The Impact Your Mindset Has on Your Business

Why do some business owners succeed while others do not? Is it because of their talent, strategic vision, or just luck? Successful entrepreneurs do not think the same way as those who struggle - therefore, they do not act the same.


Your thoughts and actions have the power to take you where you want to be. The problem is women don't always realize their potential - limiting themselves.


In this blog, we describe how to shift your mindset and challenge your fears to succeed.


The Key to Succeed

Every successful woman in business has something in common, and it is not luck. What sets them apart is they don’t settle and are eager to face the challenges coming their way. How do they do it? It’s their mindset.


Let’s test the type of mindset you have:


If your business is not making the expected revenues:

a) You paralyze in fear, lose sleep, and hope things get better.

b) You identify the problem and think of ways to improve.


Option A = You have a fixed mindset.

Start working on switching to a growth mindset.


Option B = You have a growth mindset.

Good for you! Now work on keeping it.


Challenge Your Fears

Most women second-guess their decisions. You are not alone! It is common to feel scared when doing something out of your comfort zone. If having a business was easy, everyone would be an entrepreneur. But have you thought that maybe you are too cautious and spend an excessive amount of time thinking about what could go wrong? If you want to achieve and keep a growth mindset, you must consider the possibility that everything will go right by challenging your fears. You might think it sounds too risky, but high returns make high risks attractive.


Whether you’re just beginning or have been at your business for some time, it’s challenging yourself that can take your business to the next level.


Example of how challenging your fears can be beneficial:

Sophia set her firm's prices below the industry average to attract clients when she first started (sound familiar?). However, she quickly burnt out and realized overworking was not sustainable for her health and did not support her goal to grow the firm. Deep inside, she knew that it only made sense to increase her fees, but the fear that she could lose clients and get to the point where she would have to close doors was overwhelming.

Even though she worried about the consequences, she realized that the status quo was not an option. So she decided to change her way of thinking.

Some of her thoughts were:

  • “My current clients only work with me because I have competitive prices. But if I increase my fees and some people still work with me, it means they find value in what I do.

  • “I would not have to overwork myself to keep money coming in, and I would regain the passion for serving my clients.”

  • “Worst case scenario – I would have to lower my prices again to keep the doors open, so why not give it a shot?”

As expected, some people only cared about the price and preferred cheaper options. But to her pleasant surprise, many of her existing and new clients were more than happy to pay her new prices because they recognized her value and wanted to support her. She noticed that her revenues increased even though she worked less and got more time for herself and her firm's growth.


We know that - like Sophia - you might have negative thoughts and self-limiting beliefs, but ask yourself - “what if it goes right?”

Tips to Keep the Right Mindset for a Successful Business

Have a vision and a purpose. In finding your purpose, you identify the bigger “why” behind your business. And every step you take towards your goals will bring you happiness while helping attract the right clients.


Believe in yourself and surround yourself with positive people. As a woman in business, you will face tough challenges and encounter people who do not believe in you. So it is your responsibility to build resilience against negative people and surround yourself with people who uplift you.


Visualize reaching your aspirations and act as if you will surely achieve them. This way, you will create the right strategies and tactics to grow. You cannot live your life trying to evade failure when your goal is to become a successful entrepreneur. It is more productive to focus on where you want to go than it is to stress where you don’t want to.


Know your worth. You need to silence your inner critic and believe in your abilities. Once you know what you bring to the table, you take pride in your work, learn to communicate your value, feel confident when negotiating, and have no problem refusing to accept anything less than what works for you.


Avoid comparing yourself to other people. Focus on your purpose and not on what others are doing. Your goals are probably different, which means your journeys will not look the same. Even if you doubt yourself because there are larger law firms, remember they started where you started. What you see as impediments – like being a new lawyer – might be things that people find valuable.

You may think it is easier said than done, but ask yourself - "What is holding me back from doing all this?" Probably your mindset. That is the whole point! So begin aligning your mind and goals to feel in control of your path to success!

 

Watch Put Lyd On It!™: Psychology and Your Bottom Line to learn more.

Schedule an introduction meeting with the DesCPA Business Advisory Team. We focus on working with you on your mindset with as much energy as on your financial and operational strategies to increase your profits and cash flow.

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