Mindsets directly influence our thoughts, which determine which actions to take.
When your business isn’t growing at the rate you want, despite efforts, it’s possible your mindset, not just thinking that needs to be looked at.
A mindset is an attitude and belief systems towards a subject. Take employees for example.
A business owner may have a feeling of not trusting them to tell them their sales income for fear of them asking for a pay rise, or leaving to start their own business.
These are thoughts resulting from a mindset. One mindset can generate a dozen thoughts.
Since the process of business (and life) activity is:
A wise way of thinking, when working to create a strong, positive improvement in any area of business, is to try to identify one’s own mindset towards the situation or subject.
Read on to understand more about the fascinating and ‘enlightening’ topic of mindsets, to see if its relevant to what’s holding you back in the various areas of growing a business.
We Don’t Just Have One Mindset
We don’t have just one mindset as business owners, we have over a dozen that are related to the various topics of business.
Just one small change of mindset can result in a significant and rapid increase of business success seen as financial progress with net profit or cash in the bank.
As a business mentor it’s common to see (with my mind) how business owners ‘tune out’ on certain topics related to business – for example, reading Profit and Loss Statements, and then miss out on significant financial growth due to their mindset.
We’re almost blind to seeing our own mindset on topics related to business so it pays to be open to learning, which is the first and most important mindset.
Thinking “I know” about a subject is often the end of learning more on that subject and that mindset is common in certain industries that are highly technical.
In this post I’ll go over a few very important topics of great benefit to have an open mindset towards.
The first topic of mindset is learning about business.
“Business” is a subject to learn that is quite independent of industry and it’s by far the most important one of all to learn.
All businesses need customers that buy and those customers, in most businesses, come from some form of marketing.
Marketing is most successful in businesses where business owners learn about marketing, by paying for the education.
This is a very important mindset to have. Unfortunately, from experience less than 5% of business owners have paid for an education on marketing, even though they have paid (often) tens of thousands on marketing over the years (such as on new websites, SEO, Adwords etc.)
Paying for an education helps enormously to see through the ‘smoke and mirrors’ of so many marketing service providers who rely in ignorance of their clients to sell them their services.
Another mindset is selling skills.
What’s Your Mindset Towards Selling?
In nearly all businesses people want to talk to a person before they decide to buy. Selling skills is simply the skills of talking to people.
Selling is not about being pushy, aggressive or annoying, in fact it’s the complete opposite of that.
Effective selling skills are about building rapport, which is the process of reducing differences at an unconscious level between people.
Effective selling training helps people to completely remove all tension, awkwardness, pressure and any aggression in situations whereas a lot of business people fell sales training is going to teach them something else.
The days of pushy sales tactics are almost gone (thank goodness!)
Most business owners have a lot of resistance to sales training.
They may not think they actually need it, and that’s seen by surveys with thousands of business owners that has revealed that less than 2% of people ever invest in it, yet it’s probably the number one, most effective, highest ROI for professional training there is.
Just the one day of selling skills training has tripled the sales of Profit Transformations’ clients, and even seen $400,000 added to the sales of an engineering manufacturing business in one month (after the one day of training). It’s also seen a blind manufacturer’s $1.2 Million dollar income business increase by 20% in one month. The ROI has often been in the 1,000% range in 30 days.
And where else can you get that ROI?
Are you open to having skills training in selling, despite only ‘having meetings’ or ‘doing quotes’ for people where it can potentially result in a sale?
If you don’t really enjoy selling situations, then training will seriously improve your experience and results with this important area of business.
Want to Know How to Hire Good Attitude Employees?
From experience with surveying, the majority of business owners want to learn how to do this, but the majority of people who want to know how to do this haven’t learned how to, by paying someone to learn.
There are three essential people skills, relating to employees that you can learn once, and save yourself potentially tens of thousands of dollars in one or a few years.
Those skills are…
- Identifying good attitudes of employee candidates – before you hire them
- Identifying good aptitudes of employee candidates
Finding out a week, month or few months after hiring an employee, that they don’t have a good attitude, can be very expensive – as you may well know.
Aptitudes are similar in benefit to know – in advance of hiring someone.
Aptitude is about latent or existing skills a person has related to the job and tasks of a job that a person needs to carry out.
People have a different aptitudes and some jobs suit a person and some don’t.
To understand this, its extremely helpful to understand a person’s “DISC Profile”.
Every person has a DISC Profile, so it’s nothing to do with attitude, it’s about strengths and weaknesses or person’s personality in relation to certain tasks.
DISC Profiles reveals a person’s preference for behaviour that indicates a certain aptitude towards a role or task in a workplace situation.
Learning what DISC Profiles is all about and which “DISC Profile” each of your employees has, and what that means for aptitude and also leadership from you, is extremely beneficial.
After 21 years of training and mentoring thousands of businesses, DISC Profiles as a topic is by far the most commented on as being the most beneficial by far.
Considering clients have learned subjects such as effective marketing, selling more at higher prices, how to hire good attitude employees using a proven system, how to double their business profits in 6 to 12 months, and more, for DISC Profiles to still be number one as their chosen ‘best’ subject, it says how powerful the subject is!
DISC Profiles also helps with understanding mindsets of employees, in advance, before you even ask them to do a task for you!
DISC Profiles has been around as a personality tool for over 2,400 years, so it’s not new! Yet it’s relatively unknown with business owners.
Why not start to learn more about it? You can consider one of Profit Transformations courses, which most include, or just search online for info about it. YouTube is a great place to find videos on it.
When it comes to learning any business topic, the best benefit is, you only need to do it once – and then enjoy benefits for years, perhaps even decades.
Isn’t a mindset of ‘investment’ wise to have – where you pay a small amount once, to benefit from that learning for years or even decades?
I adopted an ‘investment’ mindset towards learning anything and everything about business, decades ago when I became sick of struggling (due to ignorance about business success principles). That was 7 years into running my own business – (and 6 years before entering into business coaching/mentoring/training as an industry).
The Super Technician Trap
Often business owners have a mindset of thinking super in-depth industry/technical knowledge will make them successful in their business. The business owners attend technical courses themselves to be more knowledgeable, yet that doesn’t necessarily transfer into winning more sales or greater business success.
Learning the industry and technical knowledge is essential (at a level) in any business, however Michael Gerber, the author of the excellent book “The E-Myth Revisit” said,
“It’s a fatal mistake to believe that being good at technical (employee) work means, you’ll be successful owning a business that does the technical work.”
The Work Hard to Get Ahead Mindset
“Work hard” is another mindset commonly believed in. Society tends to say this is essential to be successful, however there are many financially unsuccessful business owners as well as people who worked hard for decades yet didn’t “get ahead”.
A simple definition of working hard is when you work all week, but there’s no change made to your business.
Working smart is where a system is created where there’s an ongoing benefit for months or years for work carried out once.
There are loads of busy business owners whose business isn’t making significant, measurable progress every years, let alone every six or three months. That’s a LONG time frame for no real improvement.
Working SMART is about making a significant difference, by applying a new strategies (that was learned), or developing a new system, or introducing a new software or something involving permanent change.
With a ‘learning, to earn more’ mindset then greater success comes about through actions of applying what has been learned.
The Employee Versus Entrepreneur Mindset
An employee is someone we expect to work hard for us, to be productive.
This is essential in business however as a business owner, there’s a need to take on a different mindset and that is one of ROI.
The business owner is responsible for making sure the business is profitable, to pay all of its costs and expenses with something left over.
An entrepreneur’s mindset is one of ROI. That’s what that matters most.
Working hard and making no profit is a complete waste of time to an entrepreneur. They fully understand and live by ROI where “Profit is king”.
The profit factor in business is MARGIN. Margin is the relationship between income and profit.
When a job is carried out in a service business by employees, the gross margin figure on the job is essential to know to an entrepreneur.
The gross margin percentage has to be high enough to cover the business Expenses (percentage) to achieve a minimum Net Profit Margin (percentage), otherwise, why do the jobs?
This mindset is the most important of all in business (and it is to an entrepreneur).
The Profit and Loss Statement doesn’t state or show which jobs made what gross margin, which is essential to know for an entrepreneur.
To the entrepreneur a higher profit margin is absolutely essential, not just to have a higher sales income.
From reading this post, can you tick the boxes on each topic of mindset for your own business?
Where are you not having success in an area of your business?
Are you putting up with constant frustrations, such as low cash levels, employees who let you down, a constant lack of time, or marketing that just isn’t getting lead and sales?
These are all indicators of mindset ‘opportunities’ for improvement.
One mindset change can make a MASSIVE difference to your business, but only if you have an ‘open-minded’ mindset towards learning from a professional, whose been there and taken hundreds of businesses to remarkable success.
Humility is a great word and a very beneficial word to adopt into a mindset of constant and never-ending learning and improvement.
If you’d like a no-obligation chat about what’s not working in your business, feel free to get in contact.