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This is the 5th article in a series that covers essential business principles for successfully leading a virtual professional services firm. This series delves into practical strategies and actionable solutions that foster growth of virtual services firms by turning challenges into opportunities and paving the way to success.
Visionary business leaders promote a Growth Mindset to create an environment where the company and its team can evolve, adapt, and reach their full potential.
Some employees react with skepticism when talking about a Growth Mindset. That is understandable. “Growth Mindset” can be viewed as a catchy term that pushes an agenda of greater effort without sufficient support. This perception misses the true meaning and purpose of a Growth Mindset. If genuinely implemented, a Growth Mindset incorporates flexibility, a supportive environment, and learning for individuals and companies to continuously improve for long-term success.
Notice how “financial growth” has NOT been mentioned. This is because a Growth Mindset prioritizes personal and professional growth, which serves as a foundation for financial performance. In effect, financial growth is a natural outcome of a Growth Mindset.
For INDIVIDUALS: A Growth Mindset is as much about the team as it is about the company. Everyone’s growth is just as critical as the success of the organization. A Growth Mindset encourages employees to:
1. Ambitiously strive for personal growth as part of their success
2. Learn new skills and become more knowledgeable throughout their career
3. Feel as if they can take full ownership of their work
4. Consider and explore new ways of doing things
For COMPANIES: A Growth Mindset is the fuel that drives collective success over the long haul and helps companies thrive in even the toughest economic conditions. A Growth Mindset does this by ensuring organizations are always:
1. Looking to transform in ways to achieve its potential
2. Evolving to remain competitive
3. Resilient in overcoming challenges and minimizing vulnerabilities
4. Flexible and opportunistic
The “What-if” game is powerful in business given its propensity to stimulate creative thinking and the investigation of new ideas. It is best to play it with purpose versus randomly posing “What-If” questions across various meetings.
In this case, we play the game by asking two “What-If” questions that dig into the value of the Growth Mindset.
WHAT IF the Growth Mindset at a professional services firm aimed to encourage every employee in the company to approach their work as a constant opportunity for growth?
Example Answer: IF the company promoted this type of Growth Mindset, an employee’s success would not be limited by current skills or job titles. Instead, that mindset would energize a collective drive to learn, adapt, and thrive. It would serve as a vehicle for employees to be strong and ready for what the future holds, along with the company itself.
WHAT IF the Growth Mindset at a professional services firm incorporated an upward mobility structure with opportunities to advance throughout career tracks (e.g., associate to director to vice president), while also hiring new employees to fill open positions.
Example Answer: IF the company promoted this type of Growth Mindset, the organization would stay competitive and innovative over the long term by leveraging the professional growth of its team. Employees would make a greater impact on company success as they learn and ascend within the organization. Additionally, the company would remain opportunistic by adding new talent to fill positions at all levels, including those open due to the promotion of others.
A Growth Mindset is particularly imperative for VIRTUAL Professional Services firms because it prepares teams to adapt, collaborate, and stay focused in a remote environment. However, activating a Growth Mindset at virtual companies can be more challenging given potential engagement issues. Below are a few recommendations to overcome that challenge.
1. Empower Your Team: Trust employees to take ownership, make decisions, and contribute ideas. Empowerment boosts individual growth and helps drive overall success.
2. Embed Your Growth Mindset into the Corporate Culture: Elements of a culture that support a Growth Mindset include open communication, frequent recognition of effort and progress, and psychological safety when exploring innovative approaches.
3. Be Transparent: Leaders who are fully transparent about the company’s goals, successes, and setbacks make the team feel informed and included. Transparency makes the path to success clear for everyone.
A Growth Mindset is the backbone for sustainable success in any business. Consider it a must-have for the benefit of the team and the company. By embracing a Growth Mindset, challenges will be welcomed, learning will be prioritized, and the true potential of the team will be realized. All of that will pave the way to continuous growth.
Get your mind on your growth and see firsthand how that mindset will strengthen your people, your company, and your future.
