The Small Business Association reports that each year more than 600,000 businesses open. While this may seem like a positive and growing number, the association also finds that more than 500,000 businesses will close or cease operations. If your enterprise has survived this first year in operation, you may consider a business expansion.
But, growing your business takes additional work, resources, and energy. While you think you have the skill or knowledge to replicate and scale, you may lack an internal and important concept. Your mindset!
Do you have a growth mindset when it comes to business? Do you have the mental capacity and insight to expand your enterprise and stay positive amid the chaos?
A business lifecycle requires mentally strong and prepared leadership. Read on to learn how to expand your business, grow your profits, and avoid loss.
Defining a Business Growth Mindset
You may wonder what is a business growth mindset? You understand the concept of growing your business through research, marketing, planning, and business development efforts. But, taking your business to the next level involves more than the physical steps.
Your mental capacity and outlook have the power to propel or destroy your business. The concept of a growth mindset vs. a fixed mindset was coined and developed by Dr. Carol Dweck in her book, Mindset. The concept has expanded to individual’s outlook in their personal lives as well as their businesses.
A Fixed Mindset
A fixed mindset is when people view their qualities, life situation, or outlook as unchangeable. In relation to business expansion, an owner with a fixed mindset may see a lack of retail space or employees as unchangeable. They won’t be open to finding other alternatives or processes to bring their expansion vision to life.
A Growth Mindset
A growth mindset is when people believe they have the skillset or can learn the processes to achieve goals. Individuals with a growth mindset are willing to put in the effort and ride out the journey to higher achievement levels.
In business expansion, that same owner with a growth mindset will explore all avenues and possibilities to rent retail space or develop creative ways of finding employees. If you need help developing this growth mindset and want to learn more about business expansion possibilities, visit Jasdeep Singh, COO of 3BC.
Benefits of a Business Growth Mindset
In business, the benefits of a growth mindset are endless. Consider your assets or investments akin to your mindset. While fixed assets can yield conservative returns, they can also be limiting.
You will only receive the same payoff amount per month or per year. While with growing investments, you can expect higher returns, more opportunity for expansion, input, and change.
Explore New Processes
A growth mindset allows your business to welcome new processes and ways of working. This is especially important in business expansion because you cannot expect the same process to produce the same result.
A new location or office will bring new challenges and possibilities. A growth mindset will allow you to brace for these changes and adopt new ideas to help sustain and enhance operations.
Attract Better Talent
Employees want thoughtful and engaged leadership. With a growth mindset, your positive outlook will attract the best talent. This will help your organization retain more clients and become more efficient in your expansion.
Become More Profitable
A business expansion needs to be profitable. Opening your second location or growing your team takes time and money.
A growth mindset will help you set up the business expansion plan to launch without fear of failure. This can help you reach your ideal earning numbers.
Business Expansion Strategy
So, how can you use a developed growth mindset to expand your business? Here are some key business development ideas.
Redo Your Business Plan
With a new mindset and outlook, it’s time to go out with the old and in with the new. Your old plan that dates back to the launch of your business may no longer be relevant. For example, you may have changed your service offerings, increased your budget, or readapted your marketing plan.
For your expansion, your growth mindset will play a key role in the outlook of your plan. For example, with a fixed mindset, you may have strayed away from failures. But in this new growth outlook, you can analyze those failures to help your expansion by knowing what went wrong and developing a plan to tackle future issues.
Train Your Team
Your mindset and outlook need to help your team grow. Whether you are hiring new staff or need to train existing employees, everyone at your business needs to look through the growth lens.
Consider hosting a weekly training event or create a training video to help your team understand your new vision and business goals. A growth mindset will encourage employees to work harder and provide room for promotion, wage increases, and advancement.
Set Actionable Strategies and Goals
A fixed mindset won’t dare to dream big. But, with your new growth mindset, you can set your business goals high. However, it is important to have the strategies and funding as a foundation.
Create strategies and goals that have a timeline. This will keep you focused on the end goal and make you more likely to attain what you set out to accomplish. For example, do you want to gain 100 more social media followers per week?
Set the plan in motion to make that happen. Study data and allow your marketing team to use their creative ideas and industry insight.
A Growth Mindset Can Expand Your Business Reach and Profits
Do you have dreams of business expansion this year? Check your mindset first. A growth mindset is an actionable strategy to expand your business, attract more clientele, keep your staff engaged, and increase profits.
As a business owner, you are under an extreme amount of pressure to survive and thrive in a competitive landscape. But, a growth mindset is an internal tool you can use to get ahead and keep yourself sane along this journey.
Did you find these tips helpful? Then, check out our other business stories.