A scarcity mindset can be hard to overcome. In part 3 of the 4-part series “MDP Mindset”, Richard and Laura share how going from a scarcity mindset to an abundance mindset will dramatically change your plumbing business…and your life.
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3 Golden Nuggets
- Watch Your Mouth. What you say comes true. For this reason, it’s vital to choose your words carefully and manifest the future for your business (and your life) that you desire.
- Let Go of Stuff. Holding on to things detracts from your mindset of abundance. It sets you up to embrace a scarcity mindset and costs you; in time and money.
- Invest vs Spending. There is a difference! Spending money on things like new trucks or branding is an investment, and should be treated as such!
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Show Notes
Realize The Power of Words
What we say is very powerful. Things like, “I’ll never get ahead” or “It’s not a lot, but it’s my life” will become true.
“Whether you think you can, or you think you can’t–you’re right.”
― Henry Ford
It doesn’t matter how you define success or how your goals line up with other people. It’s more important what we’re telling ourselves. Many people say, “I don’t want to be greedy.” That’s the scarcity mindset at work. What we don’t always realize is that there’s an infinite amount of water, air, money, opportunity. Just because you’re succeeding doesn’t mean you’ve taken that success away from someone else.
The power of words can either drive your success or feed into a sense of aversion to risk. It’s as simple as the difference between “I will reach my financial goals” and “I can’t do that, what if I fail?
Declutter Your Life
Stop hoarding. When you look around your shop and see that you have every fitting that your guys have ever used, it’s time to clean house. The instinct may be to hold on to every part that comes through the door “just in case” you need it for a new job. The fact is though that it is actually costing you more money to hold on to those things. They’re taking up space, and the time it will take to hunt down and uncover those items when you need them is time better spent elsewhere.
Your plumbers aren’t going to come all the way back to the shop for that single fitting. They’re going to stop and buy a new one. So why hang on to it? The scarcity mindset rears its ugly head again when we hang on to these things. What if we can’t get this part again? What if we need it quickly? There is always more, and there is no need to hang on to everything. Get rid of the clutter!
Is it Spending or Investing?
“I just don’t need to spend a ton of money on a new truck. I can get this great deal and fix it up myself!”
How many plumbing business owners have “gotten a great deal” on a beat up truck, just to save a couple dollars? Or set up their own “shop” and hired a mechanic just to service their fleet? This is the scarcity mindset again.
When you get the new truck, it’s not ‘spending’ and wasting your money. You have to look at it as an investment. You are getting a new truck, one that won’t break time and cost more money to fix, downtime while it’s in the shop, or the potential lost business from not looking like you’re at the top of your game.
Hand in hand with the truck is your branding. Yes, spending money on rebranding can feel like a lot…especially since results are hard to quantify. But it is truly an investment in the future of your company. Finally, recruiting the best plumbers sounds like an unnecessary expense, but when you look at it as what it is, an investment, you realized that paying for the search and finding the best candidate will make you exponentially more money in a relatively short amount of time.
So when you participate in your business with a mindset of abundance rather than one of scarcity, the sky is the limit!
Richard’s Call To Action
If you want to learn more about numbers that matter and how to best run your plumbing business, why not schedule a free 30-min strategy call with us? Let’s talk about your goals and where you want to be this time next year, and we’ll help you create a path to make that happen. Schedule your free strategy call here today!
