By Guest Author, Melanie Benson, founder of MoneyDNA Mastery
Ask any successful entrepreneur how much mindset has played into their financial success in business and you’ll hear “90% or more!” What you think about heavily influences what actions you will take (or don’t take) so getting your mindset tuned in to the right success program is essential.
I’ve been thinking a lot about the mindset shifts that have made a big difference in my own success – especially the ones I’ve taught my clients.
These four mindset shifts are slightly radical but significantly important to getting past the stuck spots that hold small business owners hostage below $100,000 a year.
1) Concentrating on Cash
Early on most small business owners look at the cash coming in as a gauge of success – especially when achieving the big milestones like $100 k, $500k or $1,000,000. Once you get your business in the black thriving business owners start to focus on profits vs. cash flow. Cash flow is only part of the picture. If you don’t know how much it costs to generate the income then you might not actually have a viable business model for the long term.
2) Creating Out of Boredom
I can’t tell you how many entrepreneurs I know have an addiction to creating new offerings. When you are first starting your business or at times when you want to ramp things up, creating new offerings makes sense. But you need to create offerings with a strategic plan – not just because you have the urge to make something new. That knee-jerk feeling to create often shows up when you are in fear or you are bored. Thriving entrepreneurs know how to assess the viability of an idea BEFORE they take it to market to ensure your time; money and resources are used wisely.
3) Making Growth Decisions Based on Budget
If you are making decisions based on how much something costs I guarantee that you will find yourself lagging in the growth department. No matter what stage of growth you are in, the fastest way to better results is too invest in the future you want today. Most of us will never believe we have enough money to afford the resources we need. So you have to invest today in the right resources at the right time to get the right results. Then you can assess what result the investment would need to produce to be a smart choice.
4) Focusing on Doing More
One of the best mindset shifts I personally ever made was realizing that in order to achieve more I had to become more leveraged.There is a big trap in believing you have to “do” more in order to grow. Ultimately there are only so many hours in the day and when you tap out, you’ll falsely believe you can’t grow any bigger. When you tune your thoughts to “how do I exponentially grow my output by doing less” you’ll find creative strategies to catapult your results.
Elevating your mindset can make a significant impact on your ability to make better decisions and take bigger actions. Check out this FREE training by Melanie Benson, How to Upgrade Your MoneyDNA to Super Charge Results and discover how to upgrade your mindset too.