How an abundance mindset can help you make better business decisions

Over the Labor Day weekend, a black couple went to a “pick-your-own” (PYO) farm outside of Boston to savor the waning days of summer and enjoy a little farm experience. As they walked back from the orchard to the farm-store (to pay for their things), they were approached and accused of stealing apples (they weren’t and you can read the full story here.); the farm manager called the police.

The newspaper reported on its interview with the owner:
“Connors said apple thefts by customers drains $1,000 a day from his revenues and that everyone who comes onto the property is notified their backpacks and other bags are subject to search by staffers. ‘We reserve the right to look into backpacks and strollers because it’s been a real issue,’ he said. ‘We put a lot of time and effort [into growing apples]. We’re farmers and we want to get paid for our crop.’”

I don’t know whether overt racism, unconscious bias, or a truly random stop led to this Black family being singled out, but regardless of the intent, this family’s experience was ruined. No visitor of any race should have to experience this humiliation.

Searching people’s backpacks and strollers is a bad business decision. Accusing your customers of theft (before investigating) is a bad business decision.

These bad decisions snowballed into a customer relations disaster!

Bad Decision #1 – Operating from a scarcity mindset

“Scarcity mentality refers to people seeing life as a finite pie, so that if one person takes a big piece, that leaves less for everyone else. … An abundance mindset refers to the paradigm that there is plenty out there for everybody.”

How did the scarcity mindset impact Connors Farm? If he didn’t get paid for each and every apple picked from his trees, there would not be enough money for him.  This mindset led him to search customers bags and create an atmosphere of unwelcome distrust.

As it’s been said, “They may forget what you said — but they will never forget how you made them feel.[1]

Not only did the couple in question feel horrible, so did many others who read about this incident. They will remember how they felt about Connors Farm and won’t shop there again.

How would this have played out differently if Connors had an abundance mindset? He would have accepted that “apple theft” is a cost of doing business and he would have trusted his customers to be honest and pay for what they take. His customers would leave feeling the spirit of generosity (no nickel and diming here), remember the delicious apples and the abundant orchards, and would joyfully return year after year.

Lesson:
It is more expensive to acquire new customers than it is to maintain current customers.  An abundant mindset will reap longer term benefits… and you’ll feel better.

I get it, though, especially if you’re just starting out! It’s hard to feel abundant! In the early days of my business, when money was tight, I had a client cancel one week before her event because of a death in the family. According to my contract, I had every right to keep their deposit. And with rent coming up, I needed it! What would you have done? Would you have refunded the deposit anyway?

A scarcity mindset might say, “Money is tight, and I need every dollar! It’s not my fault!”  An abundant mindset might say, “It’s okay to refund the money… I will still have opportunities to work and earn money; there is plenty of work to go around.”

Here are some more examples of how the different mindsets manifest themselves… and how you may adjust your thinking.

Do you have a scarcity mindset or abundant? How could a shift in attitude help you make better business decisions?

Sources:
https://www.fireflydanville.com/the-abundance-vs-scarcity-mindset/
https://lewisalex10.medium.com/abundance-thinking-vs-scarcity-thinking-7f35010cd10e
[1] This quote has been attributed to Maya Angelou and Carl W. Buehner