In our last post, we discussed the time to change has arrived and one of the areas needed close attention is Changing your Mindset.

I was speaking to a few business owners over the past few weeks to find out what their assessment is of what is happening in the market today and I was shocked to learn over and over again what they saw and/ or understood of not only their market but what they needed to do to overcome their cashflow, financing, customer issues.

It seems that people haven’t thought about the difference it would make in their business to “change their Minds” or rather mindset.  People are still hanging on to the notion that if it worked for the companies in which they were once employed, or the company their parents, grandparents, friends or anyone for that matter, it should still work now.

Let me ask you, would you say we do business the same way now as we did a decade or 2 ago. Do we still offer the same things or would you say there is no comparison now to what was available back then.  You have to admit just in the technology realm, we have made great strides. There isn’t a glimpse of what existed back then today.   Oh wait; there was no technology, as it exists now, not even 1/10 of what we have today back then.  So why would you “fix your mind” to running your business today like the businesses were run back then.  You can’t compare.  There is just no comparison!!

While there are some similarities in the economy, history has a way of repeating itself when not addressed properly, nothing else is the same.  Even the way people think, what they say, what they do, how they do it and most of all how they conduct themselves.  I’m sure you will agree with me when I say, things, people, places, events, technology, businesses, strategies have all changed.  This is a new era, a new game and as such you need to have a NEW PLAN!!

Opening your mind or better said, your mindset to entertain a different way of accomplishing your goals could make all the difference in the world. We have to think beyond what business people thought about in the past, shut out that unfamiliar territory which we walk on everyday simply because that’s the way things have always been or that’s how it has always been handled, or that’s the way things are. I say, Not anymore, No, it’s not, it will change. Change you mindset to exploring your familiar territory instead.  After all, you do what you do because you know how to do it.  Granted, there are some aspects that don’t fall into your area of expertise, but it certainly falls into someone else’s area of expertise, your employees.

Where do you stand on the following scenarios? Will you be wondering how these are going to happen or are you going to state how this will occur?

Building a strong business requires not only know how, but focus, integrity, values and passion.  You can’t get that from someone else. What worked 30,40 even 50 years ago is no longer an option. Heck, what worked 3 years ago, is close to not being a contender anymore.

The truth of the matter is only you are responsible for your business, your life and anything else you desire to change.  Depending on someone else to resolve your situation is a double edge sword. So face it, its up to you and me to make things work for us.

Time to Change…Its amazing how these 3 words have been interpreted so differently by different people, the controversy it has bought about in this country lately but in retrospect it actually IS a time for change.

It’s a time to change how you look at running a business, define customer relationships, approach your working capital financing challenges and develop processes to ensure you can successfully collect on your accounts receivable.

No longer does a hand shake seal a deal, that allows you to make payroll, pay your vendors, pay your taxes, grow your business, make a living.  It is a lot more complex and risky.

No longer does the loyalty that existed 30-40 years ago by anyone remain today. Not with employees, your customers, BANKS. Relationships as it existed back then no longer exist now. If you have had your business for that amount of time you know what I mean.

So what do you do?

EMBRACE CHANGE!

People have a way of associating change to something negative but it’s actually a positive if you direct it that way.  Don’t afraid of change especially if you are the one initiating it.  If you choose to leave up to someone else then I would say, be afraid, be very afraid

As Jack Welch the former CEO of General Electric once said “TAKE CONTROL OF YOUR DESTINY OR SOMEONE ELSE WILL.” That applies to your personal life, as much as it does to your business.

There are several areas of change that are absolutely essential:

1)    Your mindset

2)    Your definition of customer relationship

3)    Your source of financing or working capital

4)    Your processes to maintain your business afloat

In my future posts we will explore these areas one by one.

I welcome your feedback,  please let me know what your experiences and challenges have been by leaving a comment.