When someone mentions business growth, we instantly think more money. Of course, this is the end goal. But when we mention money, turnovers, margins and profit we become obsessed by numbers and ignore the most important part of any business: the people. They are your most important asset – they make businesses tick. So, when we talk about growth, think people. How can you help them grow, and boost your business as a result? The answer: instil a growth mindset.
A growth mindset is a sincere belief that one’s abilities are not set in stone. It is believing that talent can be nurtured; that intelligence can be fostered; and that creativity and leadership can be developed. It’s going above and beyond, and exceeding potential. It sounds like perfection for any business owner. But perfection is never easy. The biggest challenge is getting everyone on the same page and singing from the same hymn sheet. Until this is done, your business will never reach its goals. A growth mindset is defined by how your employees think. And, how they think can be categorised as one of two ways.
Growth Mindset vs Fixed Mindset
A growth mindset is, as mentioned, possessing the willingness to learn and develop; viewing challenges as a way to improve. On the other hand, a ‘fixed mindset’ is when people believe their level of intelligence and talents are fixed and cannot be improved. They see criticism as personal attacks, and their intelligence and skills as intrinsically linked to themselves as a person. They are limited and can have an adverse effect on how your business performs, which is going to hinder your efforts of growing your business. Understandably, companies are now avoiding these types of thinkers. Instead, they are looking for overachievers who are motivated by progress.
Hopefully, you should now know why a growth mindset is the key to growing your business. But how exactly do you integrate it?
Hire the Right People
Reassess your recruitment process. Are you really hiring the best people? Find people who want to learn and grow. If you’re looking to recruit someone, make sure their own development is top of their to-do list. Talk to their referees and previous employers; delve slightly deeper to ensure they are prepared to go the extra mile. Believe it or not, there are many people who are happy to do the bare minimum. They cruise along at a steady pace and rarely step out of their comfort zone. These are the people you must avoid when hiring. They will sap the energy out of your business and drag others down with them. Be smart with who you hire.
Encourage Ambition
A good boss will help their employees grow. The best way to do this is through learning. Set up group learning sessions or encourage employees to take up online courses. When an employee is learning, they are usually happy. After all, up to 87% of millennials think professional development is important in a job. Learning not only benefits your employees’ mindset, but your business too. It improves their cognitive ability and capacity to quickly adapt to change. All businesses need problem-solvers.
Don’t Fear Failure
If all your business focuses on is the end result, it is unlikely that anyone will ever take any risks. If failure is such a ‘no go’ in your business, no one will ever take a chance. All ambition and growth will be crippled by fear of failure. If no one is willing to take risks, it is likely you will be missing out on fresh and innovative ideas. Instead, your business should focus on learning and improvement-based objectives where appropriate; people will then be more willing to push the boat out and push your business forward.
Give Employees Feedback
Employees want to be told where they are going wrong, and where they are going right. If they never receive any feedback, they won’t ever be able to improve. They will continue making the same mistakes and your business will become stagnant. Of course, some people fear feedback, they may see it as criticism or a personal dig. Again, these are the types of people you shouldn’t be hiring.
Lead by Example
‘The day you stop learning is the day you stop growing.’ – Amit Kholia
As a business owner, this applies to you. Just because you are at the top, it does not mean you should stop. Your employees look up to you and are driven by the standard you set. If you take online courses, attend learning sessions and are transparent with all employees, it is likely they will follow your lead. As a business owner, you set the pace for growth. Make sure that pace is a good one.
There are many things to consider when growing your business, but the key is to help your people grow. Forget the numbers for a moment and focus on your employees. Have you got a workforce who are willing to progress and develop? If you do, your business will flourish.
If you have any questions on how to introduce a growth mindset or if you need help growing your business, please do get in touch!
