When facing a challenge, do you avoid it or do you embrace it? Are you more likely to give up when obstacles get in the way, or do you persist despite setbacks? What happens when you hear of a competitor’s successes?
Your perceptions of your abilities and talents as a cannabis business owner — and a person, in general — are your mindset, which, according to psychologist Carol Dweck, can be a “fixed” or a “growth” mindset. Those in the first category believe their intelligence, character, and creativity are unchangeable. Meanwhile, those in the second category see gaps in their knowledge or skills as opportunities. They believe that they can improve their abilities with hard work and determination.
The cannabis industry is ripe with challenges, obstacles, competition, and changing trends. A growth mindset is crucial to success. You need to find ways to face those challenges, overcome obstacles, and keep learning.
Overcome Obstacles
As you attract more customers, you may find that, suddenly, your inventory isn’t enough to keep up with demand. Perhaps you don’t have enough staff members to give your customers optimal service. Bespoke gives you the capital needed to overcome these obstacles without losing control of your business.
Reinvest in Your Business
Adopting a growth mindset allows you to take on new challenges, add new products, and innovate. Using a loan or line of credit to reinvest in your business enables you to do these things, which can help you generate more profit. As you do, you can continue reinvesting, improving, and growing.
Reach Your Customers
To attract new customers and retain current ones, you need to be able to reach them. Today, marketing involves numerous digital strategies such as:
- Maintaining an optimized website
- Creating helpful and relevant content
- Running social media marketing campaigns
With a growth mindset — and the financing you need to implement your marketing efforts — you can really get to know them and reach them where they are.
Stay Competitive
Individuals with a fixed mindset tend to feel upset or threatened when their competitors succeed. With a growth mindset, you see those successes as opportunities. You can use them as lessons or inspiration to do even better.
Perhaps that means adding new products to your lineup or trying a new marketing strategy. Whatever it is, Bespoke’s financing can help you set your plan in motion and work toward your success.
Focus on What Matters Most
When you’re operating on tight margins or constantly worried about making ends meet for your business, it can be hard to focus on anything else. With a fixed mindset, you might be resistant to take any risks, which can leave your business stagnant or worse.
Where To Find Lending options tailored to the Cannabis Industry
Developing a growth mindset in business is an essential component of achieving success. Bespoke’s financing can help foster that mindset, allowing you to face challenges, stay competitive, and scale your company.
Are you looking for a flexible revolving line of credit or other lending options? Bespoke Financial is here to help. Contact us today to learn more today.
