Welcome to another episode of Numbers Knowhow, where we dive into the significance of attitude in business. I'm Mahmood Reza, your host, and for nearly three decades I've been guiding businesses, entrepreneurs, and even charities to success.

In this episode, "The Power of Attitude," we delve into how your mindset shapes your business journey.

If you're a business owner, aspiring entrepreneur, or someone intrigued by personal development within a business framework, this episode is for you. By tuning in, you'll understand the concept of attitude and mindsets, explore the different types of mindsets, and learn practical ways to refine your attitude for business success.

Helping you to Plan It, Do It, PROFIT.

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welcome to today's Numbers Know how podcast. It's

all about the power of attitude in business. More

specifically, the power of your attitude.

Hi folks, my name is Mahmoud and I'm delighted you could join me. And in

nearly three decades of being a business coach, advisor and

accountant, I strongly believe that your attitude in business,

your overall mindset, if you prefer, truly is

everything. It shapes knowing how you approach challenges by

how you seize opportunities and ultimately direct the

success or failure of your business. In this week's

episode, I'm going to explore three things. Number one, what

is attitude and why is it so significant? Number two,

the different types of attitude. And yes, there are differences or

mindsets that we can adopt. And thirdly, practical

ways to improve our attitude for the benefit of our

business and also our lives. So get yourself

comfortable and let's begin. Now. When we

hear the word attitude, it often conjures up images of

feelings of anger, happiness or sadness. And it can

relate to how seriously or casually we take

situations. However, I prefer to think of attitude as an

interchangeable one with mindset. It's about your thoughts,

your assumptions, and your behaviors towards the world

around you. You can't necessarily control what goes on in the world, but you

can certainly change and influence how you react to it. When you

translate that into your business, your mindset becomes a

vital component, a critical factor in how your business

grows, develops, and prospers. Now, imagine

you're sailing a boat in rough waters. You can't control the

weather, but you can certainly decide how you're going to prepare,

how you sell, and how you navigate the challenges in front of you.

Your attitude is like being the skipper of that boat. It

determines whether you respond calmly and proactively

or let the waves knock you off course and get you into panic

stations. Let's think in terms of attitude and

control. Even though we can't completely control what the future

brings, would that we could. We can always choose how we

react. Economic fluctuations do happen.

Customers may leave us, new competitors may emerge.

Yet our attitude, how we cope and adapt to those

challenges, makes all the difference between a business that survives and,

dare I say, a business that thrives. But before we dive deeper into the

concept of mindset, let's remind ourselves what we mean

by business. I've often discussed on previous episodes that

if you have an activity where money changes hands, you have

a business. That business could be in the not for profit space. It could be

in the private space. It could even be a charity. Now, for it to be

a viable business, though, aiming to make a profit has got to be

at the core, has got to be at the center of your plan. If you

don't generate profits, you don't build up resilience, you don't build

up reserves, and you're not able to deliver your why? If you

don't structure your venture with profit in mind, you end up with what I call

a time consuming and dare I say it, expensive hobby.

Nothing wrong with hobbies, of course, but if you aspire to a financial

stability, growth and the freedom to serve your customers

continuously, profitability has to be a priority. Now,

whether you run a social enterprise, a charity or a private company, is

money changing hands, then it's crucial to think about how

you make it and what you do with it. Let's visualize that idea of

a corner shop. Now, if you picture a small corner shop, the

owner has got to focus on generating enough income

to buy stock, pay the rent, pay staff and

maintain the premises. If they just about make enough money to break

even, to wash its face, or they consistently fall

short, their doors will eventually close. Now, by

contrast, when they plan and make profits, they can

reinvest in stock, improve the shop interior, hire, help

grow continually and sustainably, and also reward

themselves. Let's address this idea of mindset. And for me,

there are two main types of mindset. A fixed one and a

growth one. If we've done even deeper to look at mindset or attitude

in detail, both of these mindsets have their place in

business. It's not one to the exclusion of the other. They can both,

and they should both rest and keep each other good

company. Now, fixed mindset has this idea of following

established conventions, maintaining systems and

processing, and sticking to what we know already works.

Now, this can be very beneficial for tasks such as keeping an eye on cash

flow, managing budgets, running due diligence, following

consistent operational procedures, that stability is

fundamental and essential. Now, growth mindset, on the other hand,

encourages stepping outside of your comfort zone. It

involves exploring new methods, partnerships or ideas, and being

willing to invest time and resources and energy

into opportunities. It doesn't mean being reckless. It doesn't mean

having the abandonment to do what you like. It does mean

having the courage to question what you're doing already,

questioning and challenging the status quo. Now, imagine

your business as a machine that has two gears. Gear

number one is your fixed mindset, ensuring that your machine remains

steady, stable and safe. The other gear, on

the other hand, is your growth mindset gear pushing you to explore

new territories. Both gears need to work in harmony

and they will need to work together for the machine that is your business

to function and to move forward effectively. Now, why do

both mindsets matter? Now? Sticking purely to a fixed mindset

will breed stagnation. If you never adopt new technologies

or approaches, you risk falling behind your competitors and

that's not a position you want to adopt. On the other hand, always pushing for

new ideas without proper checks and balances will create

chaos or financial strain. Getting the right balance Getting the

optimum balance is the key. Now, I can't conclude this podcast

without factoring in attitudes towards money. Now, as an

accountant education business advisor, I see the topic money

revealing itself and shining a light on some of his true attitude.

Now, if you're a business owner who dreads looking at the bank balance, finds it

uncomfortable to chase payments from clients, that attitude

will harm cash flow and

profitability. Your growth mindset encourages you to face

those challenges. You might invest in software to manage your

invoicing, work with a mentor, a coach to improve your confidence in

financial matters, but make sure you address that discomfort

that's going to be taking control of a crucial part of your business. So

what can we recap? What can we summarise? But let's recap the key

points from today's episode. Number one Defining a business. If

money changes hands, you have a business. Don't let anybody tell you

otherwise. For it to sustain you and allow you to serve

your customers continuously, you have to focus on making a

profit doesn't mean that other things are unimportant. How you

make that profit, how you use that profit is your choice.

Do it ethically and with integrity, I would suggest, but make a

profit nevertheless. Number two Attitude as

mindset. Your business attitude comprises your thoughts, your

assumptions and your behaviors. Now this mindset affects how you deal

with challenges and opportunities. Your fixed

mindset now maintaining systems and processes following

due diligence, managing cash flow. All these routine

tasks require a disciplined and considered

attitude. They're not unimportant. If we look at growth

mindset, that's where you're embracing change, seeking new

ideas, looking for collaborations and stepping outside of your

comfort zone. These are essential for business stability

and for business growth. Lastly, balance is

crucial. Neither mindset on its own is ideal. A

successful business, however you define success, draws on both

stability and and innovation to work in harmony so

your business remains profitable and relevant. Thank you for your

company today. Thank you for sharing your earbuds. I'd love to know which

attitudes resonate most strongly with you. Do you recognize yourself

as having a fixed mindset, a growth mindset, or do you

have a blend of both in your own business?