I was on Neil Patel’s Ubersuggest platform this past week. I was researching keywords and phrases. Specifically, I was researching terms related to “business growth.” The phrase “business growth mindset” came up.
The search volume was low at 110 with a high difficulty factor of 62. What this meant was that it would be hard to get in front of only a few people using “business growth mindset.”
However, the phrase, “what is a business growth mindset,” had an impressive score of 12,100 with about the same difficulty factor (61). This piqued my interest. “Business growth” by itself had only a search volume of 2,400 with an even higher difficulty factor of 70. I was very interested in the concept of this business growth mindset that everyone was looking for.
Do you know what a business growth mindset is? If you do not, you are not alone.
The concept of a growth mindset was made famous by Carol Dweck in her 2006 book, Mindset: The New Psychology of Success. A growth mindset in people means that they believe that their most basic abilities can be developed through dedication and hard work.
Whereas those with a fixed mindset view these abilities as being fixed and cannot be improved.
Over the years, the concept of a growth mindset has been discussed ad nauseam. Almost so much that it is become nothing more than noise too many people.
That brings us to the often-asked question these days, “What is a business growth mindset?” The funny thing is that when you Google this question, you get answers for a growth mindset!
So, what is a Business Growth Mindset?
If a growth mindset in people is a belief in oneself that your abilities can be developed, then a business growth mindset is focused on the business’s abilities and not a person’s.
A business growth mindset is the belief of a business that it is fully capable of growing and is fully responsible for its own growth.
If this is true, then the next question is, “how do you build a business growth mindset?” Building a business growth mindset is accomplished through three specific steps.
Step One. Believe that growth is fully possible. Many businesses believe that their growth is limited by many different factors, such as its market, its brand, its products, its employees, etc. Conversations about potential growth often start with, “We can’t because…”
To build a business growth mindset, a business must first remove the word “can’t” from its vocabulary. Like a person, this is self- defeating, negative self-talk. Henry Ford once said, “Whether you think you can, or you think you can’t – you’re right.”
“Can’t,” is really another way of saying “I choose not to.” However, it is much easier to
say “I can’t,” when you follow it up with, “because…” When you say, “I can’t because…” You are essentially blaming the reason you choose not to do something on something you feel is out of your control.
As they say, “When you change the way you look at things, things start to change.” Start by saying, “I choose not to,” and you will find that you are the only one to blame.
Step Two. Understand the six ways to grow your business. Once you realize that you are in full control of your business growth, then the next step is to understand how to grow. If you do not know how to grow, you might revert to saying, “I can’t because I don’t know how.”
Business growth – making more revenue – occurs because of six activities:
- Increase the number of customers and thus the number of sales you have.
- Create more products (tangible items) to sell to existing customers and to attract new customers.
- Create more services (intangible items) to sell to existing customers and attract new customers.
- Adjust your prices up or down to influence positive revenue growth.
- Create recurring revenue opportunities in your business to build more predictable growth long term.
- Bundle products and services into convenient packages to encourage more sales of products and services.
When you understand the six different ways to build business growth, then you can easily move to step three.
Step Three. Create and implement a growth plan. Actively creating and implementing a plan that promotes business growth initiates both the Law of Attraction and the Law of Action.
When you write down your plans, you are officially describing your intentions to grow your business. These positive thoughts, backed by a belief and understanding, impacts the physical energy of your business. This is the Law of Attraction at work.
Implementing the plans is enacting the Law of Action to make it happen. Since you already believe that business growth is fully possible, you cannot choose not to move forward without good reasoning. And, since you know how to grow, you recognize that you are fully capable of growing your own business.
Building a business growth mindset is not easy. Just as many people struggle, businesses struggle as well. However, you can create this mindset in your business through these three steps. It all starts with you.