The media makes pretty grim reading right now. Open any newspaper – online or the paper edition – and you could be forgiven for thinking that the UK is doomed and we are all going to hell on a handcart.
In these times, it is helpful to remember the serenity prayer:
God, grant me the serenity to accept the things I cannot change, the courage to change the things I can, and the wisdom to know the difference.
Cast your mind back to the start of the pandemic. If you had believed the media and what they were predicting, then it was highly unlikely you would still be in business now. It’s the same with what is happening in the news and economy. Yes, UK plc is in a pickle – there is no denying that. But, as the saying goes, never waste a good crisis. Now is the time to look for opportunities to tighten up the finances of your own business AND look for opportunities to grow your business. When the economy is in recession, there are more opportunities to grow your business than when the economy is buoyant.
You are the only thing holding you and your business back from growing right now. To help you move your business forward, both now during the pandemic and during any future recessions, here are seven mindset shifts you need to make.
- Make peace with your reality
Suffering is what happens when you resist what is already happening. The sooner you confront and accept the current reality, the quicker you can move past it.
2. Hold yourself accountable
If you want to grow, think of the acronym R.O.A.D. You need to take Responsibility for the choices you’ve made, you need to take Ownership of where you want to go, you need to start taking Action, and you need to be Decisive. When making your strategy plan, be 100% accountable for implementing it.
3. Don’t compare yourself to others
Some businesses are struggling; others are thriving. Don’t compare yourself to either. Every business owner, firm, and situation is different, so don’t disrupt your focus with doubt.
4. Prioritise delivering value
Concentrate on delivering exceptional service to your current clients or customers. How can you offer extra value during this time? This will make you invaluable, and it will ensure that you stand out from your competitors.
5. Focus on your strengths (not your ‘failures’)
What work are you good at? What do you love to do the most? Which clients/customers are your favourites to work with? Being positive during this time is essential, so focus on what you love and reflect on your principles and values. Rediscovering why you do what you do is powerful in self-motivation and drive.
6. Fail fast and achieve quickly
Inaction is the worst thing you can do, not trying something and failing. During a time of such change, don’t procrastinate and don’t be a perfectionist. Take action, fail fast, learn from your mistakes, and concentrate on getting there first (not doing it perfectly and getting there last).
7. Be grateful and become self-aware
Practice gratitude daily by thinking about what you are grateful for both now and in your future. Also, take time to reflect and rediscover your purpose. You will attract similar clients/customers if you’re confident and happy.
8. Know your numbers
Your numbers do tell a story. If they are up-to-date, you can use them to see how your business is performing. Not knowing your key numbers, such as profit, and expenditure, is the quickest way to paralyse your decision-making and stifle your business’s growth. If you need help understanding how your business is performing, then get in touch with us.
Adapt AND adopt
We have all had to adapt to some degree over the last few years of the pandemic, for example, being forced to adapt to working from home. Changes such as these are necessary for our ‘survival’.
With that being said, however, it is the business owners who have both adapted and adopted changes of their own who have thrived. These are the individuals who make quick and effective decisions, who take responsibility for changing their situation, and who take action.
Anyone can grow their business during a recession; with the right mindset.
