The Business Envy Trap
Do you ever suffer from business envy? That’s where you compare yourself to other accounting practices. During those moments you’re taking your eyes off your own practice.
Accounting professionals easily fall into the trap of worrying about competitors. You lie awake at night concerned about losing clients. Then envy flares up when another accounting professional you know through Facebook launches a new marketing campaign or creates a beautiful new website. Well, competing is bad for your business.
Even if there were opportunities available to you right now, which there are, you overlook them because you’re dwelling over someone else’s business.When you compare yourself to other #accounting practices, you take your eyes off your own practice. Read full post. #getpaidwhatyoureworth Click To Tweet
Winners and losers
Ever heard of a zero-sum game? It emphasizes winners and losers. In order for you to win, then your competitor has to lose. So when you buy into the thought that there aren’t enough clients to go around, then one practice gains and the other one suffers.
This type of thinking puts you into survival mode. Your fight, flight or freeze response gets triggered. It’s difficult to make decisions which advance your accounting practice when you’re worried about losing to the competition.
Once you get sucked into this thought pattern, it’s difficult to turn it off. When you focus on another firm, you’re abandoning your goals. That’s why competition is bad for your business.
A Better Vision
When you think small—and worry about what you don’t have—you limit your potential. Doubt gets in the way. You’re distracted from concentrating on your strengths.
From the work I’ve done with clients on their mindset, I know the only thing you build is your frustration.When you think small—and worry about what you don’t have—you limit your potential. Read full post. #getpaidwhatyoureworth Click To Tweet
Fortunately, another game theory exists which doesn’t get as much visibility. Reward-as-you-go shifts focus away from the competition. Your eyes turn onto your own practice.
With this framework, you celebrate your successes. No, you don’t have to wait for the BIG wins. Instead, you recognize the small successes which occur along the way.
My clients become very creative at celebrating their wins. Basically, no success is too small. Get up and do a happy dance when good things happen.
Competition Distracts Your Focus
Stop worrying what everyone else is doing. There’s always going to be someone who’s further ahead than you. How would things be different if that didn’t bother you any longer?
On the flip side, do you ever recognize where you’re at? Did it ever occur to you that you’re actually further ahead than someone else? They may have business envy about what you’re doing.
The Champion Mindset
Success requires you to move beyond your current capabilities. Champion athletes adapt this mindset. Therefore, worrying about the competition distracts their focus. It throws them off their game.
High performing athletes compete with themselves. They constantly seek to improve their own records.
Think like an athlete. You’re capable of so much more than you realize. Start to look for the opportunities which give you an edge.
How can you apply this to your accounting practice? Identify where you excel. Where are you giving 80%?
What would be possible if you give 85 or 90%? You’re capable of doing that.Think like an athlete. You’re capable of so much more than you realize. Start to look for the opportunities that will give you an edge. Read full post. #getpaidwhatyoureworth Click To Tweet
Simply focusing on your actions and your attitude puts you in charge of your destiny. It’s the cure for business envy.
- Your accounting firm is unique. Determine where your firm excels. This advanced strategy reduces competition.
- Improve your expertise. Continue to develop your knowledge. You are the best investment that you can make in your business.
- Become a resource. Stop focusing on what you do. Start emphasizing how you serve your clients. Then take it one step further. Explore how you can become a resource for your clients.
- Collaborate. Expand your reach by collaborating with other accounting firms. I selectively partner with other entrepreneurs. However, those partnerships would fail if I worried about them stealing one of my clients.
- Initiate referral partnerships. Build relationships with complementary businesses. Refer back and forth to each other. I’ve developed a large network. When it’s appropriate, I happily connect my clients to other businesses. Worrying about the competition distracts your focus.
- Be Selective. Most people you know won’t understand why you decided to open your own accounting practice. As a result, they’ll encourage you to quit when they see you struggle. Seek out a group of entrepreneurial go-getters. It could be something like the mastermind program I offer for accounting professionals or a local group of success minded business owners. You’ll achieve more when you surround yourself with other entrepreneurs who share a similar desire to succeed.
- Know Your Ideal Client. Stop trying to work with everyone. Define your ideal client and how you solve their problems. In fact, you’ll realize your competitor caters to a different ideal client.
- Focus on your accounting practice. Stop all business envy. Don’t compare yourself to others. Take charge of your destiny by tuning into your actions and your attitude.
When you put these steps into action, your accounting practice thrives. Your success depends on you serving your clients exceptionally well. It’s a win-win for you and for your clients.
A Positive Business Mindset
Continuing with your feelings of overwhelm about the competition is your choice. What thoughts would you have to let go of in order to stop feeling envy and jealousy?
Once you get out of your own way, you’ll begin to enjoy your practice. Realize, however, it takes work to stop comparing yourself to others. The magic happens when you strive to be the best version of yourself rather than trying to be like someone else.
Remember the athlete’s mindset. Keep your eyes in your own lane. That’s because you lose momentum when you check out where the competition is in comparison to you.Success isn’t about win-lose. That viewpoint reinforces a scarcity mindset. Instead seek out the win-win. Read full post. #getpaidwhatyoureworth Click To Tweet
Give your accounting practice the attention it deserves. When another accounting professional succeeds, change your response. View their success as evidence. If they can do that, then you can do that too.
Success isn’t about win-lose. The win-lose viewpoint reinforces a scarcity mindset. Instead seek out the win-win. Then remember to celebrate your achievements, big and small.
Are you tired of getting in your own way? Follow these recommendations for eliminate business envy. You deserve to earn more without feeling like a slave to your accounting practice. Right NOW claim your FREE RESOURCE to double your income while working half the time.