There are a huge number of benefits to running a business with an abundance mentality, but what is it.
What is an Abundance Mentality
In short, an abundance mentality is an acknowledgement that there is enough demand in the market to support many businesses. Its essentially the business version of the old ‘more fish in the sea’ approach to dating. This allows you to be less desperate to compete and more open to collaboration and developing a community of success.
How Can an Abundance Mentality Help My Business
When you aren’t focused on every single business in your industry as competition, you develop a much more symbiotic relationship with your industry. This opens up or highlights opportunities for co-operation with your competition, something we like to call co-opetition.
Co-opetition is really at the core of the abundance mentality. With increasingly more businesses across all industries developing services and products tailored to very specific niches, there is growing room for cooperation between businesses with complimentary products or services.
These strategic partnerships allow businesses to focus on delivering the best they can to their customers in their niche. However, they acknowledge that they cant do everything. So they partner with strategic competitors who offer specialised services to a different niche. This way, no matter what the needs of client or customer, the business is able to help get them sorted.
This focus on delivering to your niche allows you to specialise. This specialisation enables you to become the go-to expert in your field. This not only improves your relationship with existing customers and clients but also increases the likelihood of your industry partners referring to you for things in your niche.
Better Customer Service
Kiwi’s seem to expect a one-stop-shop. However, no business is ever going to be an expert in every single thing a client or customer will ever need. In order to get the best possible outcomes, your clients or customers are going to have to go somewhere else at some point.
Chances are, they’ll ask you before they look around. In a competitive mindset, this is where you say you can help and you inevitably do a sub-par job or just screw it up all together. With an abundance mentality, this is where you refer them to on our your trusted strategic partners.
Our Abundance Mentality in Action
There is no longer a need to look at business as kill or be killed.
Here at MBP, we live by an abundance mentality. We are accountants, but we refer prospective clients to other firms if we think they will be a better fit with them or we don’t think they’ll live into our core values.
Our MBP Bookkeepers are are your expert team of bookkeeping pros, with the backing and support of our team of accountants. However, some clients prefer to have the bookkeeping outsourced. That’s why refer them all to the team at Admin Army.
At MBP, we offer coaching and business development services. However, our coaches aren’t the best fit for everyone. You need to really gel to make it work. That’s why we refer people to the business owners accountability coach, AJ Pipe.
These businesses compete with us on one level or another. However, we acknowledge that we can’t do it all and deliver the same level of consistent expert service, that’s why we need partners.
Note: MBP will only be responsible for the terms and conditions for an engagement undertaken directly with MBP. If you undertake a new engagement with a separate firm or a related entity you will need to enter into your own contractual arrangements directly with that firm or entity. We will not accept any liability in respect to any work they may undertake for you.