Adopting a growth mindset will help you face the challenges that stand in the way of your business being successful.
5 min read
Opinions expressed by Entrepreneur contributors are their own.
While the time is almost never wrong to grow your business, choppy market conditions or uncertain government regulation can certainly put a damper on things. After a tumultuous year in which plenty of companies opted to scale things back a bit, the conditions are starting to look perfect for enterprises to begin ripening once again.
This isn’t just speculation, either. A recent survey of software founders by Mainsail Partners found that nearly three quarters of enterprises expect accelerated growth for their company this year. With optimism spreading like wildfire across industries, it’s time to start taking the growth question seriously. The conditions are aligning — it’s up to you to make it happen for your business. Here are four reasons why the time for twiddling your thumbs is over.
1. Expanded hiring pool
If 2020 brought one positive note to the business world, it’s the greatly expanded hiring opportunities. The new norm of remote work means that you can always hire the best candidate, without regard to their location or needing to worry about relocation costs. Every city and hub’s talent ecosystem is different, and not all are created equal. The remote work boom has meant a more equal playing field for companies that don’t have the resources to automatically vacuum up top talent.
As more businesses start to encourage workers to return to the office, remote-first businesses retain a decisive edge. A recent survey from LiveCareer asked workers if they’d quit their current position should their boss no longer allow them to work remotely, and 29% of them said yes. With numbers that huge at stake, remote companies looking to expand and grow in the coming months should have no issue picking up great workers looking to maintain their virtual commutes.
2. Looming spending boom
As the economy slowed last year and uncertainty increased, consumers stopped spending and started saving. Data from the federal government shows that even today the personal savings rate in the United States is approximately double what it was a decade ago, meaning that American spenders are sitting on a massive pile of cash, waiting for the right moment to start purchasing with it.
As the economy begins to reopen, the cash that has been saved will start to flow. Businesses need to be ready to position their products and services in such a way that consumers make a beeline for them as soon as they’re comfortable; the right positioning can turn the current savings boom into a spending boom in the very near future.
3. Easier access to capital
With continued historically low interest rates, it has become increasingly clear that new customers aren’t the only way to expand your company. Investors are hungry for opportunities — all you have to do is play the part of a great one. Crunchbase reports that global venture funding hit an all-time record high of $125 billion in the first quarter of 2021. Getting even a small slice of a pie that big could make a world of difference for any business.
This isn’t even to mention government opportunities, such as the newly strengthened $500,000 Economic Injury Disaster Loan (EIDL) program. The sheer number of opportunities for cash can be overwhelming, but the chances for growth remain all the same. With so much money flowing around, it’s time you got a bucket to catch some for your company.
4. Reduced competition
It’s a harrowing number just to look at: Without additional government assistance, nine million small businesses — three out of every 10 in the United States — fear they won’t be able to make it through 2021. Buried within each crisis, though, is an opportunity. Those businesses that will unfortunately be forced to close their doors will leave a number of customers “stranded” — other companies can step in to help fill those gaps.
With so many lost businesses seeing their customers move onto larger players like Amazon, the opportunities are there for smaller firms that want to make an impact. Customers are hungry to patronize small and medium-sized companies, but it’s up to you to make your presence known to them. Growth doesn’t happen by itself; you need to let the people know that you’re ready to grow.
The time is now. Every action you take today will be felt throughout your company for years to come. The sooner you adopt a growth mindset, the quicker you’ll start seeing growth — simple as that.