The Importance of Mindset When Times Are Tough

Mindset is something that we talk about a lot in our articles and indeed with the work we do
for our clients.

It is appropriate to cover it again because in tough times the importance of mindset and specifically the need to maintain a positive mindset is even more important. Why is this?

Inevitably, the tougher the market the tougher the challenges or, looked at in a positive light, the greater the opportunities. Why are there more opportunities?

It all depends on how YOU SET your mind to look at things. Tell your mind to look at things one way and it will automatically search for reasons, facts, information and perceptions that SUPPORT that point of view – result you perpetuate the status quo but, in reality, you will go backwards with a competitor or some competitors taking advantage of your cautiousness and negativity. So, if your mindset is ‘the next six months are going to be tough – we will need to pull back on some things’ – you will undoubtedly find things that support those thoughts and undoubtedly will regress.

So where do opportunities come from in such times? Think on this – what of you change the thought process to something like ‘our competitors will be having a tough time – how can we take advantage of their situation and build our share?’ By throwing this question out to your people you will open up a thought process and without doubt some ideas that could well build your business without necessarily spending lots of money!

You might be looking at some products/ services that have unique features, you may have competitors with supply issues, you might be able to find new stockists/users in a new market or market segment – the list is endless but only if you open you mind and the minds of your people to thinking creatively and coming up with ideas, ideas that can positively change the course of your business – whatever the market conditions.

We have seen some of our clients, applying this process, double their business in economic crises. The changes that did this were not born of ‘light bulb brilliance’ but rather some simple adjustments, amendments and some re-positioning of what they do and what they could therefore appeal to in terms of market needs.

So adopt a positive mindset and as a result open your mind to potential new opportunities that can fly in the face of any market downturn.