Are you running your business with a scarcity mindset?
With the cost-of-living crisis and a looming recession, it’s easy as a business owner to get caught up in a “scarcity mindset”.
This can translate into:
tunnel vision on cutting costs
undermining beliefs influencing your pricing decisions
under-investment spiralling into lower quality or lower value offerings
But sometimes these short-sighted decisions can hinder rather than help growth and sustainable profits.
A scarcity mindset will most often play out for entrepreneurs when they become uncomfortable:
making any financial decisions
investing in new tools for their business
outsourcing assistance from other professionals.
In contrast, an abundance mentality is the belief that there are plentiful resources for everyone and limitless opportunities.
An abundance mindset when it comes to your business would look more like this:
assessing the best value when purchasing goods and services
focusing on desired results/outcomes
viewing spending as investment with a return rather than just an expense.
The purpose is not to minimise or ignore external challenging circumstances or to encourage unvetted risk-taking without financial insight.
The message is not letting fear drive action by hyper-foccusing on potential losses instead of gains which can be often unintentionally limiting.
We often underestimate how much mindset can influence our resourcefulness, resilience and action when weathering uncertainty. A scarcity mindset can lead to feeling pessimistic, playing safe & small and not making leaps.
An abundance mindset is more likely to empower you to be creative, ready for action and leverage your opportunities for growth.
It’s easy in the current negative news cycle to automatically get pulled into scarcity-mode but being more conscious of this can help reframe your perspective.
Do you recognise a scarcity or abundance mindset in yourself as a business owner?
Having someone someone explain your numbers and assess your options will give you the clarity to make more confident business decisions in these uncertain times. Get in touch if you’d like some help to boost the resilience of your business in the face of the predicted recession next quarter.
