A Shift in Mindset is Your Key to Greater Business Growth in 2017
December 20, 2016
While reviewing your 2016 business results, you may be asking yourself, “Am I happy with the year’s results?”, “Do I need to do things differently in the coming year?” and “Are there areas within my organization that I would like to improve?”
You can take comfort in knowing you are not alone. According to a recent report from Bain & Company, 85 percent of company shortfalls in achieving sustained, profitable growth are caused by internal and manageable breakdowns, not external and uncontrollable ones. After reading that statistic, figuring out what and how to make changes within your organization may not be as far out of your grasp as you think. It’s mind over matter. Basically, looking at your company through a different lens.
As Einstein said, “We cannot solve our problems with the same thinking we used when we created them.” That being said, the first step to change is a shift in your mindset. This is the most important investment and one that will increase your chances of avoiding and overcoming internal hurdles by five times. And, when employees see the change in mindset from owners to leaders, they are more apt to follow.
Keep in mind, preparing yourself mentally is a challenge. According to Psychology Today, there are five stages that can be used to assess your readiness to change. Whether you want to grow your company or you would like to strengthen your leadership team, real change happens in stages. Slow and steady progress is great – as long as you are taking steps in the right direction.
During our recent Manufacturing Forum, the keynote speaker and CoreValue Software CEO, Chuck Richards, shared the top five (5) areas that are chronic challenges among organizations.
Additionally, Connecticut business owners who attended this Manufacturing Forum shared which areas they felt were challenging their companies’ sustainability and profitability:
- Sales & Marketing
- Company Growth – ongoing growth
- Product Differentiation
- Customer Diversification
- Senior Leadership
- Recurring Revenue
- Human Resources – Attracting and retaining talent
As 2017 unfolds, we’ll take a closer look at these value drivers that can diminish an organization’s worth and examine some approaches on how best to improve them.
If you would like to learn which areas of your business are in need of a closer look, contact us! We will help you identify value drivers you need to focus on in the coming year.
Thank you for following CONNSTEP’s blog. I hope you share this post with others in your organization.
Wishing you a happy and healthy new year!
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