growth mindset see the bigger picture of their journey that is why they are more resilient and have more chances for long term success.

Here are a few ways to set yourself on the growth track:

1.Give up control. Automate, delegate, outsource

At the early stages of your business, most of the work is done by you, your co-founder and maybe another team member. You haven’t had the time to document the work processes and systems because you are used to overseeing everything closely. When it’s time to scale your business, you have to automate, delegate and outsource the day-to-day tasks of your business. Map out your tasks using the task value matrix and see which tasks you can offload on your plate so you can focus on scaling and growing your business. Learn how to trust and build your people up. Give them the right tools to be able to do their jobs without you and help them reach their potential by giving them room to grow. 

2. Be open to challenges as you and your business grow

The easiest way to overcome challenges is to ask yourself: “What might be the opportunity here?” This will help see the problem from a different angle and come up with different solutions to the problem.

3. Structure your business 

Growing and scaling your business needs structure. You need to build the right systems and most importantly have the right plan of attack to ensure your success. Implement tactical steps to help you and your staff follow the long-term strategy. It will allow you to free heaps of your time which means you can get involved in solving harder problems. 

4. Admit your mistakes and learn from them

Leave your ego behind and admit you can and will fail. Failure is inevitable but you can control how you react to it. It is part of learning and the more you get used to these experiences and growing from them, the more you become a better person. Adopt a new perspective and constantly reinvent yourself to adapt to the changes in your environment and the business environment.

It is great to be an expert, but as an entrepreneur, you don’t have to be the best in everything. Having a basic understanding and general knowledge about the different areas of your business is enough. You don’t need to be the best in everything. Being curious and being open to learning new things is more than enough to help you see the bigger picture.