A fixed mindset is thinking that the recession means business stops and clients don’t want to spend money. 

A growth mindset is using this recession as an opportunity to adapt and do things differently. 

Which mindset do you think you need, if you want to grow your firm doing the recession? That’s right, the second one. 

The only thing holding you and your firm back from growing right now is you. To help you move your practice forward, both now and during any future recessions, here are 7 mindset shifts you need to make.

• Make peace with your reality

Suffering is what happens when you resist what is already happening. The sooner you confront the current reality and accept it, the quicker you can move past it. 

• Hold yourself accountable 

If you want to grow, you need to think of the acronym R.O.A.D. You need to take Responsibility for the choices you’ve made, you need to take Ownership of where you want to go, you need to start taking Action, and you need to be Decisive. When making your strategy plan, be 100% accountable for putting it into action.

• Don’t compare yourself to others

Some businesses are struggling, others are thriving. Don’t compare yourself to either. Every business owner, firm, and situation is different, so don’t disrupt your focus with doubt.

• Prioritise delivering value 

Concentrate on delivering exceptional service to your current clients. How can you offer extra value during this time? This will make you invaluable and it will ensure that you stand out from your competitors.

• Focus on your strengths (not your ‘failures’)

What work are you good at? What do you love to do the most? Which clients are your favourites to work with? Being positive during this time is essential, so focus on what you love and reflect on your principles and values. Rediscovering why you do what you do is very powerful when it comes to self-motivation and drive. 

• Fail fast and achieve quickly

Inaction is the worst thing you can do, not trying something and failing. During a time of such change, don’t procrastinate and don’t be a perfectionist. Take action, fail fast, learn from your mistakes, and concentrate on getting there first (not doing it perfectly and getting there last).

• Be grateful and become self-aware

Practice gratitude every day by thinking about what you are grateful for both now and in your future. Also, take time to reflect and to rediscover your purpose. If you’re confident and happy, you will attract similar clients.

Adapt AND adopt 

We have all had to adapt to some degree during the last 3 years, for example, the transition to working from home. Changes such as these are necessary to our ‘survival’ during this time.

With that being said, however, it is the accountants who have both adapted and adopted changes of their own, who have thrived. These are the individuals who make quick and effective decisions, who take responsibility for changing their situation, and who take action. 

Anyone can grow their firm during a recession, they just have to have the right mindset.