Importance of having abundance mindset in business
Updated: May 26
The premise of abundance is that there is plenty for everyone and that the more you create, the more you share, and the more you give; abundant possibilities open up for further creation. Nurturing a win-win situation in your operations where the accomplishments of your business go hand-in-hand with the success of everyone who comes in contact with it is a no-brainer. Yet, many companies struggle to adopt an 'Abundance Mindset.'
It's much easier for us humans to veer towards a scarcity-minded approach in our personal and professional lives, believing that there are limited resources for everything and that an advantage that is won by one of two sides is lost by the other. Even at an early age, children need to be taught to share because that skill doesn't come as easily as other inherent human aspects like walking and smiling.
Ways to Tell if Your Organization Has an Abundance Mindset
When a business operates on the principle that resources and opportunities multiply (and not divide) as they are used, you have an abundance mentality at play.
Keep in mind that with the digital democratization of knowledge, starting with information searches and data analytics and moving to inventory and customer relationship management tools, all aspects of business management are losing their physical value to a large number of digital choices, many of which are free to access. What was available to niche big companies a few decades ago is now the right of many. Even small businesses have abundant access to business software that helps with complex tasks like HR, payroll, accounting, invoicing, and workday management, to name a few, opening up an employee's time for more meaningful roles within the team.
Why Do Businesses Struggle to Adopt an Abundance Mindset?
Times have changed; resources like cameras and blood pressure monitors are now part of the phone we carry in our hands. Ironically, the very use of the phone for conversations has almost been eliminated due to a rapidly increasing choice of apps that replace the need for dialing numbers! Technology has dematerialized most physical aspects of a business to the point where many organizations are moving toward complete digitization and carbon neutrality.
Companies that do not adopt a strategy of abundance-minded thinking in their operations are generally struggling with the following:
Evolution necessitated that our human predecessors had to fight for their share of land, food, and other limited resources to survive. While that survival instinct was necessary at that time and place, many organizations don't realize that today's world is abundant and rich with enough resources for everyone.
Pivoting and adapting to the new reality of abundance are not easy skills for large companies to adopt if they have been in business for some time. Fear of change exists in older organizations that feel it's simpler to keep things as they are, often missing newer possibilities for growth.
Many businesses still believe that there is zero-sum to everything, and for someone to have an advantage, you will have to give yours up.
Tips on How to Develop an Abundance Mindset for Your Business
A perspective shift is in order if your company has not already embraced an abundance mindset, a way of collaboration and thinking which starts at the top and permeates down the line to all employees, vendors, and partners.
Leaders at the C-suite level and team heads guide the process of abundant-minded thinking in a company. If fear of sharing information and resources exists in leaders who are role models, this mindset of lack could set the tone for the rest of the organization.
Thinking in terms of abundance is an attitude rather than a learned skill; hence hiring people with the right attitude that aligns with company values can't be underscored enough. Remember, companies with a positive image in the job market will attract the best talent.
This brings us to the importance of a work culture that is built around an open-minded, problem-solving approach based on collaboration and empathy. It is important for organizations to partner with vendors and suppliers who are invested in their business.
How your company handles competition truly highlights your abundance mentality. A belief in your journey and raising the bar by investing time and energy into building up your product or service instead of trying to keep the competition down eventually leads to everyone's success and more choices for the customer.
A growth mindset in business ties in well with creating abundance. Using every mistake as a learning opportunity to create something better and bigger lands to the advantage of all involved and sparks innovation through all parts of the organization.
The adoption of digitization in more companies has increased the demand for such software options, thus lowering costs. In the future, many of these products will be completely demonetized, a trend we are already seeing in action.
One of the early proponents of adopting an abundance mindset in business and life, Stephen Covey, reminds us in The 7 Habits of Highly Effective People that people often think in terms of either/or, whereas a win-win mentality is a balancing act between personal motivation and consideration for your team and colleagues. The new reality is that there's an abundance of resources and opportunities for everyone.