If you’re getting your business off the ground, a lot of your mental energy is probably going into logistics. It’s all about the what, the how and the when: how can I bring my product or service (what) to the attention of as many people as possible (when) as quickly as possible, so that I can generate sales?
While all of this is very important, there is another component that all entrepreneurs should add to the mix – and that is mindset.
As a money mentor for over 6 years and a qualified accountant with 10 years of experience, I’ve realized the steps you need to take to get from where you are now to where you want to be, all starting with your mindset.
Why? Because your money beliefs determine your habits, and your habits determine the actions you take.
With that at the forefront of my approach, here’s the advice I have for new business owners looking to accelerate their journey to success:
Don’t be afraid of numbers
In your business right now, do you know (by heart) how much profit your company has made so far in the past month, quarter, and year? No turnover or turnover, but actual profit?
Don’t be ashamed if you don’t know the answer. I work with several entrepreneurs, many turning several six-figure or even seven-figure sales a year – and before working with me, they had no idea what their profit was.
On the other hand, if you’re all into your numbers and you’re all over this detail, then great!
Either way, it’s essential to gather this information (you can get it through your accounting program or ask your accountant) so you have a clear picture of what your profitability is today. From there you can make informed decisions about what comes next, which brings me to my next point…
Make a plan for your growth and invest what you can
This is where your mindset really starts to affect your results. After seeing the results visible in both my own business and that of my clients, my way of thinking has evolved rapidly over the past decade. But it wasn’t always like that.
I remember a company I worked for was strategizing for massive growth. They threw money into marketing like nobody’s business: hiring social media executives, strategists, brand experts, the job. My conservative accountant brain screamed, “Stop wasting money! How do we know this works?”
As it turned out, those strategic investments really worked, and as a result, they experienced a huge revenue jump. All my accounting brain could see at the time was expenses, not the potential investing had to enable future growth. So consider: What intentional investments could you make to boost your growth and success?
Take baby steps towards big dreams
The way my mindset has evolved has brought opportunities and outcomes that in the past I didn’t even think were possible for someone like me. I recently wrote an entire book on money and mindset, and the unexpected but powerful shifts you can create by deliberately investing in your own success. But what if you can’t afford to invest?
Wherever you are – invest at that level. Don’t make yourself sick by investing in things that push you so far out of your comfort zone that you can’t sleep at night. This may mean getting creative and taking “baby steps” such as:
- Arranging childcare swaps with friends and family, to avoid babysitting or childcare costs and gain time to work attentively on your business.
- Sign up for group training instead of a larger investment in 1-1 personal coaching.
- Doing swaps, where you exchange part of your product or service for the product or service of another entrepreneur.
- Partnerships: Introduce your company to someone else’s audience through their newsletter database, social media, or podcast, and you invite them to meet your audience in a similar way.
Failure is part of the process… and that’s okay!
Not every investment or initiative will pay off. If you’re not getting the outcome you expect or hope for, I think it’s important to control your mindset by allowing yourself to grieve.
Of course we don’t want to stay in this place for too long. Sitting with your emotions allows you to process, learn, and gain the mental space and clarity to come back to: Why am I doing this?
Why did I start this business in the first place?
What does the big picture look like again?
From there, reconnect with your why, and strategically plan for what comes next.