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