In the latest episode of Lion People Global’s “End Game: Growth Solutions Masterclass,” Olga Blasco, Principal Partner M&A at Lion People Global, delves into the importance of mindset for owners and directors of language service companies.
Olga highlights the significance of maintaining a growth mindset and focusing on what is within our control to ensure continued success and relevance in an ever-changing business landscape.
Olga emphasises the need for decision-makers to adopt a growth mindset, which involves looking beyond the limitations that might be holding them back.
“You need to always try to look beyond the limitations that we would normally apply to decision-making processes, especially in terms of crisis,” she explains.
One key aspect of a growth mindset is focusing on what can be controlled, and Olga provides some examples of areas where business owners can make an impact.
“You are always in control of how you treat your clients, how you treat your employees, how you develop service offerings that compete with disruptive competitors,” she says.
Concentrating on what you can positively influence, rather than fighting against things beyond your control, is crucial for success in the long run.
Olga also acknowledges that change is an inevitable part of growth and that it can be challenging for both leaders and their teams.
She explains the concept of the emotional “J curve,” where things may get worse before they improve.
To navigate this curve, Olga stresses the importance of managing the “mojo” – the attractive force that brings people together and generates success and energy.
She says, “You need to manage all of that and you need to make sure that you manage that also with your team and that it affects your business.”
In summary, mindset plays a crucial role in the ongoing growth and profitability of language service companies.
By adopting a growth mindset, focusing on what can be controlled, and managing the challenges of change, business owners and directors can ensure continued success in the face of adversity. As Olga reminds us, “mindset is extremely, extremely important.”
If you want to know more about this area, visit Lion People Global’s website where you can watch back our M&A Talks series of videos and fill out a questionnaire that entitles you to one hour’s free consultation on getting a LSP or language tech business ready for sale.