Have you ever thought of being successful and then got scared of it all at once? Does the prospect of success fill you with both excitement and dread? Do you look at other successful women wondering what it would feel like to reach your dreams but not quite daring to dream that big?
If you’ve nodded while reading any of the above questions, you’re not alone. As a matter of fact, you’re probably joining the ranks of a majority of brilliant, competent, working women who work hard to make it, yet are well…terrified of succeeding. Counter-intuitive much?
In her famous doctoral studies, Dr. Matina Horner showed the astounding impact of the fear of success on women’s careers (Horner, 1972). Horner describes the motive to avoid success for women within the expectancy-value theory of motivation, as the social stereotype according to which independence, competence, intellectual achievement and competence are viewed as positively related to masculinity and not femininity. As such, there is an expectancy that achievement-related success will arouse negative outcomes for women.
Fear of success is one of the psychological factors that most affects women’s career development (Komalasari, Supartha, Rahyuda, & Dewi, 2017), and discourages them from going after achievements and opportunities. This fear of success in women has been demonstrated in numerous studies (Hoffman, 1974), showing how the threat of affiliative loss affects women’s motivation and attainment of goals. This fear of success is even more acute in non-gender appropriate conditions, such as in professions typically reserved for men (Cherry & Deaux, 1978).
For so many women, success is appealing, yet terrifying. It simultaneously crowns their efforts with both the recognition finally deserved, and the negative perceptions, often leading to rejection and communal disempowerment so feared by women, precisely because of their nurturing and community-oriented nature. This fear manifests itself in commonly known yet not as often suspected forms such as procrastination or self-sabotage.
So how do you fight this so often inherent fear of success as a working woman? Frankly speaking, it’s easier said than done. The fear of success is often ingrained in women as early as in their childhood, along with societal and communal expectations of who and what a woman should be and do. Pushing past these expectations and the related mindsets and self-destructing behaviors requires an intentional decision and journey into understanding oneself, and making peace with one’s purpose and personal path.
If this is a journey you’ve been thinking about, or are currently on, here are a few tips to get you started or to continue on your way to ridding yourself of the fear of being successful:
Change your mind!
Literally! After years of social conditioning and messages all around us about the place and role of women, we seldom realize how much we tend to work against ourselves. Changing your mind to embrace your true desires has to become a constant process of identifying your own negative and self-defeating patterns, and replace them with positive ones.
Normalize defining success on your own terms
What is success, really? My favorite quote about success is from Dr. Maya Angelou: “Success is liking yourself, liking what you do, and liking how you do it.” After years of subscribing to other well-intentioned people’s definition of success, it took me a long while to discover what success truly meant for me. Once I did, I was no longer afraid of someone else’s ethereal, impersonal definition of success. Rather, I started feeling emboldened to bring my own vision of success to life.
Practice being unapologetic about what you want
I used to want to apologize for literally taking space, as if my achieving anything made me indebted to others. With the guilt of achievement, often comes the urge to apologize for simply being there. It takes the conscious realization of this, as well as the intentional decision to refrain from being apologetic about what you want.
Grieve the loss of prior expectations
However, with normalizing success as a working woman, also comes the death of prior expectations from society. These are usually communal expectations of what a “feminine” woman looks like, that have been deeply embedded in the collective psyche over time, such as “girls should be seen and not heard”, or that female success equates the loss of all femininity and societal acceptance. These are also expectations that at some point or another, you may have carried with you, and that you must now allow yourself to grieve.
Commit to your own personal journey of growth
Last but not least, fighting the fear of success and building confidence as a working woman is not an overnight affair. It’s the journey of a lifetime, one that requires commitment, devotion and most importantly, the blood and sweat of your legacy.
Are you afraid of achieving success as a working woman?
2020 was a lot of things, but one sure thing it was, was a year of lessons. From the global angst of an uncontrollable pandemic to the anxious frustration of quarantine, not to mention the aggravated stress of an ever-looming financial and economic pit and the stinging heartache of hundreds of thousands of lives taken away, lessons, hard, heart-wrenching, implacable lessons, were everywhere. These are timeless lessons that will undoubtedly forever stay with us, especially as working women and moms…
While there have been twice as many fatalities affecting men than women worldwide, more women have been affected by the pandemic than men. On the work front, women constitute 70% of the health workforce, thus being more prone to infection. On the home front, from the increase in domestic violence to the lack of domestic and emotional support for working moms, women are facing incredibly high obstacles. An entire generation of progress and advancement for women is also at risk…
This year has shaped the way I see myself, the world around me, and the work I do. Like so many of you, as a working woman, a mom, a wife, a sister, a daughter, it has stretched me, pushed me, punched me, egged me on in ways I could have never imagined. Ultimately, it has rewarded me with the precious gift of appreciation and gratitude for the rare privilege, taken away from so many who did not cross this year’s threshold, to simply be…
As I’m grateful to put a period on 2020, I’m also so thankful for the precious lessons this year has allowed me to etch on my mind and memory. Here are 20 of them, that I’m taking with me and am privileged to share with you:
Prioritize your mental health
If there is any year that has tested our mental health, it is this one.
This year taught us that even when you’re low on strength and resources, you cannot afford to neglect your mental health..
Not when you’re up at 2am frantically checking your email for your COVID-19 lab testing results…
Not when you have to dig deep into your last resources of love, calm and resilience to soothe a crying child frustrated by weeks of quarantine and Zoom video calls, as you struggle with putting on a brave face for yet another online meeting…
Not when you’re watching heart-wrenching stories about George Floyd and Breonna Taylor and dealing with an entire world’s racial reckoning..
Taking care of your mental health is not just necessary to survive, but to thrive in all areas of your life and career.
Your career should be an expression of your purpose.
What happens when crisis hit? When the world as you knew it no longer exists? When the “new normal” is nothing but?
You do what working women and moms with an endless to-do list, bills to pay and a couple of extra smart mouths to feed would do. You re-consider your priorities, very often ending with a big question mark over the one activity most of us spend most of our time in: our careers…
For many, if not most working women and moms, it has become obvious that our careers should be an expression of our purpose. That if, faced with the fragility of life, we must devote time to work, it must be work that serves a purpose. Our purpose, to be more specific…
You own your career, and not the other way around.
So often, we feel like our employer is our source, that our careers own us, long hours, bad managers and all…It’s not until something drastic happens, that we finally dare to take back ownership of our work, and ultimately our lives. While women are leaving the workforce in greater numbers than men due to handling the brunt of household duties and chores at home, they’re also faced with the harsh decision to redefine and reclaim their careers.
This year, I learnt crisis is actually opportunity. The opportunity to re-define your work and career, rather than let it define you.
Resiliency is key to career success.
Careers are like good cakes. They’re made with the right ingredients, with time and enough consistency to breed the type of success that is not just glowing in appearance, but fulfilling and sustainable.
For working women and moms faced with so many odds on the home and work front, especially during this past year, resilience is one of these indispensable key ingredients to career success. It’s the ability to keep going when the going gets tough, like it has certainly been during this pandemic, and to still be there when most have left the career battlefield or resigned themselves to career stagnation.
Your career evolves with you.
One of the biggest misconceptions about our careers is that our work is separate from our personal lives as individuals. As we’ve all come to find out through the extraordinarily drastic circumstances of the 2020 crisis and pandemic, nothing could be further from the truth, especially for us as working women and moms.
As this crisis has stretched and weighed down so many working women and moms, it has also shown that our work, the way we work, and the ability to do our work is not separate from who we are and what happens around us. As millions of working women have had to leave their jobs to attend to childcare responsibilities and home duties, their careers have changed along with them. And as so many working women and moms learn to re-define work through this crisis, their careers are bound to evolve with them.
Crisis is opportunity in disguise.
For working women and moms, the balance of work and life has dangerously tipped, seemingly abolishing decades of feminist advances. For women owners of small businesses, the crisis has been particularly harsh, replacing the glimmer of previous hope with a stark preview of things to come.
However, it’s also taught us new ways of doing business, the ability to transform our operations from in-person to remote, and the importance of using hardship as an opportunity to reinvent the way we do what we do.
Be flexible with your approach to reach your goals.
2020 has taught us what all crises do, that is to be flexible, agile and adaptable in the face of change. It has forced us to reconsider our most prized goals, and re-prioritize our objectives. Some of these goals have been put on the back burner, others are no longer relevant, and most of them are looking very different from the way we originally envisioned them.
As working women and moms, although the losses are undeniable, the hidden gains, in terms of added clarity, flexibility and strength, are here to stay.
A career detour is not a denial.
Working women have borne the brunt of unemployment during this crisis at a much higher rate than their male counterparts. As owners of small businesses in the service industry, and employees on the medical front line, so many women have lost their jobs and sources of income.
However, these career detours into temporary failure are also uncovering systemic gender-related gaps and issues that can now be addressed. For many women, this will be the opportunity to turn a career detour into a better path for gender equity.
Do not hide your gifts.
What the 2020 pandemic and crisis re-emphasized to all of us is the preciousness of time and the fragility of life. As we watched reports of millions of people taken by the disease, weighed down by its economic burden, and permanently affected by its disastrous impact, we were reminded to make the best out of what we have, right here, right now.
As working women and moms, it also means resisting the temptation to hide our gifts, to bury our abilities and capacities under appearances of conformism and correctness. For many, it has ignited the beautifully desperate call to not leave our best for last.
Do what you can with what you have right where you are.
Going from having so much freedom and choice to being limited in action, resources and access, especially as mothers, workers, and leaders, is a reminder to make the best of what we have. Despite the enormity of the struggle facing working women and moms, kids still went to school, work still got done, and food still made it on the dinner table.
Failure is the most powerful of teachers.
So many started the year with lofty goals and ambitious objectives. As unfortunate circumstances continued to unfold, we learnt from failing to achieve what we thought we needed. Instead, we learnt from the lessons of failure, unemployment, business demise, and family challenges, some of the most powerful lessons of our lives.
Pick your career battles wisely.
What do you do when you’re stuck between a career rock and a personal hard place? When you have to attend to your family, and risk your job at the same time? When the mortgage is due, and you’ve just been let go from work? When you have to choose between childcare and work?
These questions, and so many others, were ripe in the minds and lives of working women and moms during this pandemic. Hard choices had to be made. All throughout, these women learnt to pick what matters most.
Respect the different seasons of your life and career.
Through many of the heart-wrenching choices and adjustments working women and moms have had to make during this crisis, they have also had to accept the different and challenging seasons of work and life. From career breaks to unemployment, and business re-adjustments, honoring and learning from the various seasons of our work and life is invaluable. It is what gives us the stamina and inspiration to keep going, and to re-adjust our sails as we go….
Do not dwell on what it looks like, believe in what can be.
Crises make it hard to see the forest from the trees. When everything looks bleak on the horizon, it can be close to impossible to keep our eyes on the prize, whatever that may be for us.
Yet, as a working woman and mom, it was crucial for me to believe so I could keep striving towards not what I could see, but what could be. Striving towards the health of my family, the pursuit of my purpose, and the hope that we can be the light at the end of our own tunnels.
Find the positive in every situation and work it to your advantage.
Being quarantined for almost the entirety of 2020 allowed us to get back to the true spirit of family, and for most of us as working women and moms, re-prioritize precious time and energy. While we were away from work, technology stepped in to help, albeit imperfectly, keep business going. In the direst of circumstances, there is always a glimmer of positivity we can work to our advantage.
Learn from every situation.
2020 was one of the biggest lessons most of us had the opportunity to learn. One giant lesson we’re still absorbing, especially as working women and moms…Every situation has something to teach us, most of all the ones we desperately try to avoid or run away from…
Do not be afraid to define success on your own terms.
Challenging situations have a way of bringing clarity into the darkest of circumstances. What with mass layoffs, overwhelming unemployment, and the gigantic burden on working women and moms, learning to re-define success on our own terms in the face of adversity may just have been the greatest gift of this season.
Prioritize what is sacred to you.
What is truly important to you? What matters the most? What is sacred to you?
Often, we tend to wait for a catastrophe to ask ourselves these questions. Maybe the lesson of this past year is to stop waiting for unfortunate circumstances, or the other shoe to drop, and instead get in the habit of prioritizing what is sacred to us at all times…
Let go of what and who is not for you.
As working women and moms with unending to-do lists, letting go may not be our first instinct. I know it’s not often mine. Yet, the pandemic and global crisis of 2020 taught me, as it did most of us, that in order to focus on what truly matters, the less important has to go…
“Knowledge without wisdom is like water in sand.” – African Proverb
Too often, especially as working women victims of the proverbial “glass ceiling” in corporations or other obstacles to career advancement, we may look to tirelessly improve our knowledge and the structures we’re part of in search of greater equity and fairer opportunity. However, one of the places we sometimes fail to look at, is our own mindset. Yet, mindset has been proven to be the single most important factor affecting an individual’s success.
I know most of the advice I, and so many other working women, have received when it comes to career advancement ranges from technical to strategic and tactical recommendations. Very seldom, are we encouraged to re-visit and reinvent our mindset for career success. And this, despite having been conditioned for so long to perceive and accept the working world as a gendered construct built for and to the advantage of men. Without knowing it, we may be expanding countless personal, professional, and even emotional and psychological resources fighting battles we may already have lost in our own minds, as we hold negative, counter-productive beliefs about ourselves, doubt our strengths, and lack a clear sense of purpose.
Long before I had even heard of the “glass ceiling”, or the “concrete wall”, or concepts such as “mansplaining” for instance, I believed I would inevitably have to face a career ceiling. I could never speak up long and assertively enough to be heard. Or maybe I didn’t know all the right people, or did not have the right skills… For me, like for so many other working women, the invisible but quite palpable professional ceiling was still alive and well, most of all in my mind…
In a world where the career success ceiling for women still exists, despite numerous significant advances, it is crucial for working women to not only continuously work on their mindsets, but to strive to re-invent it at all times, against the common pressures of modern society and our own internal preconceptions.
To begin this reinvention process, here are 3 tips to reinvent your career mindset for success:
What are your predominant beliefs about yourself and your work?
We don’t talk enough about the role of our mindset at work. I had to learn the hard way that the biggest block in my career was my mindset. Not the boss, not the co-workers, not even the glass ceiling and some of the discrimination so many of us encounter…The biggest block was in my head!
Our mindsets are shaped from childhood on, from the words spoken by well-intentioned (or not so well-intentioned) family, friends and other people in our lives. For instance, if you were always told you were shy, like I was, this may have become a self-fulfilling prophecy for you, and the message you would hear from your inner voice every time you sat at a meeting and were afraid to speak up. Or that “little girls should be seen and not heard”, another proverbial self-fulfilling prophecy for so many working women afraid to let their voices be heard.
Now your turn:
What are those predominant beliefs about yourself?
Which ones are negative self-beliefs?
Can you replace them with the exact, positive opposite?
Re-discover your strengths
So often as working women, we don’t realize our strengths. Remember, we tend to be most critical towards ourselves. We also often forget to focus on our strengths, or to notice how they have evolved over time. Re-assessing your strengths, or even discovering them for the first time, takes the cap off of what you can achieve.
Here are a few steps to re-discover your strengths:
Take the time to self-evaluate
Ask friends and family
Analyze your successes
Get some clues on your failures and attempts
Rethink your WHY
WHY are you doing what you’re doing? Is it for the purpose of it all, the money, the relationships, to pay your student loans, take care of your family, etc? When I started my career, I didn’t have a clear WHY. It took me quite a few years to figure it out, and to figure out that it also changes with time. The WHY you had when you started your career is likely not the same WHY you have today.
By identifying and acknowledging our predominant beliefs about ourselves and our work, especially the negative ones, re-discovering our own unique strengths, and re-thinking our why, we also learn to re-wire our mindsets for success on our own terms.
How do you re-invent your career mindset for success?
Dear Working Mom is our periodic love and encouragement letter to working moms everywhere…
Dear Working Mom,
Remember that time, a long while back, maybe so far back that you may not even remember, when you promised yourself never to lose yourself? Never to lose that spark, that creativity, that spunk, that pep in your step, no matter what?
It’s been a while and life certainly has happened since then, taking over like a rushing wind of commitments, duties, and obligations of all kinds. And maybe one morning you may have woken up to realize that you can’t remember the last time you rode a bike, or read a book from cover to cover, or dug out your favorite dance shoes out of your closet to practice some of your old steps… Maybe someone asked you what you like to do, and you couldn’t come up with anything outside of going to work, picking up the kids, cooking, cleaning or your favorite brand of laundry detergent…
There are so many ways that, as modern moms, we can lose ourselves in the beautifully messy whirlwind of motherhood,marriage, partnership and life in general. We blink and it’s been a month, a year, a decade of beautiful, busy, often challenging but oh so rewarding moments. But we also blink and it may have been a month, a year, a decade, of forgetting a little bit of who we are, a little bit at a time…And you’ll know it too… You’ll know it by the way you feel a little off-center, a little off-balance, a little not like yourself…It’ll show up in the restlessness in your body, the raciness in your thoughts, the unexplainable jitters followed by a frustrating lethargy, the unanticipated moodiness…
And when you start noticing your soul wandering in exhaustion, it may be the sign, dear Working Mom, to return to yourself. To get back to those things that truly bring you joy, to make time for those old passions, even if only for a fraction of your day…
Because you never have to lose yourself, not through your work, not through your marriage or partnership, not through your relationships, not through anyone or anything…You never have to lose yourself, because those who love you need all of you…
Because your children need the spark in your eyes, the joy in your laughter, the energy in your step, and all the parts of you that make you…
Because the world needs the entirety of who you are, and so do you…
2020 has certainly been a year full of surprises, but with so many economic disruptions and changes to business-as-usual in the workplace, many people are taking the opportunity to try something completely different. With so much of the global workforce continuing to work from home, new possibilities for remote work are inspiring people to pursue the dream of working for themselves. If you’re one of them, here are some practical tips for turning your passion into profit.
Use passion as a guide – but do your homework
Do what you love, they say, and you’ll never work a day in your life. While it sounds nice, the truth is that pursuing your dream job takes mountains of careful planning, resilience, and yes, hard work. Passion can help you identify your niche and deeper values, but it cannot replace solid market research, or sound financial planning.
Being passionate about something is great, but you also need to have the aptitude to monetize your enthusiasm. It’s not very glamorous, but you’ll need to brush up on your finance skills whatever your chosen passion. Take the time to register yourself properly for income tax if you’re going self-employed, compile a proper budget, and remember to choose an appropriate business bank account to keep separate from your personal finances.
Think about how you can add value
A common mistake with those who are trying to “following their passion” is that they forget their goal is not just to indulge in activities they personally find meaningful, but to also add value to their customer’s lives. Passion is a valuable commodity and people will pay a lot to work with or learn from someone who is passionate about what they do.
But you also need to make your service or product appealing in a competitive marketplace, and this means you have to bring something to the table that can also inspire passion in others. How can you genuinely improve on what’s already out there in the market? What are you really offering that nobody else can? What problems are you solving for your prospective customers?
Find ways to diversify
The great thing about entrepreneurship is the freedom and flexibility. You’re in the perfect position to adapt and grow, to take on feedback and change courses, to improve over time or completely change your strategy. But you can also start from the outset by setting up multiple potential income streams for yourself.
If your passion is gourmet food, for example, you could sell an actual product like high-end food hampers, or you could educate others using a blog, book or YouTube channel. You could offer your services by the hour as a food consultant for other restaurant industry, or organize cooking classes or training events and conferences. You could start a bespoke catering company or write a cookbook, or collaborate with other industry professionals. You don’t need to pursue all the ideas you brainstorm, but you’ll soon see that your passion can fulfil itself in a variety of interesting – and profitable – ways.
Be prepared for the learning curve
Pursuing your passion as a career can be a long and difficult path. You’ll need to find ways to push yourself out of your comfort zone and take strategic risks if you hope to grow. Being a perfectionist won’t help either – instead, try a few things, and don’t be too hard on yourself if it takes a few attempts to get it right.
Just because you have passion for something, and even talent, it doesn’t mean it will be easy to start earning money. However, you are always better positioned to start making a profit if you’re working diligently, pacing yourself and asking for help and support when you feel a little lost of overwhelmed.
Keep learning
Passion can keep you motivated when times are tough, and it can help you tune into your deeper goals and values in life. But passion can also make us stubborn at times, especially if we allow ourselves to grow too attached to fixed ideas about how things should work.
Going into business for yourself or making money from something you care deeply about can be an incredibly rewarding and fulfilling experience. On the other hand, we can take small failures or challenges personally, and let our egos get in the way. Even if you are super-passionate about something and consider yourself an expert, you can only help your business by seeking out other professionals, and humbly learning from them. It’s often other passionate people that understand our journey the most!
Author: Lily Harris
Lily is a freelance writer focused on small business, entrepreneurship, operations and advice. Lily is passionate about showing others that starting a business is a viable career path. When she isn’t writing, she can be found walking her cocker spaniel or getting stuck into a new baking recipe.
Did you experience a crisis that forced you to re-define your entire career? Maybe it was a personal tragedy that rocked you to the core, a wrenching loss, or even a long-awaited change that shuffled the cards of your life and work…Whatever it was, it created a more or less urgent need for you to re-define what work means to you, what your own definition of professional success is, and what goals and plans you have in your future.
For me, crisis has always been a blessing in disguise, especially as related to my career. It’s after defining moments in my life, from giving birth to my children, to facing personal challenges and harsh opposition at work, that I had the opportunity to re-think what work truly means to me and the legacy I want to leave through it. My definition of success went from a focus on financial success, to one of purpose, personal fulfillment, and service. I went from wanting to multiply the zeroes on my paycheck to re-connecting with my deep desire to find and pursue work connected to my purpose, work that fills me up, work that makes me truly me, not just in the office, but in all areas of my life.
I have talked to many working women and moms who have also had similar experiences, after the birth of their children, after divorces, personal losses, and a host of crises, setbacks and tough challenges. Through all my conversations, the same theme of purpose and fulfillment has emerged, opening the door for these women to re-define the work they do.
Out of these conversations and my own experience, here are 7 principles to re-define your career after a crisis:
Reconnect with yourself
At some point in our careers, inevitably, we get disconnected from ourselves. It may be because we get too busy, or we get on someone else’s agenda, or life throws too much at us to keep us grounded in our essence and what truly matters to us. So we start doing things more out of habit or convenience than out of true meaning, purpose and joy. Sometimes, we don’t even have any idea of what really brings us a sense of purpose, meaning or joy, because we’ve been conditioned to doing the same thing over and over and over again…
As working women and moms with so much on our plates, and so many expectations heaped on us by society and family, it’s crucial that we take the time to reconnect with ourselves. Not once in a blue moon, not when all hell starts to break loose, but as often as we can. But what does reconnecting with oneself truly mean? It means stopping, even if for a few minutes every day, and observe ourselves, asking of ourselves simple questions such as “What brings me joy?”, “Am I feeling heavy and unhappy at this moment, or light and fulfilled?”, or “What are the places, activities and people that drain me, and what are those that energize me, fill me with life and sheer joy?”.
The answers to these simple questions, especially after a crisis, open the door to uncovering what’s been missing, what needs to change, what is no longer welcome, and also what needs improvement.
Re-define your WHY
Why do you do what you do? What are the motives, the reasons behind you getting up in the morning and spending most of your time behind a desk, on a construction field, or typing on a laptop? While most of us would cite basic survival reasons, such as making money to feed our family, taking care of our of loved ones, or having the bare necessities, that’s not enough of a WHY to spend our most precious asset, time, in unfulfilling careers and occupations. Yes, surviving is necessary, but after the survival should come the thriving, the expanding, the continuous growth that makes us who we truly are.
What’s fascinating about our WHY is that it changes with time, with experience, with us, as we grow and evolve into the purest and most evolved version of who we are. The why of the beginning of my career as an accounting associate eager to climb the corporate ladder, is very different from the why I have now. My mission has changed, my purpose has evolved, and with it, my entire outlook on myself and the world.
What is your WHY today?
Make room for what brings you joy
We don’t often think about JOY when it comes to our careers. We may think of money, or prestige, or advancement. Yet, what about that light inside of us, that pep in our step that makes us stroll through life, have a sense of purpose and fulfillment that frankly, no amount of money can buy…
That joy is not foreign to you. You may have lost sight of it, as life became more demanding, and expectations of the outside world came crashing down on your time and energy. You may not even remember it, from the days of being a carefree kid or a dreamy college student. Yet, what crisis reminds us of, is of the urgent need to tap back into our joy. The compelling urgency to dig back into the recesses of our experience and mind to unearth the seeds of this not-so-elusive joy.
For me, it was getting back in touch with my love for writing and teaching, which I was elated to find had never disappeared, but were just buried under too long to-do lists and uninspiring chores. The great thing about re-connecting with what brings you joy, is that you can apply to pretty much anything, if you’re willing to be creative, and re-create what makes up the fabric of your work.
Clear the clutter
Making more time for what brings you joy, growth and evolution as a working woman also means making less time for what doesn’t. This is where clearing the clutter becomes unavoidable. What endless tasks and chores have you or others forced upon your schedule that leave you drained and uninspired? What are those things, those activities, those interactions that take you too long to go through, not because of their complexity or your inability, but because they are not aligned with who you are? What areas of your work feel ineffective or inconclusive?
Clearing the clutter is a continuous process of evaluating and re-evaluating what no longer fits, what never fit in the first place, and what must change. For me, it’s a constant process of introspection, analysis and critical re-evaluation, not just of what I do, but of how I do it.
Come out of your career closet
Many, if not most of us, have locked ourselves in our own, self-made career closet of expectations and appearances. We may have picked a career because our parents wanted us to, because the money was good, or because it seemed like the only viable choice at the time. Over the years, we may have stayed in this career closet of our own making, relinquishing the opportunity to change, grow, evolve, as complacency and habit firmly set in to our daily lives. That is, until a life-changing crisis hit…
Maybe the crisis happened to unlock that career closet of yours, and allow you the opportunity to finally break free from so much obligation and forceful dynamics. While it may not necessarily spell a drastic change in careers of even jobs, it may be an open invite to step out of your own closeted way of doing things into the most effective and happiest version of your professional and personal self…
Build a path to transition
Once we realize the need to re-define our career and start on this path, then a shift happens. We unwittingly begin to build a path to transition towards a different way of seeing and doing the work that we do. Again, it may not be a drastic one. We may not even change jobs, or careers, or even the color of our office wallpaper. Yet, a path to transition will inevitably open up and require us to step on it and begin a journey of self-transformation…
For me, it was a matter of leveraging my natural and acquired skills, and combine them with my academic and professional training to transition into a different but related career into teaching. The path to transition was a progressive one, built from trials and errors towards creating the career best fit for me.
Make the leap!
Last but not least, re-defining your career will also require a brave leap of faith of some sort. Some leaps may be more life-changing than others, but all of them will demand courage, faith and some level of risk-taking.
For some, it may be finally asking for the raise you deserve, making an internal move within the same company, or even dedicating yourself to an altruistic cause. For others, it may be turning in your resignation letter, starting that side hustle or full-fledged business, or taking a gap year to find out who you really are. Whatever it may be for you, know that the leap will always leave you better for it, stronger, and infinitely happier for daring to honor your true self.
How have your own crisis helped you re-define your career?
During any regular time, starting and maintaining a small business is a challenge. From developing a viable business plan, to raising capital and managing revenue and expenses, it’s no small feat. As a matter of fact, 15% of small businesses fail in their first year, while 40% do not make it past the fifth year. These statistics are even worse for women-owned small businesses, especially during the 2020 COVID-19 pandemic where they find themselves disproportionately impacted, as reported by a recent U.S. Chamber of Commerce survey. The survey reveals a 13-point decrease in female business owners’ overall ranking of their business health, as compared to a mere 5% decline for male-owned small businesses. As a Certified Public Accountant (CPA), I’ve had the privilege and pleasure to work with and learn from a number of women-owned small businesses, especially in times of economic crisis like the one we’re currently facing.
Unfortunately, the prospects for recovery for women-owned small businesses after the COVID-19 pandemic are also quite dim, with less than half of small business owners feeling optimistic about future revenue increases. However, despite the severe impact the pandemic has had on small businesses, especially women and minority-owned, there are still ways to improve future outcomes.
To this end, here are 7 best accounting tips for women-owned businesses to survive, and even thrive, during tough economic times such as the current COVID-19 pandemic:
Determine where your business finances stand:
Knowing where you stand in your business finances is a crucial first step in times of crisis. Your cash flow statement is a good place to start for this. Using accounting software such as Freshbooks or Intuit Quickbooks allows you to keep track of your revenue and expenses, as well as your business’ main financial statements. Look at your current cash situation and find out:
If you have any cash reserves, and if any, how long you can sustain operations with these?
Which ones of your expenditures, especially cash-related, are the most essential to be attended to at the moment?
Which ones of your expenditures, especially cash-related ones, can be pushed back until you can muster enough cash on hand?
If you haven’t already, begin the Negotiating Game with your creditors and customers
This is where managing your accounts receivable, or the money your customers owe you, comes in handy. Call each one of your customers owing you money, and find out if they can pay you any faster, thus improving your cash flows.
In the same way, you should look into getting arrangements to defer your loans and bills, or even reduce and eliminate them entirely. You’d be surprised what can be done, and how many, if not most people, are willing to help if you’re willing to negotiate.
Trim the fat and find ways to be more efficient in your business
Times of crisis are opportunities to reframe your business and trim the fat. What expenditures can be reduced or eliminated? What can you do to operate a leaner machine, instead of bleeding cash everywhere? Should you invest in more effective processes and tools?
Take a good hard look at how you operate your business on a day-to-day basis, and don’t hesitate to cut where needed. In the same token, don’t hesitate to invest, if you can, where needed as well.
Keep up with the changing times
Just like times of crisis are ripe with cost-trimming opportunities, they’re also full of opportunities to reposition your business. The current pandemic we’re facing is changing the very nature of business, what with the advent of remote work and social distancing.
If you’ve been operating an in-person business, repositioning it as a more virtual operation using web hosting services such as GoDaddy for instance may improve your chances of surviving and even thriving during the crisis. It may also help create entirely new streams of revenue for your business, even after the recovery.
Determine if you need to apply for small business financing
You may decide after taking the pulse of your business finances, that you need extra money to attend to various expenses, such as buying supplies, paying your business mortgage or rent, or meeting payroll demands. The Small Business Administration website offers useful resources pertaining to Small Business Guidance and Loan Resourcesduring COVID times.
Additionally, the Coronavirus Aid, Relief and Economic Security Act (CARES) Act, implemented in March 2020, helps small businesses with loans, grants and debt forgiveness during the pandemic. Through it, you can also apply to reduce your tax liability, and/or obtain tax credits, along with more beneficial tax treatment of net operating losses, business interest deductions, and Alternative Minimum Tax (AMT) credits.
Invest in professional development
As market trends and business prospects are changing in times of crisis, professional development becomes increasingly important to adapt to, survive and thrive in times of crisis. Getting a new certification or acquiring new skills can go a long way towards maintaining your business afloat, and even set yourself up for success in future periods.
Don’t do this alone! Use the power of networking and mentorship
Last but not least, don’t go at it alone! Running a small business, especially in times of crisis, is incredibly difficult. This is why taking advantage of networking and mentoring opportunities is crucial!
Take some time to attend networking events, even if virtual, and continue to create new opportunities to meet and collaborate with people in and outside of your industry.
All in all, surviving and even thriving as a woman-owned business in times of crisis is possible during tough times, granted you apply some basic tips and continue to push through despite the challenges.
For more women-centered small business and career tips, visit us at https://www.thecorporate sister.com
