7 ways to have the right mindset for growth during the recession
Posted on 6th April 2021 at 11:46
A fixed mindset is thinking that the recession means business stops and clients don’t want to spend money.
A growth mindset is using this recession as an opportunity to adapt and do things differently.
Which mindset do you think you need, if you want to grow your business during a recession?
That’s right, the second one.
The only thing holding you and your business back from growing right now is you.
We are Accountants based in Farnborough and we understand what the trades industry is going through. So we want to share with you 7 mindset shifts to help you now, during the pandemic and any future recessions.
1. Make peace with your reailty
Suffering is what happens when you resist what is already happening. The sooner you confront the current reality and accept it, the quicker you can move past it.
2. Hold yourself accountable
If you want to grow, you need to think of the acronym R.O.A.D. You need to take
Responsibility for the choices you’ve made,
Ownership of where you want to go,
Action, and be
When making your strategy plan, be 100% accountable for putting it into action.
3. Don’t compare yourself to others
Some trades businesses are struggling, others are thriving. Don’t compare yourself to either. Every business owner, company, and situation is different, so don’t disrupt your focus with doubt.
4. Prioritise delivering value
Concentrate on delivering exceptional service to make you invaluable to your customers 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 type of clients are your favorites 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 very powerful when it comes to 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 every day by thinking about what you are grateful for both now and in your future. Also, take time to reflect and to rediscover your purpose. If you’re confident and happy, you will attract similar clients.
Adapt & Adopt
We have all had to adapt to some degree during the pandemic, for example, being forced to adapt to working from home or taking extra precautions if your work takes you into other people’s homes. Changes such as these are necessary to our ‘survival’ during this time.
With that being said, however, it is the businesses 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 firm during a recession, they just have to have the right mindset.
Call your friendly Farnborough Accountant today
We are Specialist Accountants serving plumbers, builders, electricians and all other trades, providing business advice, compliance, bookkeeping, CIS, tax returns, payroll, VAT, management accounts and cash flow forecasting
Or call us on 01252 856 150
Book a half an hour discovery meeting with us - find out how we can help your business
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Tagged as: Accountants in Farnborough, Accounting for builders, Accounting for electricians, Accounting for Plumbers, Business Advisor, Business support, Business Tips, start-up businesses, Trades Industry Accountants
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