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Reinventing Yourself: Who Will You Be Post COVID-19?

5 min read
Lifestyle

There is no shortage of lessons to be learned from the COVID-19 pandemic. In addition to the economic and health adjustments we are all scrambling to make, a deluge of new challenges that have yet to be considered still looms around the corner.

As we navigate our way through these rough waters of financial hardships, stress, and anxiety, let's make sure to maintain our sense of control and handle the problems that we are empowered to solve. The best way to do this is by reevaluating our finances, focusing on our long-term goals, and reflecting inward on our own identities.

From a corporate securities lawyer and an investment banker to an entrepreneur and stay-at-home mom, I've reinvented myself many times over. Some changes were for the better, others not so much. I've found that the key to making solid transitions is to start them in a quiet place like the unique setting of the quarantine.

From a corporate securities lawyer and an investment banker to an entrepreneur and stay-at-home mom, I've reinvented myself many times over.

With mouths to feed, bills to pay, and immune systems to protect, taking stock on the bigger picture might seem like a low priority at the moment, but it really shouldn't be. Ultimately, who we choose to be — either in business, in wealth, in family, or just plain spiritually — will determine our paths forward out of this crisis. Amid the chaos and loss of control, our own sense of self is one of the few things we can control. Plus, sheltering in place gives us a unique opportunity to do some personal observation, self-reflection, introspection, and evaluation because we're not losing time in the dash to in-person meetings and child soccer practices.

The first question that a lot of us get stuck on is: Where do we start? Having gone through several personal and professional re-inventions myself, I have found great value in beginning with a deep exploration into my hierarchy of values. This consists of the following important questions:

  • What's important to my emotional development as a person?
  • What's important to my economic goals?
  • What's important to my interpersonal relations and social/ethical perspective?

All three are equally important and must be looked at holistically and practically. We can stand back and look at our lives as they were pre-coronavirus and examine if we were happy and if our finances survived. In our society, we seem to be perpetually busy, and for many of us, this outbreak has been a hard stop, forcing us to spend time with our loved ones, get comfortable being alone, and taking a moment to think about the things that really matter.

Ultimately, who we choose to be — either in business, in wealth, in family or just plain spiritually — will determine our paths forward out of this crisis.

Using this time to think about how your financial situation held up, ask yourself what areas can be improved upon. Did you have enough in your savings to cover a couple months of bills if you were to get furloughed from your job? Did you notice how much less money you were spending on frivolous things like your morning coffee? Taking this time to reflect and thoroughly comb through your spending habits and fiscal well-being will help you plan for the future and give you the knowledge and tools you need to make better choices after this is all over.

Having more idle time also allows us to enjoy ordinary activities such as reading, yoga, exercise, painting, listening to music, cooking, and reconnecting with our interests. Instead of succumbing to the pressure and uncertainty, embrace the stillness and relearn how to be thoughtful.

Just because the pandemic is tragic — and, of course, it certainly is — does not mean that it is not also a great chance to spend more time together, talk without rushing, and determine how we can continue this in a post-coronavirus environment. There may be wonderful recalibrations to consider which never would have been possible during the rat race of the so-called "normal" life we used to know.

We should all examine the strengths of our relationships and family to gauge how we are surviving as partners, parents, friends and/or professionals. In this state of quiet, what do we value, and how do we prioritize it amongst all the other noise?

While contemplating that answer, it is important not to undervalue your career goals. Often, women will assume financial freedom and professional ambition are lower priorities because of societal pressures. However, though we are free to choose other values as higher priorities, that does not mean that we have to.

To adjust your career path, take this opportunity to learn new skills, and pursue interests that have been on the back burner. The internet is full of how-to videos and video-networking and coaching platforms that are just a click or swipe away. Use it as a tool for reinvention — not just a vehicle for killing time as we wait for the economy to reopen. Set specific and achievable financial goals taking one step at a time so as not to get overwhelmed and give up on your strategy in frustration.

In this state of quiet, what do we value, and how do we prioritize it amongst all the other noise?

Personally, I am rethinking my daily schedule from pre-coronavirus times. I have been taking a four- to five-mile walk at least four times a week, and I am committed to continuing that after we resume our new-normal lives. I am going to make exercise a non-negotiable priority. It clears my mind and gives me a positive attitude.

It is so important that you have good nutrition, get regular sleep, have regular physical exercise, have some downtime, nurture your spirit, and have some fun with the positive people in your life. Intentional self-care will reap many benefits, and it will increase your energy and sharpen your financial focus.

We all should be looking at our lives as a whole and reflecting on what changes we can be making to provide for a better tomorrow. In all our busyness, it's too easy to lose track of what is really important. The excuse, "I don't have time," is no longer an option. For me, it's health, free time to pursue my interests, and family. What is important to you?

3 Min Read
Business

Five Essential Lessons to Keep in Mind When You're Starting Your Own Business

"How did you ever get into a business like that?" people ask me. They're confounded to hear that my product is industrial baler wire—a very unfeminine pursuit, especially in 1975 when I founded my company in the midst of a machismo man's world. It's a long story, but I'll try to shorten it.

I'd never been interested to enter the "man's" world of business, but when I discovered a lucrative opportunity to become my own boss, I couldn't pass it up—even if it involved a non-glamorous product. I'd been fired from my previous job working to become a ladies' clothing buyer and was told at my dismissal, "You just aren't management or corporate material." My primary goal then was to find a career in which nobody had the power to fire me and that provided a comfortable living for my two little girls and myself.

Over the years, I've learned quite a few tough lessons about how to successfully run a business. Below are five essential elements to keep in mind, as well as my story on how I learned them.

Find A Need And Fill It

I gradually became successful at selling various products, which unfortunately weren't profitable enough to get me off the ground, so I asked people what they needed that they couldn't seem to get. One man said, "Honey, I need baler wire. Even the farmers can't get it." I saw happy dollar signs as he talked on and dedicated myself to figuring out the baler wire industry.

I'd never been interested to enter the "man's" world of business, but when I discovered a lucrative opportunity to become my own boss, I couldn't pass it up.

Now forty-five years later, I'm proud to be the founder of Vulcan Wire, Inc., an industrial baler wire company with $10 million of annual sales.

Have Working Capital And Credit

There were many pitfalls along the way to my eventual success. My daughters and I were subsisting from my unemployment checks, erratic alimony and child-support payments, and food stamps. I had no money stashed up to start up a business.

I paid for the first wire with a check for which I had no funds, an illegal act, but I thought it wouldn't matter as long as I made a deposit to cover the deficit before the bank received the check. My expectation was that I'd receive payment immediately upon delivery, for which I used a rented truck.

Little did I know that this Fortune 500 company's modus operandi was to pay all bills thirty or more days after receipts. My customer initially refused to pay on the spot. I told him I would consequently have to return the wire, so he reluctantly decided to call corporate headquarters for this unusual request.

My stomach was in knots the whole time he was gone, because he said it was iffy that corporate would come through. Fifty minutes later, however, he emerged with a check in hand, resentful of the time away from his busy schedule. Stressed, he told me to never again expect another C.O.D. and that any future sale must be on credit. Luckily, I made it to the bank with a few minutes to spare.

Know Your Product Thoroughly

I received a disheartening phone call shortly thereafter: my wire was breaking. This horrible news fueled the fire of my fears. Would I have to reimburse my customer? Would my vendor refuse to reimburse me?

My customer told me to come over and take samples of his good wire to see if I might duplicate it. I did that and educated myself on the necessary qualities.

My primary goal then was to find a career in which nobody had the power to fire me and that provided a comfortable living for my two little girls and myself.

Voila! I found another wire supplier that had the right specifications. By then, I was savvy enough to act as though they would naturally give me thirty-day terms. They did!

More good news: My customer merely threw away all the bad wire I'd sold him, and the new wire worked perfectly; he then gave me leads and a good endorsement. I rapidly gained more wire customers.

Anticipate The Dangers Of Exponential Growth

I had made a depressing discovery. My working capital was inadequate. After I purchased the wire, I had to wait ten to thirty days for a fabricator to get it reconfigured, which became a looming problem. It meant that to maintain a good credit standing, I had to pay for the wire ten to thirty days before my customers paid me.

I was successful on paper but was incredibly cash deprived. In other words, my exponentially growing business was about to implode due to too many sales. Eventually, my increasing sales grew at a slower rate, solving my cash flow problem.

Delegate From The Bottom Up

I learned how to delegate and eventually delegated myself out of the top jobs of CEO, President, CFO, and Vice President of Finance. Now, at seventy-eight years old, I've sold all but a third of Vulcan's stock and am semi-retired with my only job currently serving as Vice President of Stock and Consultant.

In the interim, I survived many obstacles and learned many other lessons, but hopefully these five will get you started and help prevent some of you from having the same struggles that I did. And in the end, I figured it all out, just like you will.