The Federal Reserve Bank’s 2019 Small Business Credit Survey, which focused on companies’ profitability, credit risk and business funding, revealed 35% were healthy, 35% were stable, 23% were at-risk and 6% were distressed. They added a new question to the 2019 survey, which asked business owners how they would respond to a potential financial loss equal to two months of their revenues. Only one in five healthy firms reported they could continue business as usual with their cash reserves. Fewer than one in 10, among stable, at-risk and distressed firms could survive for two months without revenue. Unfortunately, COVID-19 will provide real data to analyze the survival rate of businesses.
In my last article, “Leaders: What Change Will You Need to Accept?” I shared the most significant characteristics of the second of the Nine Stages of Change, “Accept.” In this article, I introduce the third stage, “Rise Above,” to help you determine if you are on this stage of the change process and provide techniques to create forward movement towards mastery.
Commitment to Survive
Your decision to accept your change wasn’t an all-inclusive acceptance. You accept that the change has happened and that there is nothing you can do about it. You don’t accept most of the things that come with it or how it will impact you. You have chosen to move on. It is a real struggle. You courageously proceed with change-related decisions and actions.
You begin to understand the link between your thoughts and emotions and try to control them better. You start to believe that in some ways, the future could still be bright. You commit to survive and, perhaps one day, thrive, but realize that you need help. You’re often exhausted and lack energy.
Acknowledge Your Fear
Several years ago, I was traveling on an unfamiliar road at night and found myself on top of a mountain with nothing but a dangerous turn up ahead. Although petrified, failure was not an option. After I cried, I knew I had to become more courageous than I thought I was or wanted to be. We may find it challenging to step outside our comfort zone, especially in areas where the outcome really matters. Perhaps fear and uncertainty urge us to play it safe. Have you ever been in a situation where you didn’t think you had the courage to do something you needed to do?
Honor Your Courage
Previously, you might have been stuck or going through the motions of being strong for those you love and lead. However, on the “Rise Above” stage of the change process, your focus shifts. No longer focused on whatever “it” might be, you are now determined that “it” will no longer take charge. You’ve chosen to take the helm again. Of course, there’s lots of uncertainty because you’re in uncharted waters. Whatever the journey, switching careers or employment, starting, reopening or expanding a business or simply stepping more fully into the leader you were meant to be, it will take courage. Your decision to free yourself and do whatever you can to survive, despite there being more questions than answers, highlights your courage. You know it’s time to rise above the ashes and revive your passion. To begin to reimagine, recreate and reclaim your future, follow the steps below.
1. Clarify Vision
To reveal how you can rise above challenges when change occurs, reflect on the following questions: what are the primary reasons my business or the company I work for must survive this change? What will make me more confident as a leader? What change-related actions do I need to take? How has my decision to move forward affected my energy?
2. Learn From & Celebrate Progress
First, accept there will be small and large setbacks, and be determined to learn from them. As you proceed through your change, you may wonder why you are challenged in an area where you had previously experienced victory. There are times when you will simply be stuck. There will also be small and large victories. Each challenge you overcome brings you one step closer to mastering your change.
To facilitate forward movement, you must celebrate every milestone. Celebrating the smaller victories will keep you in the game until the bigger ones occur. It will inspire you and provide the endurance needed to continue when obstacles appear. Reflect on what you did or didn’t do to achieve forward movement, and use that information to change. Then, celebrate!
The next article will introduce the fourth stage of the Nine Aspects of Change, “Manage.”
Donna Johnson-Klonsky, MBA, PCC
DJ Consulting Services, Inc.
East Fishkill, New York 12533
djohnson@djcsfirm.com
845-447-1037
