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A Tale of Two Mindsets: How Does Mindset Impact Your Strategy?

Every business owner wants the business of their dreams with lots of cash flow and profitability. And with the Baby Boomers reaching retirement age, many are wanting to monetize that business in retirement to have financial freedom. However, business owners often don’t know what they should paying attention to in order to make that happen. They’re uncertain if the decisions they’re making are helping or hurting. Every business owner deserves to have a business with a strong financial future. To secure that future, we need a strategy

A business owner with a fixed mindset either postpones a strategy or doesn’t have one at all. The fixed mindset believes the business has reached its peak and can’t grow further, which comes from a belief that intelligence and skills are in a static mode. Or if they do have a strategy, it is to avoid failure to give the illusion that the business owner is always right. Many solopreneurs are afraid to make changes in their business, so they accept the results as they occur because that’s the best they can do. Because of that, their business often remains in status quo- they’re successful, but they don’t realize they’re limiting their own potential.   

However, a growth mindset business owner sees challenges as opportunities to learn and grow. With a growth mindset, failure is only a lesson that brings more knowledge and perspectives. A business owner with a growth mindset views failures as an opportunity to stretch their current knowledge and adapt for the future

I’m currently working with a professional services firm that started as a solopreneur for the first year. This business owner wanted to grow to a firm of 10 professionals each contributing $1 million of revenue to the firm, ultimately a $10 million revenue firm. Over a year ago, this firm hired another partner and the firm grew 75% in revenue. Last fall, this firm hired two more professionals and is now on a growth path to eventually hit $4 million in revenue

This owner has a picture of what the firm could look like and the actions of that vision are taking the firm on a growth journey. I have no doubt that vision will be realized over time. The journey will be filled with challenges, cash flow management, accountability, and execution. But, each challenge will be a learning experience that will make the firm better/stronger.

So, how about you? Do you have a strategy for 2022? Is your mindset limiting your company from realizing its full potential and leaving money on the table?

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