Keeping a Success Mindset in the Time of COVID

In times of crisis, your mindset is a large part of determining your business outcomes. When the COVID-19 pandemic started, it quickly became obvious that there were 2 distinct mindsets behind the business decisions people made. There’s the “COVID mindset”, and there’s the “success mindset”. The COVID mindset is one of fear, confusion, and uncertainty. Those operating under the COVID mindset made business decisions based on those emotions. The success mindset depends on confidence, strong work ethic, courage, among other positive traits. Those operating under this mindset took a “make things happen” approach instead of panicking. In order to survive and even thrive in a crisis like the COVID pandemic, you have to choose an attitude of success.

What does a success mindset look like in action?

When others panic and act from a subjective viewpoint, those with a success mindset work to build an objective understanding of the situation. Since they take an objective stance, they don’t make rash decisions. This is the opposite of what we see with the COVID mindset. By waiting things out, a person with a success mindset is positioned to benefit from the poor decisions of others. In the case of COVID, these people have been able to take advantage of higher open rates for email and direct mail. They’ve also been able to do more with their marketing dollars thanks to the mass exodus of many businesses from advertising platforms like Facebook. 

Working from a success mindset doesn’t end with great marketing. It also means using the crisis to your advantage. A great example is making use of the fact that COVID-related shelter in place orders have resulted in people becoming more reliant on virtual meetings. Prior to the pandemic, there were some people who wouldn’t dream of the meeting via video conference. There were also people who would take offense if you sent a video conference invite instead of taking the time to meet up for coffee or a meal. Of course, these people still exist, but you’ll find much less resistance than you did prior to COVID. This frees up time, and in turn positions you to improve profitability.

How do you develop and keep a successful mindset during a crisis?

In a perfect world, you were operating from a success mindset prior to the crisis in question. In reality, you might not have made it that far before catastrophe struck. Regardless of where you start, it’s possible to hone in on and maintain a success mindset. 

  • Stick to the facts: Anytime there’s a large scale event that has the potential for lasting impact, theories will fly. The media may provide more questions than answers. When this happens, do not act on the response from media outlets. Slow down, get the facts, confirm those facts, and act on the verified information.
  • Keep it positive: When crisis strikes being positive may just be the hardest thing you have to do to succeed. Positivity works because it keeps you in that “make things happen” mental state. That’s the place you have to operate from if you want to make the best of any situation.
  • Don’t make cuts: Budget cuts are often the first line of defense when businesses approach a crisis from a place of fear. While it may be necessary to make some cuts, your marketing and sales budgets should be a last resort. Keeping those aspects of your business well funded will allow you to step up when others are too afraid to take the risk. 

Start today

Succeeding during a crisis is usually going to require you to take some risks. Those risks may make you uncomfortable, and that is okay. The success mindset is not for doing what’s safe and comfortable. It’s how you think when you want to win in spite of everything that’s happening around you. No matter the industry, clients are looking for people they can trust to get them to the other side of the crisis. When you operate from a success mindset, you’re telling clients and prospects that you’re that person that they can trust.

Build the success mindset you need by downloading the free report “10 Things to Grow A Financial Advisor Practice.” This checklist will give you a guide to take a fresh look at your practice to build your ideal financial advisor practice.