Do you have a growth mindset?
As business leaders we all have a desire to grow our businesses profitably. In normal business conditions achieving growth can be challenging, but with the current political and economic uncertainties, both local and global, it can appear impossible.
Paul Yacoubian, Director of Where Now Consulting Ltd, was a guest speaker at a recent Business Forum hosted by the British Contract Furniture Association. This leading trade association represents the interest of approximately 250 member UK and overseas companies operating in the contract furniture and furnishings industry. This sector has seen extensive technological and market disruption over recent years with current market conditions being further impacted by the current Brexit impasse.
Paul challenged the attendees to think differently and to create “Growth Mindset”, in all areas of their businesses.
It is often easier and faster to seek ways to reduce costs, or to look for areas to increase efficiency, to improve business performance. The risks to the individual business leader of this approach can also appear more palatable resulting in a tendency for individuals, and indeed companies, to become “fixed in their mindset”. However, for long term success, companies need to adopt a “growth mindset” building their market and customer base for the future. To achieve this business leaders should;
- set “thinking time” aside time for growth
- embed growth in the day to day indicators and operations of the of the business
- use individuals from across the company, particularly those with growth mindsets, to come up with ideas and initiatives for growth
- have ‘growth’ at or near the top of the agenda in leadership meetings.’
With only 23% of SME’s predicting growth averaging 10% over the next 3 years, according to a study conducted by American Express, building your company’s “growth mindset” is a real opportunity to out-perform your market.
About the BCFA: The BCFA is the leading trade association representing the UK contract furniture and furnishings industry, covering the full spectrum of interior products and services, both domestically and internationally. The 250+ members are accredited by the association and are leading manufacturers, suppliers and designers of furnishing services for commercial buildings throughout the UK and in world markets. The BCFA’s aim is to bring together manufacturers and contract furnishers and to inform the architect, specifier and interior designer of the wide range of products and services available. For more information visit: https://www.thebcfa.com/
About Where Now Consulting: Where Now Consulting is a leading management consultancy that specialises in helping companies and organisations to develop effective growth strategies and plans, and to convert these into actions and results.
