The successful growth of your organisation is largely dependent on your mindset as the owner of the business. Are you taking the time to develop this crucial element?
Over the course of the last few months, I have worked with several business owners — some who are doing extremely well and others who are struggling. During this time, I have been reminded of the importance of mindset for business owners.
On many occasions, I asked business owners to list ten things that were affecting their ability to grow their businesses.
Most, if not all, listed the following items:
- The economy
- The Government
- Lack of skilled staff
- Employee commitment
- Product quality
- Cash flow.
In most instances, the business owners did not mention their own role in preventing their businesses from growing. This was interesting, as I found that for many of them the most significant contributor to their lack of growth was their own mindset.
In Sharon Lechter’s book, Three Feet from Gold she discusses the following formula for success, one that I have found particularly useful in helping business owners focus on growth:
((P+T) x (A x A) + F = Success
P = Passion
T = Talent
A = Associations
A = Action
F = Faith
I have also included a third ‘A’ to the equation: Affirmations. But what do each of these elements mean to the business owner? Here’s an exercise you can complete to start working on your own success formula.
Related: How to realistically move from that concept mindset into reality
Richard Lieder, author of The Power of Purpose, said it best: “Purpose is the conscious choice of what, where, and how to make a positive contribution to our world. It is the theme, quality or passion we choose to centre our lives around.”
Many business owners do not spend enough time understanding or defining what their true passion is. What is that ‘thing’ that drives them towards success?
A useful exercise to complete would be to list at least ten things that you are passionate about. Focus on what energises you and the times that you were most fulfilled. It might be useful to obtain input from family and friends as well.
Now list ten things that you’re good at. What are you good at and what do you excel at?
Share this list with a family member or good friend and ask them to remove one item from the list that least describes you. Repeat this process until you are left with just one talent.
Once complete, match your core talent to the passion in the previous step to determine if there is a common connection.
Related: Successful start-up founders offer 5 techniques to get your mindset right
There is a well known saying that the books you read and the people you meet will determine where you will be in five years’ time. Write down the five or ten people that you spend most of your time with. Do they contribute to your success as an entrepreneur or not? If you are the most successful person in the room then it’s time to change your associations.
List the names of five successful people that you know personally. Now list the associations that could help you grow your passion and talent. Which people, networks, businesses, charities or sports clubs would you need to consider associating with that could grow your passion and talent?
Spend some time researching which associations might be of benefit to you and then decide on one of them. You will only obtain true benefit from interacting with any of these associations if you are willing to support them in their endeavours and objectives. Successful relationships are additive, not subtractive.
Most business owners who are struggling have a low self-esteem or image of their own ability or value proposition.
It’s often the ‘noise’ that goes on in their heads that is the biggest contributor to their own downfall. Writing down a list of affirmations that start with the words “I am” is truly beneficial. Once you have completed a list of at least 20 affirmations, make sure you read them daily. It will help you start each day on a positive, confident note.
Change requires action and this is often where things fall apart. On many occasions, business owners become overwhelmed by what needs to be done and instead of starting somewhere, they freeze and do nothing.
A useful exercise is to list ‘The One Thing’ that needs to be completed daily. Then repeat this exercise for the week, month and quarter. Keep it to one thing. As you complete each day, record what progress you have made for the day and take time to celebrate each accomplishment. You will find that by focusing on just one thing, momentum starts building and you make significant progress towards issues that matter, and achieving your purpose.
Related: Harnessing a success mindset
In this sense, faith means believing in yourself and your ability to be successful in your business, despite any of the obstacles that may be put in your path. For many business owners, this is not easy.
It requires reflection on some of the highs and lows of your life to date and how you behaved during these times. Every business owner has had successes.
Draw on the lessons that got you there. But don’t ignore times of turbulence and challenges. Reflect on how you managed those times, and you will start developing a toolset that will help you develop faith in your own abilities, which is vital to your future success in business.
Pulling it all together
Focusing your attention on these six factors will contribute to your success. It might be useful to obtain the services of a business coach or a mentor to assist you in maintaining your focus and holding you accountable for your success.
Implement daily exercises that will keep you focused, confident and pursuing your growth goals to ensure ultimate success.
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