Beata Leyland
Business Owner & Author of this article
Cheap doesn’t mean the worst, just like very expensive doesn’t mean the best offer, simply an ability to understand your surroundings is the key to make good, constructive steps forward.
Intrigued ?
Business savvy mindset is a term commonly used, but I also can tell that it is commonly misunderstood.
How do you describe someone who is smart while doing business?
Smart? Intelligent? Creative? With business intuition? All the above are correct, but they miss the mark because a business savvy mindset, like maturity or the adjective smart doesn’t translate necessarily into age, IQ, or wealth/education brackets.
I like to describe a business savvy mindset as an ability to know when to restrain yourself and take time before opening your mouth and make a comment or decision; and at the same time the ability to know when to push back and be extremely persistent when it is needed.
I’ve seen my clients doing it, and some of them are in their 20’s, some in their 40’s.
Does education have to do something with it?
Not really based on my observations because many times the schema taught at school cripples our vision as much as it could help.
What about maturity? Well, this clearly helps us to read the room fast and know how and when to react, but it also depends on how we age.
If someone ages and leans into a direction of a closed mindset, then bias can harm rather than help.
Let’s dive into real-life examples of business case studies which are not so obvious to resolve as they look like from the first glance so you can better understand why a holistic approach towards business is the only one which works long-term.
Example 1
Imagine launching a niche project. You have only a few factories able to do it as you wish.
One has excellent communication skills, but they are new on the market and have a long lead time.
Another one has ton of impressive experience but lacks human skills and a 3rd one looks down on you because they can.
Add to this equation market changes and price increases from all of them.
My client got samples and the arrogant company #3 has the best samples.
What to do now?
Swallow the pride and go with them or pick someone else?
My client chose to do it and after a few long and dreadful months decided to change to the one with an impressive portfolio to make up for a lost time. Smart, right?
The experienced company now drags their feet because they know that my client is at their mercy, and you are impressed by what they did in the past.
As an outcome samples are garbage and another few months are lost.
The obvious choice is to come back to company nr 1 and ask them what they can do.
Based on collected know-how my client already knew to be more firm, to ask certain questions and this cooperation becomes a hit.
What have we learned as an observer?
What could be done differently?
This example is a classic one for someone without a lot of experience or experience but with a very conservative approach.
What could be done differently?
Focusing on 2 rather than 1 at a time so you can keep the deadline.
Making decisions faster but also realizing that someone who is already arrogant and egotistic might create more headache than you think.
Not all new companies are capable of complex projects as much as they would love to gain your business but at the same time picking at least a very experienced player will increase your guarantee that the project will be done as deadlines have to be met.
What does business savvy mindset mean here?
Decision making process and seeing between the lines who would be a good match for you.
Example 2
Picking based on the price only.
Price tells a story and when you have a bunch of offers and you pick only 1 or 2 and entirely based on price, you gamble.
Someone with a business savvy mindset would speak with a few players which offer a lower price, middle price, and high price to see what is available on the market.
Every move in business, every connection is an opportunity to gain knowledge which can help you to move forward.
Ignoring it is a big mistake.
Business books have chapters about networking and meaningful analytics, but you need to feel a situation, understand with whom you will be working to choose right.
Cheap doesn’t mean the worst, just like very expensive doesn’t mean the best offer, simply an ability to understand your surroundings is the key to make good, constructive steps forward.
Adaptability to the circumstances, developing tools and finding the right people doesn’t happen overnight, and that’s what people tend to forget.
There are so many articles on how to be savvier, and I am happy people write about it as this is a skill which has to be highlighted.
Like every skill, mastering such a mindset shift is hard work, based on mistakes, but also the ability to see situations from very different angles, ability to actively listen and humble your attitude towards your teachers (other businesspeople).
We try to teach our clients by example how to exercise a business savvy mindset by making suggestions as described earlier but at the same time not making decisions on their behalf as all of us have our own learning curve.
If you are looking for a reliable business partner who can help you bring your company, idea to a different level, don’t wait for a better moment, just text us, call us.
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