The big difference a growth mindset makes in achieving business success.

The businesses that thrive in today’s fast-paced landscape are those with leaders who embrace and actively seek out change.

Keeping up, let alone staying ahead, isn’t easy. However, organizations that foster a culture of continuous improvement learn from mistakes and regularly take on new challenges, gaining a distinct edge. This proactive approach, known as adopting a growth mindset, creates a foundation for success.

“If you don’t have a growth mindset, you’re going to end up in a position where your company is not keeping up with the competition,” said Russ Rockenbach, Dallas market president for Commerce Bank. “For example, if you’re not fully embracing automation and your competitor is, you’re going to have higher embedded costs and you’re probably not going to meet the expectations of your customers and your employees.”

Culture of curiosity.

Rockenbach, who works closely with business leaders across North Texas in a wide range of industries, believes a growth mindset is ingrained in the region’s culture.

“Perhaps that’s because we’ve been fortunate to have so much growth, but I also feel it’s part of the general psyche,” said Rockenbach. “Curiosity drives a lot of opportunity and innovation.”

Of course, curiosity and innovation aren’t tied to geography. Across the U.S., businesses that embrace a growth mindset are well-positioned to adapt to today’s biggest challenges.

Rockenbach sees three key issues demanding immediate attention: a tight labor market, interest rates that continue to be higher than many expected, and rising expectations for cutting-edge technology from employees and customers.

“All three of those are resulting in a lot of pressure for companies to balance different initiatives and priorities,” he said.

Solving today’s biggest business challenges.

Automation is one strategy for addressing those challenges.

“We’re working with companies that are embracing automation to solve a number of those things,” Rockenbach said. “Automation can help bring down your cost and free up your human capital to focus on more strategic opportunities to add value. And automation also helps bring down the possibility of fraud and errors.”

For example, automating routine, time-intensive tasks such as reconciliations allows employees to zero in on areas where they can make the biggest impact. Bank integrations with enterprise resource planning systems also can be a game changer for many businesses, according to Rockenbach. Such integrations provide growth-minded leaders with a real-time view of their cash flow, which is particularly critical in today’s environment of higher borrowing costs.

“The better visibility you have into those cash flows, the greater your ability to project your capital needs going forward,” he said. “That allows businesses to think through credit solutions before they’re needed.”

The value of a trusted advisor with a growth mindset.

A growth mindset isn’t just about navigating immediate hurdles; it’s about continuously adapting and evolving. Business leaders with this mindset spend time planning for the future and positioning themselves at the forefront of their industry. They also often look for advice from trusted advisors as they grow.

“Commerce Bank offers businesses deep industry knowledge and helps clients navigate every stage of the business cycle,” said John Creamer, Nashville market president for Commerce Bank.

“We have a growth mindset as an organization and that’s backed up by the investments in technology we’ve made and continue to make with respect to payments, automation and the consumer experience,” Creamer said. “Often, it differentiates us from the competition.”

In recent years, Commerce Bank has invested heavily in its CommercePayments® solutions link opens in a new window, which include a number of payments and treasury management tools with extensive data integration capabilities. It also has a partnership with Visa® that allows businesses to make payments directly to consumers via their preferred digital wallet.

“The biggest difference between a company that practices the growth mindset and one that doesn’t is that a company with a growth mindset is always looking for ways to improve and stay current with technology,” Creamer said.

And that growth mindset can make all the difference — not just in overcoming challenges, but in seizing opportunities for significant growth.

“If I were a shareholder, I’d want to be a shareholder in the company that is focusing on being growth-oriented, innovative and ahead of the curve.”

CommercePayments® solutions are provided by Commerce Bank.