Get into a growth mindset

Weare often told to pay off debt in times of uncertainty, to put ourselves in amore stable and secure position for the future.

Butwhat if the time is actually right to leverageupand borrowmore money? I’m not just talking about the housing market— although it’s clear that is the approach being taken by manyproperty buyers now.

Interest rates are at record lows for business borrowing, too, and there are anumberof facilities designed to getmoney to small businesseswhoneed it, including thegovernmentbacked small business cash flow loan scheme. If you need to invest, there might never have been a better time todo it.

The cost of that investment in your business is very low and the pay off could be great as the country starts to work through the post-covid recovery phase.

But once a vaccine is rolled out and the world returns to something a little bitmorelike normal, recovery will start to take place in earnest.

Toinvest well, you’ll need a plan and someclear targets. Weighupthe potential opportunities against what they will deliver for your path to progress. It might be helpful to getsomeadvice from a business mentor, coach or another trusted adviser to work out where the best returns for your business might be.

Youmight be able to invest innewmachinery tomakeyour teammoreproductive, training to improve output, bigger premises or marketing to allow you to expand and reachmore customers. Aword used a lot recently is “pivot”— howwill you pivot your business strategy ahead ?.

It can be scary tomakebold movesduring times of upheaval, whenit’s not clear exactly what lies ahead. But often doing so can pay dividendsdownthe track because you’re better positioned to take advantage of surges of growth. Get into a growth mindset andarm yourself for the challenges and opportunities ahead.