The power of attitude
Welcome to another episode of Numbers Knowhow, where we dive into the significance of attitude in business. I'm Mahmood Reza, your host, and for nearly three decades I've been guiding businesses, entrepreneurs, and even charities to success.
In this episode, "The Power of Attitude," we delve into how your mindset shapes your business journey.
If you're a business owner, aspiring entrepreneur, or someone intrigued by personal development within a business framework, this episode is for you. By tuning in, you'll understand the concept of attitude and mindsets, explore the different types of mindsets, and learn practical ways to refine your attitude for business success.
Helping you to Plan It, Do It, PROFIT.
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Transcript
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Speaker:welcome to today's Numbers Know how podcast. It's
Speaker:all about the power of attitude in business. More
Speaker:specifically, the power of your attitude.
Speaker:Hi folks, my name is Mahmoud and I'm delighted you could join me. And in
Speaker:nearly three decades of being a business coach, advisor and
Speaker:accountant, I strongly believe that your attitude in business,
Speaker:your overall mindset, if you prefer, truly is
Speaker:everything. It shapes knowing how you approach challenges by
Speaker:how you seize opportunities and ultimately direct the
Speaker:success or failure of your business. In this week's
Speaker:episode, I'm going to explore three things. Number one, what
Speaker:is attitude and why is it so significant? Number two,
Speaker:the different types of attitude. And yes, there are differences or
Speaker:mindsets that we can adopt. And thirdly, practical
Speaker:ways to improve our attitude for the benefit of our
Speaker:business and also our lives. So get yourself
Speaker:comfortable and let's begin. Now. When we
Speaker:hear the word attitude, it often conjures up images of
Speaker:feelings of anger, happiness or sadness. And it can
Speaker:relate to how seriously or casually we take
Speaker:situations. However, I prefer to think of attitude as an
Speaker:interchangeable one with mindset. It's about your thoughts,
Speaker:your assumptions, and your behaviors towards the world
Speaker:around you. You can't necessarily control what goes on in the world, but you
Speaker:can certainly change and influence how you react to it. When you
Speaker:translate that into your business, your mindset becomes a
Speaker:vital component, a critical factor in how your business
Speaker:grows, develops, and prospers. Now, imagine
Speaker:you're sailing a boat in rough waters. You can't control the
Speaker:weather, but you can certainly decide how you're going to prepare,
Speaker:how you sell, and how you navigate the challenges in front of you.
Speaker:Your attitude is like being the skipper of that boat. It
Speaker:determines whether you respond calmly and proactively
Speaker:or let the waves knock you off course and get you into panic
Speaker:stations. Let's think in terms of attitude and
Speaker:control. Even though we can't completely control what the future
Speaker:brings, would that we could. We can always choose how we
Speaker:react. Economic fluctuations do happen.
Speaker:Customers may leave us, new competitors may emerge.
Speaker:Yet our attitude, how we cope and adapt to those
Speaker:challenges, makes all the difference between a business that survives and,
Speaker:dare I say, a business that thrives. But before we dive deeper into the
Speaker:concept of mindset, let's remind ourselves what we mean
Speaker:by business. I've often discussed on previous episodes that
Speaker:if you have an activity where money changes hands, you have
Speaker:a business. That business could be in the not for profit space. It could be
Speaker:in the private space. It could even be a charity. Now, for it to be
Speaker:a viable business, though, aiming to make a profit has got to be
Speaker:at the core, has got to be at the center of your plan. If you
Speaker:don't generate profits, you don't build up resilience, you don't build
Speaker:up reserves, and you're not able to deliver your why? If you
Speaker:don't structure your venture with profit in mind, you end up with what I call
Speaker:a time consuming and dare I say it, expensive hobby.
Speaker:Nothing wrong with hobbies, of course, but if you aspire to a financial
Speaker:stability, growth and the freedom to serve your customers
Speaker:continuously, profitability has to be a priority. Now,
Speaker:whether you run a social enterprise, a charity or a private company, is
Speaker:money changing hands, then it's crucial to think about how
Speaker:you make it and what you do with it. Let's visualize that idea of
Speaker:a corner shop. Now, if you picture a small corner shop, the
Speaker:owner has got to focus on generating enough income
Speaker:to buy stock, pay the rent, pay staff and
Speaker:maintain the premises. If they just about make enough money to break
Speaker:even, to wash its face, or they consistently fall
Speaker:short, their doors will eventually close. Now, by
Speaker:contrast, when they plan and make profits, they can
Speaker:reinvest in stock, improve the shop interior, hire, help
Speaker:grow continually and sustainably, and also reward
Speaker:themselves. Let's address this idea of mindset. And for me,
Speaker:there are two main types of mindset. A fixed one and a
Speaker:growth one. If we've done even deeper to look at mindset or attitude
Speaker:in detail, both of these mindsets have their place in
Speaker:business. It's not one to the exclusion of the other. They can both,
Speaker:and they should both rest and keep each other good
Speaker:company. Now, fixed mindset has this idea of following
Speaker:established conventions, maintaining systems and
Speaker:processing, and sticking to what we know already works.
Speaker:Now, this can be very beneficial for tasks such as keeping an eye on cash
Speaker:flow, managing budgets, running due diligence, following
Speaker:consistent operational procedures, that stability is
Speaker:fundamental and essential. Now, growth mindset, on the other hand,
Speaker:encourages stepping outside of your comfort zone. It
Speaker:involves exploring new methods, partnerships or ideas, and being
Speaker:willing to invest time and resources and energy
Speaker:into opportunities. It doesn't mean being reckless. It doesn't mean
Speaker:having the abandonment to do what you like. It does mean
Speaker:having the courage to question what you're doing already,
Speaker:questioning and challenging the status quo. Now, imagine
Speaker:your business as a machine that has two gears. Gear
Speaker:number one is your fixed mindset, ensuring that your machine remains
Speaker:steady, stable and safe. The other gear, on
Speaker:the other hand, is your growth mindset gear pushing you to explore
Speaker:new territories. Both gears need to work in harmony
Speaker:and they will need to work together for the machine that is your business
Speaker:to function and to move forward effectively. Now, why do
Speaker:both mindsets matter? Now? Sticking purely to a fixed mindset
Speaker:will breed stagnation. If you never adopt new technologies
Speaker:or approaches, you risk falling behind your competitors and
Speaker:that's not a position you want to adopt. On the other hand, always pushing for
Speaker:new ideas without proper checks and balances will create
Speaker:chaos or financial strain. Getting the right balance Getting the
Speaker:optimum balance is the key. Now, I can't conclude this podcast
Speaker:without factoring in attitudes towards money. Now, as an
Speaker:accountant education business advisor, I see the topic money
Speaker:revealing itself and shining a light on some of his true attitude.
Speaker:Now, if you're a business owner who dreads looking at the bank balance, finds it
Speaker:uncomfortable to chase payments from clients, that attitude
Speaker:will harm cash flow and
Speaker:profitability. Your growth mindset encourages you to face
Speaker:those challenges. You might invest in software to manage your
Speaker:invoicing, work with a mentor, a coach to improve your confidence in
Speaker:financial matters, but make sure you address that discomfort
Speaker:that's going to be taking control of a crucial part of your business. So
Speaker:what can we recap? What can we summarise? But let's recap the key
Speaker:points from today's episode. Number one Defining a business. If
Speaker:money changes hands, you have a business. Don't let anybody tell you
Speaker:otherwise. For it to sustain you and allow you to serve
Speaker:your customers continuously, you have to focus on making a
Speaker:profit doesn't mean that other things are unimportant. How you
Speaker:make that profit, how you use that profit is your choice.
Speaker:Do it ethically and with integrity, I would suggest, but make a
Speaker:profit nevertheless. Number two Attitude as
Speaker:mindset. Your business attitude comprises your thoughts, your
Speaker:assumptions and your behaviors. Now this mindset affects how you deal
Speaker:with challenges and opportunities. Your fixed
Speaker:mindset now maintaining systems and processes following
Speaker:due diligence, managing cash flow. All these routine
Speaker:tasks require a disciplined and considered
Speaker:attitude. They're not unimportant. If we look at growth
Speaker:mindset, that's where you're embracing change, seeking new
Speaker:ideas, looking for collaborations and stepping outside of your
Speaker:comfort zone. These are essential for business stability
Speaker:and for business growth. Lastly, balance is
Speaker:crucial. Neither mindset on its own is ideal. A
Speaker:successful business, however you define success, draws on both
Speaker:stability and and innovation to work in harmony so
Speaker:your business remains profitable and relevant. Thank you for your
Speaker:company today. Thank you for sharing your earbuds. I'd love to know which
Speaker:attitudes resonate most strongly with you. Do you recognize yourself
Speaker:as having a fixed mindset, a growth mindset, or do you
Speaker:have a blend of both in your own business?
