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How to build an innovative, resilient and thriving business?

Posted by Melinda Stevenson on 28 September 2020
Do you want to know how to create an innovative, resilient, thriving and effective business by adopting a growth mindset company culture?

There are more organisations which are realising that growth mindset is essential for developing an innovative, resilient and thriving business.

Companies are increasing their focus and attention on mindset during the recruitment stage. They are recognising that people who are enthusiastic, willing to fail and open to learning and improving from their failures make great employees.

Why building a resilient mindset important?

Resilience is the ability to bounce back and adapt when things do not go as planned. It is the ability to shift our mindset when faced with changes or difficult situations.

By having personal, mental and business resilience enables us not to be restricted in achieving success as entrepreneurs based on the challenges we encounter.

How can a workplace help employees enhance their resilience?

There are 2 ways workplaces can help in promoting resilience in their employees.

1. Resilience Training Programs.

Organisations can help in promoting resilience to their employees at their workplace through training programs that help staff to deal with work-related stresses and challenges which is better for their mental health.

2. Coaching and Mentoring.

Coaching and mentoring relationships may also be helpful in developing resilience. Coaching focuses on improvement in individual's current performance, skill and well-being. Mentoring supports employee's longer-term skills and career development.

What is the company benefit in promoting resilience at the workplace?

In 2014, the study published by PwC showed that organisations with a broad set of skills and behaviours that enable resilience in the workplace experienced a positive return on investment.

The PwC's study found that initiatives and programs that cultivated a resilient and mentally healthy workplace returned $2.30 for every dollar spent. The return on investment was attributed to lower health care costs, higher productivity, lower absenteeism and decreased turnover.

Companies benefit from having a more resilient workforce by building an organisational culture that encourages and supports resilience training which takes their business from good to great.

What is the importance of growth mindset in organisations?

According to the article published by ECIA Victoria/Tasmania Limited, the other way of assessing our resilience is to examine our mindsets, namely fixed and growth mindset which is based on the research conducted by Carol Dweck.

Carol is a professor at Stanford University and her work has become increasingly more influential among business leaders.

The fixed mindset is based on the belief that people's basic qualities such as abilities, skills, intelligence and talent are fixed traits. It can lead to having an unhealthy outlook about life when you believe that what you have as your personal traits is set and cannot be changed.

The growth mindset is based on the belief that people's basic skills and abilities can be learned, developed and cultivated through hard work, effort and experience. It opens up the world of learning as failure is seen as opportunities to learn from. It leads to building and creating resilient thinking and attitude in individuals.

Why companies are adopting a growth mindset organisational culture?

According to the article published by Openseed Digital Consultancy, the growth mindset philosophy is being adopted by a lot of businesses such as Facebook, Microsoft, Google, Apple and many more.

These companies allow their employees to experiment and they encourage their staff to learn from their mistakes.

These organisations have a clear vision of where they want to be, they are innovative and adaptable in how they will achieve their vision.

They encourage their staff to collaborate and have big dreams even though it may seem impossible at times.

How can an organisation create a growth mindset culture?

By shifting the company's culture to have a growth mindset, it allows managers and their teams to work more independently, entrust ownership and delegate responsibilities.

As you give individuals increased autonomy and accountability it helps them develop greater confidence and have more pride in their work. It helps in creating a stronger sense of trust in their capability.

How can an organisation cultivate a growth mindset culture?

There are 5 ways that a growth mindset culture could be cultivated in an organisation.

1. Include growth mindset goals in your staff assessment processes.

If you want to embed a growth mindset culture into your organisation it is essential to include growth mindset goals in staff personal development reviews and other employee assessment processes.

2. Celebrate the effort that leads to business success and review learning outcomes from failures.

Implement procedures where you encourage your team to take a deep dive into the process from their successes and failures. It will assist in maximising their learning opportunities and help to improve their performance.

3. Remember previous initiatives taken by you and your staff when you are faced with a new challenge.

When you and your team undertake plans to grow the business, remember the company's previous achievements which involved learning and working in new ways. Take the time to remind yourself and staff the various ways that having a growth mindset helped you to achieve success.

4. Embed the growth mindset principles into the company's policies and procedures.

In order for a change in organisational culture to become an effective and lasting change, it is important to ensure that it is included in the company's policies and procedures.

Ensure that all of your processes reflect growth mindset practices. Make sure you include processes that recognise and reward achievement. All efforts should be concrete in word, deed and policies.

5. Monitor the circumstances that trigger a fixed mindset.

A fixed mindset might occur when the organisation faces a challenge, experiences a setback or become less successful compared to your main competitor.

it is important to recognise when the business exhibit defensive behaviour or insecurity. When it occurs, assess the various ways to lessen the common cause of stress in order to enable individuals to adapt and bounce back from challenges.

How does the 7-Step Your Business Success (YBS) program help to build an innovative, thriving and resilient business?

The Your Business Success program could help you to create an innovative, thriving and resilient business while adopting a growth mindset culture for your organisation.

You may see some improvements in your business performance within 90 days if you decide to implement the YBS methodologies mentioned in this blog.

How can I create a thriving and resilient business with a growth mindset organisational culture?

How can I create a thriving and resilient business with a growth mindset organisational culture?

If you are like most business owners, you are probably working long hours, getting stressed and sacrificing family time. Despite this, 60% of businesses finish each month failing to achieve the profits they deserve according to MAUS Business Systems.

It is not the people that work the hardest that achieve success, it is the people that work with a growth mindset.

All business managers need to take a helicopter view of their organisation at least once a month. The Your Business Success program is a simple program that will help you to regain control and accountability. It will give you lots of ideas. In addition, it will help to provide a simple structure to help implement these ideas in your business.

Business success is about creating a good business model and planning a clear direction to reach your goals. Then creating the systems, processes and accountability to get it done.

The good news is that Your Business Success program is a proven structured program designed by a SME business owner for small to medium-sized enterprises (SMEs).

The program is based on MAUS' own research of their global customers as well as MAUS CEO's personal experience in growing his own business which he sold to a multinational. YBS can be implemented with a high degree of success into most businesses.

Do you realise that the no. 1 reason for failure by CEOs and managers today is the lack of strategy execution? Simply put, it means not getting things done.

Are you surprise to learn that only 39% of businesses are profitable? That only 21% of business owners successfully sell their business. There are approximately 80% of business owners earn less than the national average wage and less than 30% of your employees are actively engaged. These statistics are based on research according to MAUS Business Systems.

Why MAUS Business Systems?

In 1990, Peter Hickey, the CEO and creator of the award-winning MAUS software started MAUS Business Systems in Australia.

They have helped over 60,000 businesses around the world across over 230 industries get more strategic, improve productivity and increase profitability.

If you want to have an innovative, thriving and resilient business you need to have a good business model, good systems and highly engaged employees.

What is the YBS program about?

This program could help you create an innovative, thriving and resilient business by providing you with the following:

1. A simple structured pathway to success. The methodology is based on the 7-Step Your Business Success Program while using a step-by-step workbook that will guide you through the process.

2. Ideas and Business Advice. We will provide you access to a selection of business videos. This series cost over $3 million to produce and was aired on Australian television on Channel 9 for 3 years.

3. Accountability, systems and software. If we just told you what to do then your success would be short-lived. You need systems to put in place to ensure your success. We will provide you access for up to 3 people with software that will instantly give you access to some of the best software in the world. You will be able to have staff meetings, assign tasks to employees and the software will automatically remind them. You will be able to see on one page your results at any given time.

4. Working with you. We will provide you with free training on how to set up the system in your business. The training is through a webinar so you do not need to leave the office. The training is also available for your staff.

5. Delegation to your staff. We want to train one of your staff members, not just you. You will get too busy and you may come up with excuses why certain things are not being implemented. We need to have a champion in your business to help you get things done.

6. Mentoring. You will receive a high-level business advisor consultation for the first month to give you free advice on how to make best use of the system and how to grow your business.

Who should participate in this program?

This program is not for everyone. The type of businesses that would benefit the most are the business owners who are currently asking themselves at least two of the following questions:

1. Why am I working so hard, yet there never seems to be enough money at the end of each month?

2. Why do I seem to have lost control of my staff and why are they not as productive and taking initiative?

3. Why do I seem to work the most hours in the business, get the most stressed and get paid the least?

4. How do I get better systems so the business is less reliant on me?

5. Why am I constantly 'fire-fighting' and putting out 'fires'?

6. Why are there not enough hours in the day?

7. How do I become more profitable and leverage and drive the business?

You might be wondering how do I find the hours in the day to implement this program since I am already working 60 hours a week?

That is a good question. However, put simply you need to break the cycle. If you do nothing, then nothing will change. The simple concept is, build a better platform so less things could go wrong and have a higher chance that more things will go right. Your staff can be in a better position to help in growing the business for you.

Do not re-invent the wheel. We are the experts on strategies and systems that work. You are an expert on your business. Let us partner with you, team up together and make the program work.

Is there any extra Business Advice and Support?

Yes, the business advisor in the first month will provide you with free help in getting you up and running. If you want to access additional support or want to engage a business advisor on an ongoing monthly basis to receive further assistance then a separate consulting fee can be agreed as in a need basis depending on your business requirements.

Course Overview

The MAUS Your Business Success coaching program is designed as a 12-month coaching course for small to medium-sized businesses.

Our Goal

The main goal of the YBS program is to educate business owners and teach them the skills required to successfully run an organisation. We aim to help businesses achieve better results faster. We utilise multi-media training content with a suite of customised support services through remotely or in-person facilitated presentations while using a world-class software system.

Program Structure

Each month the program will follow a clear structure where we review your performance, discuss issues and obstacles and introduce a new aspect to your business.

Course material, presentations and workbooks allows you to drill-down into your own issues and come up with proven solutions customised to your business. You will learn all practical information that you can implement immediately.

The case studies are broken down into knowledge segments. It covers key areas such as marketing, sales, finance, funding, cash flow, recruitment, people management, staff motivation and training, planning, strategy, operations and information technology. Since you will be able to identify the solutions that you need right now, even the busiest professionals can get results with this program.

The participants receive access to the MAUS software suite of business tools that includes Business Planning and Budgeting, Virtual CFO, KPI Dashboard, Performance Review, Job Descriptions, Policies and Procedures, Weekly Staff Planner and many more.

The course topics are as follows.

1. High Level Goals and Strategies.
2. Success Factors and Business Scorecards.
3. Strategy, Actions and Milestones.
4. Monthly Business Review.
5. Systems and Workflow.
6. Employee Engagement.
7. Marketing Strategy and Business Plans.
8. Budgets and Cash Flow Forecasts.
9. Performance Culture and Work Life Balance.

Overall YBS Program Benefits for Business Owners

The program will help you to follow in the footsteps of some of Australia's greatest entrepreneurs and includes interviews with many of Australia's best-known entrepreneurs including Paul and Andrew Bassett of Seek, Craig Winkler of MYOB, Geoff Harris of Flight Centre, Janine Allis of Boost Juice and many more.

Our program will help you deep dive into your business issues so that you have a complete understanding of what you need to do to ensure the success of your business. We aim to give business owners all the short-cuts to achieve business success.

The course is a combination of facilitated coaching combined with accountability and coursework. The sessions will give you immediate solutions to issues that you are facing today or you are likely to face tomorrow.

At the end of the course the participants will walk away with a set of strategies, knowledge, know-how and tools to help grow their business.

MAUS is a multi-award winning publisher of the cloud-based software. The software that you will receive was awarded with "Best Software" in the 2013 Australian Business Awards.

You will receive access to the entire suite of software and license rights for up to 3 people with the training.

The program is designed for busy business owners. You can schedule in lunch times while you have a sandwich to have a brainstorm with your staff and play them a video or use the software.

We cannot make time for you but what we do promise is that if you make the time, the program will make it worth your while.

Conclusion

To summarise, if you want to create an innovative, thriving and resilient business you could consider adopting a growth mindset culture for your organisation. To embed a growth mindset culture in an organisation, it involves providing resilience training programs to employees and providing coaching and mentoring for staff. It will assist with staff's personal development to ensure you have a highly engaged employees to help grow the business for you. It is important to become aware when fixed mindset triggers arise as well as ensuring that you incorporate growth mindset goals in staff performance development reviews as well as in company's policies and procedures.

Want to know more about YBS Program?

Click here to find out more information about the program.

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Research and Source Acknowledgements:

ECIA Victoria/Tasmania Limited, 'Building a Resilient Mindset'.

PwC 2014,  'Creating a mentally healthy workplace, Return on investment analysis'.

TEDxNorrkoping November 2014, Carol Dweck 'The power of believing that you can improve'.

Talks at Google 16th July 2015, Carol Dweck 'The Growth Mindset, Mindset: The New Psychology of Success'

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Copyright 2020 Dynamic Zenergy.

Disclaimer:

This information is not intended for use as a source of legal, business, accounting or financial advice. All readers are advised to seek services of competent professionals in legal, business, accounting and finance fields. This information is for educational purposes only.

Author: Melinda Stevenson
About: Dynamic Zenergy provides specialist business advisory consulting services. Our mission is to help in accelerating the growth of small to medium-sized organisations by empowering business leaders to manage and measure what matters in maximising return on exit planning.
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Tags: Business Health