Published: November 3rd, 2015; by Judi Hughes
Do you have a business owner’s mindset?
When you prepare for a day’s work, do you see yourself as someone who is building a business or someone who is doing a job? When it comes to growing your business, your perception is everything.
So what does having a business owner’s mindset mean exactly? There are several key factors that differentiate those who have created a good job and income for themselves from those who see themselves as growing a business.
“I Own a Business”
Someone with a business owner’s mindset will say he “owns a business that provides residential and commercial plumbing services” rather than describing himself as a plumber. He sees himself operating and growing a business rather than only providing a skill or service. This is an important distinction. If the business owner only focuses on delivering a skill, he only sees himself in the role of being a delivery person rather stepping back to view the business strategically.
With a long-term vision as part of this mindset, today’s work is simply a stepping stone to achieving a greater goal. Everything the business owner does – from executing marketing strategies to product development to establishing supplier relationships to delegation and making investments – is connected to this vision.
Long Term Goals vs Short Term Revenue
For someone with a business owner’s mindset, getting paid is the not the primary definition of success, growing a strong sustainable business is. The business owner sees growth beyond his own capability. While financial gain plays a role, success is measured by achieving the goals that bring the business owner closer to the larger vision that has been set out for the company.
Smart with Money
Business-minded individuals put their money to work and reinvest in their business. Company earnings go into a business account, with the owner drawing personal earnings from the company. Business owners perceive their earnings as separate from what their business earns.
Delegate and Collaborate
Individuals with a business owner’s mindset want clients to see the value in the business rather than in them personally. They prefer that clients don’t feel the need to go directly to them, but perceive the business, with its processes and standards, as providing value. Business owners know they can grow their company more efficiently with synergy in the engagement of other people – with their own team or with outside suppliers. This collaborative approach is about achieving a desired outcome.
Scheduling Time for Planning
A person who is building a business rather than only serving clients spends 20% to 30% of his time on business growth activities outside of marketing. This could include things like researching competitors, strategic planning or investing in professional development around business building.
If it’s not working, change it
Smart business owners know it’s never too late to change course when something isn’t working. In fact, employing just one or two of the habits above can make a difference in any venture. It starts with your mindset. How you perceive the business and your role in it is everything.
Your Next Step
Some questions to ask yourself:
- What do you define as success for your business?
- What is your long-term vision for your business?
- Aare you putting systems and processes in place to allow consistency in the delivery of your product, even when you are not around?
- How do you pay yourself?
- Do you spend time working on your business rather than in it? If so, what are you doing?
Are you ready to fine-tune how you approach your business growth?
Ask us about how our Strategic Focus Vision SessionTM can help get you started.
Contact us to find out more.