Why You Need to Change Your Mind About Your Business

By Fairport Wealth

The Benefit of an Entrepreneurial Mindset

Small businesses are vital to the U.S. economy. They account for 99.9% of businesses and have created nearly two-thirds of the net new jobs since 2000.¹ However, the past two ‘pandemic’ years have led to challenges for business owners, such as the need to quickly switch to online or remote delivery of goods and services, a shortage of workers, and supply chain issues.

Employing an entrepreneurial mindset can help business owners address their challenges, gain traction, and achieve results. Three steps include:

Establish your vision. Reassess your current situation, including your day-to-day operations, profitability, and competitive landscape. Think about where you would like your business to be in one year, three years, and five years. If need be, redefine your mission and re-set your goals accordingly and create a plan of action to achieve them. When your goals drive your plan and your plan drives your actions, you are more likely to achieve your desired outcome.
Lead cohesively. Make sure your leadership team agrees with your vision and plan so you can function cooperatively. Then share your vision with the rest of the team so everyone is on board with where you are heading, and you all move in tandem toward the same goals.
Keep score. Create an environment of accountability in which team members understand what is expected of them, with goals that are quantifiable, accomplishments measured, and issues addressed right away.

At Luma Wealth, we use this Entrepreneurial Operating System® (EOS) model to keep our business running smoothly,²and we would be happy to share our insights.

If you are a business owner looking for guidance, please contact your Luma Wealth advisor or Andrew R. Connors, head of our business owner practice group. In addition, sign up to attend the April 12^th Luminary Leader event, in person or virtually, to get tips and inspiration from designer and Yellowcake Shop owner, Valerie Mayén.

¹ The State of Small Business Now, U.S. Chamber of Commerce, September 16, 2021.
² Traction: Get a Grip on Your Business, Wickman, Gino, 2011.

Fairport Wealth is a group comprised of investment professionals registered with Hightower Advisors, LLC, an SEC registered investment adviser. Some investment professionals may also be registered with Hightower Securities, LLC, member FINRA and SIPC. Advisory services are offered through Hightower Advisors, LLC. Securities are offered through Hightower Securities, LLC. All information referenced herein is from sources believed to be reliable. Fairport Wealth and Hightower Advisors, LLC have not independently verified the accuracy or completeness of the information contained in this document. Fairport Wealth and Hightower Advisors, LLC or any of its affiliates make no representations or warranties, express or implied, as to the accuracy or completeness of the information or for statements or errors or omissions, or results obtained from the use of this information. Fairport Wealth and Hightower Advisors, LLC or any of its affiliates assume no liability for any action made or taken in reliance on or relating in any way to the information. This document and the materials contained herein were created for informational purposes only; the opinions expressed are solely those of the author(s), and do not represent those of Hightower Advisors, LLC or any of its affiliates. Fairport Wealth and Hightower Advisors, LLC or any of its affiliates do not provide tax or legal advice. This material was not intended or written to be used or presented to any entity as tax or legal advice. Clients are urged to consult their tax and/or legal advisor for related questions.

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