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Are You Having A Scarcity Conversation?

Are You Having A Scarcity Conversation?

money

    With the economy the way it is, lately I’ve heard a lot of comments like, “I want to start a business, but I just can’t afford it right now,” and “I want to invest in learning how to start a business, but I don’t have the money to put into it.”

    This is a legitimate, honest concern, but this kind of thinking could destroy your business dreams and sabotage your success. I’m going to show you how to make a small shift in thinking so you can stop the “scarcity conversation” and start an “investment conversation” that will transform the way you see your finances and your business.

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    “The scarcity conversation,” is a term I picked up from a client, who once said to me, “I’m scared to death because I know in my heart that I should start this business, but I don’t know if I can spend the money to do what I need to do to make it succeed. I’m having a major scarcity conversation with myself.”

    First, I want to tell you that I’ve been there. I had times when I was living paycheck to paycheck, barely getting by, praying nothing would go wrong with the car or the furnace. And once, in a single day, I received $3,000 in bills that I didn’t know how to pay. I’ll never forget those moments of abject fear and panic, wondering where I was going to find that money. I’ll never forget wanting to do things I didn’t think I could afford, needing to buy things and knowing I couldn’t.

    What is a “scarcity conversation,” anyway? A scarcity conversation is the dialogue you have in your head (or sometimes with other people) and you hear any of these words cropping up with regularity: “I can’t afford….” “I don’t know how I’m going to pay for….” “I wish I could ______, but I don’t have the money for that.”

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    Why is a scarcity conversation a problem? If you’ve read my blogs and e-zines, you know that I approach business in a way that’s different from most other startup experts. I have a hybrid approach that brings in all kinds of disciplines, including psychology and personal growth – because I know that your mindset and not just what you’re thinking but how you’re thinking have a massive impact on the level of your success. So the first reason why you want to get out of the scarcity conversation is because it constantly hammers away at the mindset you need to succeed. The scarcity conversation is all about fear. It’s about uncertainty. It’s about self-doubt. And you absolutely must get out of those thinking patterns to be able to make decisions as an entrepreneur, without doubting everything you do.

    The second reason to move out of the scarcity conversation is also mindset-related. The “I can’t afford it” mentality locks you into a way of thinking that you’ll find extremely difficult to get out of, and that becomes a real issue in business.  The “I can’t afford it” type of scarcity conversation has a way of growing and spreading so that it starts applying to anything, even things you need to grow your business. You won’t put your dollars in the right places if you have “I can’t afford it” floating around in your head.

    My company would never have become the success it is today if I hadn’t gotten out of this mindset. I forced myself to stop thinking in terms of scarcity at a time when my business wasn’t growing and I needed help. It would have been the easiest time to let “I don’t have the money for that” become the scarcity conversation in my head, but I took another path. I thought, “What does my business need to grow and thrive?” and that’s when I hired the consultants and attended classes and seminars that made the difference. If I had said, “I can’t afford this,” I’d still be back where I was, when finding $3,000 bills in my mailbox was panic-inducing.

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    The point I’m making is, if you spend your life focusing on what you can’t afford, things won’t change. But if you change your focus, everything will change. If you focus on putting your money- investing it- where it can bring you back the most return, your life, your business, your mindset will transform.

    Instead of having the scarcity conversation, have an investment conversation. And I don’t mean stocks and bonds. I mean a conversation about what you can invest in that will make the difference for you. It’s like that old adage, “Give a man a fish, and you feed him for a day. Teach him how to fish and you feed him for a lifetime.” For you, that can be transitioned into “Find a consultant who can give you a fish, and you’ll invest in a nice fish dinner. Invest in a consultant who will show you how to fish, and you’ll be able to feed yourself for a lifetime.” 

    Figure out what classes, workshops and consultants will teach you how to fish – not just give you the fish for now – and invest in what they have to offer. You’ll be making a wise investment that will take you to a place where “I can’t afford it” will be a thing of the past.

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    Incidentally, that client I spoke of at the beginning of this article, the one who said, “I don’t know if I can spend the money to do what I need to do to make it succeed”? She went on to invest in her business. She invested in designing a  business that would work for the lifestyle she wanted, and got trained on how to create a unique brand with a clear target market, how to create and launch new products, how to let the world know she exists, and how to establish herself as an expert. And her business is thriving.  She no longer has the scarcity conversations because she knows now that each time she invests her money in her business, it’s going to come back, multiplied.

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    Last Updated on December 10, 2019

    7 Strategies to Keep Employee Motivation High

    7 Strategies to Keep Employee Motivation High

    Highly motivated employees are essential to the success of any business. Most people spend a third of their lives at work.[1] That’s a significant amount of time away from home, apart from the people who make us happy and the things we love to do. So keeping employee motivation high is essential for creating an office environment that gets the best out of our people.

    But do you know what motivates your people?

    It’s simple:

    • Is their work stimulating?
    • Does it challenge them?
    • Is there room to grow, a promotion perhaps?
    • Do you encourage creativity?
    • Can they speak openly and honestly with you?
    • Do you praise them?
    • Do you trust your staff to take ownership of their work?
    • Do they feel safe in their work environment?
    • And more importantly, do you pay them properly?

    Every one of these factors contributes to the general happiness of your employees. It’s what motivates them to come into the office each day and work hard, hit goals, and get results.

    In contrast, an unmotivated employee is typically unhappy. They take more sick days, they’re not invested in seeing your business succeed, and they’re always on the lookout for something better.

    Stats show that 81 percent of employees would consider leaving their jobs today if the right opportunity presented itself.[2] So it’s up to you to set aside time and energy to create a work environment that benefits every one of your employees.

    These seven strategies will help you motivate your people to consistently deliver quality work and, more importantly, to stick around for the long term.

    1. Be Someone They Can Rely On

    You rely on your people to turn up to work each day, to come to you when they have a problem they can’t solve, to be honest, and to always engage professionally with customers.

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    But this is not a one-way street. You, too, need to be someone your team can rely on. They trust you to have their backs when a client is unreasonable, to know that the decisions they make are in your best interest, and to make good on your promises.

    If you say you’ll attend an important meeting, be there. If your company makes a profit and you’ve said you’ll pay a bonus, pay it. The goodwill of your people is something you never want to test, let alone lose.

    Be reliable; it’s astounding how much this motivates your people.

    2. Create an Awesome Company Culture

    There’s no denying that company culture trickles down from the top. Your leadership and attitude massively influences the attitudes, work ethic, and happiness of your staff. If you’re always stressed-out, overly demanding, and unreasonable, it’ll create tension in your office which will adversely affect your employees’ motivation levels.

    In fact, the HAYS “US What People Want Survey” found that 47 percent of staff who are actively looking for a new job, pinpoint company culture as the driving force behind their reason to leave.

    So if you have high staff turnover, you need to determine whether your company culture might be the motivating factor behind your churn rate.

    Here are four ways to build a culture that keeps your employees highly motivated.

    • Be conscious of the image you present. Your body language and attitude can positively or negatively impact your employees. So come to work energized. Be optimistic, friendly, and engaging—this enthusiasm will spill over to your people and motivate them to be more productive and efficient.
    • Appreciate your people and be reasonable. Celebrate your team’s achievements. If they’re doing a good job, tell them. Encourage them to challenge themselves and try new things. And reward when deserved. If they’re struggling, help them. Work together to find solutions and be a sounding board for their ideas.
    • Be flexible. Give your people opportunities to work remotely—this is highly motivating to staff, particularly millennials. They don’t want to be battling traffic each day on their way to work. They don’t want to miss their kids’ baseball games or ballet rehearsals. Stats show that companies that offer flextime and the ability to work from home or a coffee shop have happier and more productive employees.
    • Create employee-friendly work environments. These are spaces that inspire and ignite the imagination. Have you ever been to Google’s offices? No headquarter is the same. From indoor slides and food trucks, to hammocks, and funky work pods on the wall, gaming rooms, and tranquil interior gardens, there’s something for everyone. It’s a space where people want to be, catering to their need for creativity, quiet, or team building; you name it.

    So take a look at your company culture and ask yourself, Is my business an attractive workplace for talented professionals? Does it inspire commitment and motivate my people? What could I do to improve my company culture?

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    3. Touch Base with Your Team Weekly

    Make time for your people, whether you run a remote business or work in an office, set aside time each week to talk to your people one-on-one. It’s non-negotiable.

    When there’s an open line of communication between staff members, work gets done. Don’t believe me? A study by Gallup found that 26 percent of employees said feedback from their leaders helps them to do a better job.[3]

    Your people want to feel trusted. They want to take ownership of their work, but they also need to know that when they have a question, they can reach out and get answers. If you’re unwilling to make yourself available, your team will quickly become unmotivated, work will stagnate, and your business will stop growing.

    So block off time on your calendar each week to touch base with your people, even if only to let them know that what they’re working on matters.

    4. Give Them the Tools They Need to Do Their Jobs Well

    Imagine trying to run your business without electricity. How would you contact your clients? What would happen when your phone or computer battery died?

    Technology is super critical to the success of your businesses. It allows you to work more efficiently, to be more productive, and to handle matters on-the-go. That’s why you need to give your people tools that will make their jobs easier.

    Make sure their equipment is in good working condition. There’s nothing more frustrating than a laptop that takes ages to boot up. It’s got to go. Replace outdated software with new software. Don’t make your designer work in Coreldraw; give them access to the most up-to-date version of Adobe Creative Suite. Take it a step further and buy them a subscription to Shutterstock or Getty Images.

    Make working for you a pleasure, not a pain; and watch your employees’ motivation levels rise.

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    5. Provide Opportunities to Learn and Upskill

    Would you believe me if I told you that 33 percent of people cite boredom and a need for new challenges as the top reason for leaving their job?[4] If you want to retain your talent, you need to upskill.

    Thanks to technology, we live in a rapidly evolving world that demands we change with it. A copywriter is no longer just a writer; they now need to be experts in SEO, Google Adwords, CRMs, and so much more.

    A pastry chef needs to be a food stylist, photographer, and social media manager. An entrepreneur needs to be a marketer—or at least take ownership of the marketing message for their business—if they hope to scale.

    Technology makes all of this possible. No matter your location, your people can continuously expand their knowledge and gain new skill sets—something that’s highly motivating to employees. They want to know that there are opportunities to grow and develop themselves.

    If you won’t invest in your people, then your business becomes just another job to tide them over until they find where they truly belong. So be the company that sees value in developing its people.

    6. Monitor Their Workload

    Overworked employees tend to be unproductive and unhappy. Your people cannot be at full capacity every day, month to month. Something’s got to give. They’ll become deflated and their work will eventually suffer, which will negatively impact your business.

    What I like to do is implement a traffic light system. It helps me to keep a finger on the pulse of my business. So there’s red, yellow, and green:

    • Red means they’re fully loaded.
    • Yellow means they’re busy, but they can potentially take on more.
    • Green means they haven’t got enough to do.

    I use this traffic light system because I don’t want my team members to be stressed out of their brains all the time. If they are, they won’t make good decisions and they won’t do good work.

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    If my people are regularly overloaded, I have things to think about. Perhaps I need to hire a new person to help ease the load or take a closer look at what projects are good to go, and which can take a back seat.

    And this is why #3 is essential. If I’m regularly engaging with my people, I’ll know that while they’re coping with their workload, it is impacting their performance and health, and I’ll take action.

    7. Don’t Mess Around with Your Employees’ Pay

    Never mess around with your people’s salary. As a business owner or high-level manager, it’s easy to forget that most people live from paycheck to paycheck. Delayed compensation can mean a missed bill payment, which could result in costly penalties they can’t afford or hits to their credit score.

    So it’s your job to ensure that you pay your people on time.

    The Bottom Line

    A motivated team is an asset to any business. These people never give up. They get excited about coming to work each day and can’t wait to test a new theory or tackle a particularly tricky challenge. They’re proud of the work they do. And more importantly, they have no reason to leave.

    Wouldn’t you rather be part of their success story than the business that drove them away?

    More to Motivate Your Team

    Featured photo credit: Emma Dau via unsplash.com

    Reference

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