The Power of Attitude in Business Success

Hello and welcome to today's podcast. It's all about the power of attitude in business, more specifically, the power of your attitude.

Hi, folks. My name is Mahmood and I'm delighted you could join me. And in nearly three decades of being a business coach, advisor, and accountant, I strongly believe that your attitude in business, your overall mindset if you prefer, truly is everything. It shapes not only how your approach challenges, but how you seize opportunities and ultimately direct the success or failure of your business.

In this week's episode, I'm going to explore three things. Number one, what is attitude and why is it so significant? Number two, the different types of attitude, and yes, there are differences or mindsets that we can adopt. And thirdly, practical ways to improve our attitude for the benefit of our business, and also our lives.

When we hear the word attitude, it often conjures up images of feelings of anger, happiness, or sadness, and it can relate to how seriously or casually we take situations. However, I prefer to think of attitude as an interchangeable one with mindset. It's about your thoughts, your assumptions, and your behaviours towards the world around you.

You can't necessarily control what goes on in the world, but you can certainly change and influence how you react to it. When you translate that into your business, your mindset becomes a vital component, a critical factor in how your business grows, develops and prospers. Now, imagine you are sailing a boat in rough waters.

You can't control the weather, but you can certainly decide how you're going to prepare, how you sell, and how you navigate the challenges in front of you. Your attitude is like being the skipper of that boat. It determines whether you respond calmly and proactively, or let the waves knock you off course and get you into panic stations.

Let's think in terms of attitude and control. Even though we can't completely control what the future brings or that we could, we can always choose how we react. Economic fluctuations do happen. Customers may leave us, new competitors may emerge. Yet our attitude, how we cope and adapt to those challenges

makes all the difference between a business that survives and dare I say, a business that thrives. But before we dive deeper into the concept of mindset, let's remind ourselves what we mean by business. I’ve often discussed on previous episodes that if you have an activity where money changes hands, you have a business.

That business could be in the not-for-profit space. It could be in the private space, it could even be a charity. Now for it to be a viable business, though aiming to make a profit has got to be at the core, has got to be at the centre of your plan. If you don't generate profits, you don't build up resilience, you don't build up reserves, and you are not able to deliver your why.

If you don't structure your venture with profit in mind, you end up with what I call a time-consuming and, dare I say, expensive hobby. Nothing wrong with hobbies, of course, but if you aspire to financial stability, growth, and the freedom to serve your customers continuously, profitability has to be a priority.

Now, whether you run a social enterprise, a charity, or a private company, if money's changing hands, then it is crucial to think about how you make it and what you do with it. Let's visualise that idea of a corner shop. Now, if you picture a small corner shop, the owner has got to focus on generating enough income to buy stock, pay the rent, pay staff, and maintain the premises.

If they just about make enough money to break even, to wash its face, or they consistently fall short, their doors will eventually close. Now, by contrast, when they plan and make profits, they can reinvest in stock, improve the shop interior, hire help, grow continually and sustainably, and also reward themselves.

Let's address this idea of mindset, and for me, there are two main types of mindset, a fixed one and a growth one. If we dive in deeper to look at mindset or attitude in detail, both of these mindsets have their place in business. It's not one to the exclusion of the other. They can both, and they should both, rest and keep each other good company.

Now, a fixed mindset has this idea of following established conventions, maintaining systems, and processing, and sticking to what we know already works. Now, this can be very beneficial for tasks such as keeping an eye on cash flow, managing budgets, running due diligence, following consistent operational procedures.

That stability is fundamental and essential. Now, a growth mindset, on the other hand, encourages stepping outside of your comfort zone. It involves exploring new methods, partnerships, or ideas, and being willing to invest time and resources and energy into opportunities. It doesn't mean being reckless. It doesn't mean having the abandonment to do what you like.

It does mean having the courage to question what you are doing already, questioning and challenging the status quo. Now, imagine your business as a machine that has two gears. Gear number one is your fixed mindset, ensuring that your machine remains steady, stable, and safe. The other gear, on the other hand, is your growth mindset

gear, pushing you to explore new territories. Both gears need to work in harmony and they will need to work together for the machine i.e. your business to function and to move forward effectively. Now, why do both mindsets matter? Now sticking purely to a fixed mindset will breed stagnation. If you never adopt new technologies or approaches, you risk falling behind your competitors, and that's not a position you want to adopt.

On the other hand, always pushing for new ideas without proper checks and balances will create chaos or financial strain. Getting the right balance, getting the optimal balance, is the key. Now I can't conclude this podcast without factoring in attitudes towards money. Now, as an accountant, educator and business advisor, I see the topic money revealing itself and shining a light and some is true attitude.

Now, if you're a business owner who dreads looking at the bank balance, finds it uncomfortable to chase payments from clients, that attitude will, not can, will harm cash flow and profitability. Your growth mindset encourages you to face those challenges. You might invest in software to manage your invoicing, work with a mentor, a coach, to improve your confidence in financial matters, but make sure you address that discomfort and that's going to be taken control of a crucial part of your business.

So what can we recap? What can we summarise? Well, let's recap the key points from today's episode. Number one, defining a business. If money changes hands, you have a business. Don't let anybody tell you otherwise. For it to sustain you and allow you to serve your customers continuously, you have to focus on making a profit.

It doesn't mean that other things are unimportant. How you make that profit, how you use that profit is your choice. Do it ethically and with integrity, I would suggest, but make a profit nevertheless. Number two, attitude as mindset. Your business attitude comprises your thoughts, your assumptions, and your behaviours.

Now, this mindset affects how you deal with challenges and opportunities. Your fixed mindset. Now, maintaining systems and processes following due diligence, managing cash flow, all these routine tasks require a discipline and considered attitude. They're not unimportant. If we look at growth mindset, that's where you are embracing change, seeking new ideas, looking for collaborations, and stepping outside of your comfort zone.

These are essential for business stability and for business growth. Lastly, balance is crucial. Neither mindset on its own is ideal. A successful business, however you define success, draws on both stability and innovation to work in harmony, so your business remains profitable and relevant. Thank you for your company if you stayed.

Thank you for sharing your ear buds. I'd love to know which attitudes resonate most strongly with you. Do you recognise yourself as having a fixed mindset, a growth mindset, or do you have a blend of both in your own business? Until next time, plan it, do it, profit.