by Solange Lopes | Dec 27, 2017 | Career
Every year, I sit down and reflect on the lessons I’ve learnt in the course of the past 12 months. As much as time seems to be flying these days, every year is an opportunity to look back and reflect. Many of us would prefer looking forward, especially if the past has been a source of failure or discontentment. However, unless you look back, you cannot learn from your wins or losses. And unless you learn, you’re not growing or progressing.
If you’re in the same place as you were last year, you’re not growing. Don’t stay in the same place.
2017 was a transition year for me, from jumping into entrepreneurship to changing my mindset to work and live differently. Here are the 10 most important lessons I learnt in 2017:
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Purpose beats money, every single time!
Don’t get me wrong, we all know bills need to get paid, shoes bought, etc. As a CPA by trade, I know all too well the importance of money and finances in our lives, careers and businesses. However, in 2017, transitioning into entrepreneurship taught me that purpose always beats money!
Whether it’s through a side hustle, a profitable business, or a change in careers, following one’s purpose is the ultimate way to success, whatever success may mean for you. Always make sure to have a solid financial plan in place though.
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Growth is better than promotion
Many of us look to promotion and increase in our careers and businesses. However, we often forego the opportunity to grow and learn. In turn, this affects our ability to maintain ourselves at the level we’ve managed to climb to.
Transitioning into entrepreneurship taught me the importance of growth, both personal and professional. As a matter of fact, it’s the personal growth that fuels our professional growth. Unless you’re growing personally, your career or business may not grow as effectively.
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The dream is free, but the journey will cost you.
If 2017 taught me one thing, it’s that there is a cost to any dream, goal, intention or desire. Social media has us believing that the process is easy and glamorous. Any worthwhile dream or goal requires a fair amount of sweat equity and seed planting, before we can even start reaping the benefits.
The average success story takes at least 10 years. The millionaire you see on social media has been working late nights and early mornings before going to their daytime job for years now. That entrepreneur who “suddenly” makes it to the top has been living frugally on their savings for years. As a matter of fact, both of them may have filed bankruptcy once or twice, lived in their cars, or missed a meal or two.
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Not everyone will go with you
Ever heard the phrase “If you want to find out who your real friends are, start a business”? I found out it’s a very accurate statement. While I don’t necessarily believe in “expecting” others to support you, or to do anything for you for that matter, I also think that life will show you the people who can go with you to where your purpose is leading you. And those who were there for a season or a reason…
Your network is really your net worth, so watching who’s in your circle can determine where your career, business and life end up. The energy you surround yourself with is so important. I learnt that who and what you allow in your life is your responsibility. That few relationships are permanent, and that we must learn to recognize where we should put a priority and where we should not.
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Your mental health is a priority!
What my career and business have taught me in 2017 is that my mental health is such an important part of my career, business or life. It’s not just about working hard and hustling all day, every day.
Doing great work in the wrong mental state can wreak havoc on your professional or business results. I’m learning to check in with myself more, and listen to my own mental concerns as a priority.
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A financial foundation is crucial to success
Jumping into entrepreneurship on a part-time and full-time basis in 2017 has also confirmed the importance of minding my finances. This is not just about keeping a budget, or balancing your checkbook regularly.
It’s about creating a solid financial foundation of savings, investments and monetary power to create the life we want. It’s hard to go after one’s purpose or dreams when you’re worried about paying the rent or putting food on the table. Rather, it’s about creating wealth in a way that serves us and others in the context of our purpose and vision.
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It’s ok to be different, trust your own voice
When I started a blog, I took a different path. Jumping into entrepreneurship was a drastically different journey than anything I, or anyone else I closely knew, had experienced. However, at first, being different and doing things differently made me mistrust my own voice and doubt myself.
Having to stick to my own vision and goals has taught me to trust my voice and own my differences. It’s the only way to be everything we can be.
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Plant seeds first
Another thing I’ve learnt this year is the power of investment. When we think of investments, we think of money. However, what I’ve realized is that investing my time, energy and faith can reap the biggest rewards.
Going from side hustle to full-time business demonstrated for me the importance of planting seeds first. It’s about putting forth the effort and down payment first, sometimes way before we can get the pay for it. It’s about fighting for something you may not be able to see right away. Fight for it anyways.
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Tell your story
As a woman of color at work, I used to hide out behind a professional façade. It took me a long time to realize that our real power is in our ability to tell our stories and be authentic about our own experiences.
Through my blog, my career and business experience in general, I’m learning that my story, just like yours, is valid and deserving to be told. Most importantly, I’m learning that it can make a crucial difference in others’ lives as well. The more authentic we can be, the more glass ceilings and concrete walls we can tear down.
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Freedom is the ultimate goal!
Last but not least, the most important career and business lesson I’ve learnt is to pursue freedom. My definition of success is to be free to thrive and flourish professionally and in business as none other than…myself!
This also means financial freedom, as well as the freedom to decide how I get to use my time, doing what I love. While it may mean initial sacrifices at first, the glimpse of the possibility to create a life of freedom is the ultimate motivator!
What business and career lessons have you learnt in 2017?
To Your Success,
The Corporate Sister.
by Solange Lopes | Dec 26, 2017 | Start Your Business
The new GOP tax plan, also known as the Tax Cuts and Jobs Act, is final as of December 2017. This sweeping reform of the U.S. Tax Code will affect your business, in more ways than you may realize. This major tax act is one of the most significant reforms for businesses and corporations, with the elimination of the Alternative Minimum Tax (AMT) among other changes.
While this new legislation may result in a reduction of taxes for families and individuals, the changes may affect businesses in different ways. Here are a few of the ways that your business may be impacted:
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If you’re a US corporation, you will benefit from a large tax cut
If your business is registered as a U.S. corporation, you’re in luck! The new tax reform actually grants a generous tax cut to corporations registered in the US. Instead of a maximum corporate tax rate of 35%, C corporations that are personal service corporations, such as legal and accounting firms for instance, will now have a 25% rate.
Note that personal service corporations are corporations performing services in the fields of health, engineering, accounting, architecture, actuarial science, consulting, performing arts, and law. This lower tax rate is particularly attractive for corporations because it will ultimately make them more profitable. It also is a great incentive for foreign businesses to move to the U.S.
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The corporate AMT no longer exists!
Prior to this tax reform, the corporate Alternative Minimum Tax (AMT) consisted of a 20% tax rate that applied in case a company’s tax credits resulted in the business’ effective tax rate dipping below that level. Under this new reform, the Alternative Minimum Tax (AMT) no longer exists.
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Your corporation’s ability to deduct its interest expense is now limited
This new tax bill actually limits any corporation’s ability to deduct their interest expense up to 30% of their income. This also means that your firm may face more challenges when it comes to borrowing funds. It may also result in businesses issuing less bonds and buying back their stock.
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There are new limits on deducting Net Operating Losses (NOL)
If your business’ expenses exceed its income, your business may incur a Net Operating Loss (NOL). Under the previous tax law, this Net Operating Loss would be carried back two years. This would result in a refund of the taxes paid in the past two years, in partiality or in their entirety.
The new tax regulation eliminates carrybacks of any Net Operating Loss. The only exception applies to small businesses in case of disaster and casualty losses. In addition, taxpayers would be able to deduct any Net Operating Loss (NOL) only up to 90% of the business’ taxable income.
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Increase in Section 179 Personal Property Expensing
Prior to this new tax regulation, business owners may have been able to deduct up to $510,000 of personal property cost purchased and used for business in a single year. Now, this amount is increased to $5 million for property acquired and placed in service between 2018 and 2022.
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If your business has depreciable assets, you can now deduct their cost in one year!
Instead of amortizing any depreciable assets your business may have over the course of several years, you can now take one deduction in one year! However, the depreciable equipment must be purchased after September 27, 2017 and before January 1, 2023.
In addition, this 100% bonus depreciation applies to both new and used property, whereas previously it was only available to new property only. The bonus depreciation for automobiles would reflect an increase from $8,000 to $16,000. However, you should note that depreciation may not be used for real property.
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If you’re a pass-through service business making less than $315,000 per year, you may get a 20% deduction!
Pass-through businesses, including sole proprietorships, partnerships, and S corporations, now get a 20% deduction. This is a great benefit to small businesses, since such a deduction would lower your business’ taxable income. In turn, it will allow these businesses to reinvest any money saved back into the company’s operations.
However, this deduction only applies to service businesses making less than $315,000 per year. This is to avoid potential tax loophole, by limiting certain service-based businesses from taking advantage of lower taxable income.
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No more taxes on your overseas profits
Prior to this new legislation, corporations engaged in business abroad were taxed on the profits they incurred in foreign territories. However, the new regulation includes a shift in what is known as the “territorial” tax structure. As a corporation, you may now have to retrieve profits previously held in foreign territories with a one-time tax of up to 15.5%.
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Offering health insurance to your employees may cost you more!
This new tax regulation also results in the elimination of one of the major tenets of the Affordable Care Act. This requirement consisted in mandating all individuals to purchase health insurance. This also means that insurance premiums will more likely be raised by insurance companies. In return, your health insurance costs as related to your employees could skyrocket as well!
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You may be able to choose between the accrual and cash method of accounting
Under this new tax reform, more businesses are now allowed to use the cash method of accounting instead of the accrual method of accounting. The cash accounting mandates that a business record income when it is received, and expenses when they’re paid. However, under the accrual method of accounting, both expenses and income are booked when owed, as opposed to when they’re received or paid.
As of now, businesses with average revenues of $25 million or less are exempted from using the accrual method of accounting, which is a $5 million increase from the prior tax law.
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Your employees’ withholdings will change!
Considering the standard tax deduction has actually doubled and personal exemptions have been eliminated, what you withhold from your employees’ paychecks will need to be modified. Additionally, any bonus, commission or supplemental wages are now subject to automatic withholdings of up to 28%. This is a 3% increase from the original 25% rate. However, these changes will not be in effect until 2018.
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Watch those employee perks!
Prior to this tax regulation, businesses were able to deduct the cost of food and beverage provided to employees. However, only 50% of these costs are now allowed to be deducted. Additionally, please also note that this provision is only effective until 2025. After this date, you may no longer be able to deduct any of these expenses.
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Other deductions and credits for your business will no longer exist
The new tax law also eliminates the following deductions and credits:
- Deduction for domestic production activities
- Local lobbying expenses deduction
- Childcare tax credit provided by employers
- Historic structures Rehabilitation Tax Credit
- Work Opportunity Tax Credit
- Credit for access to disabled individuals
While these changes will only take effect at the start of 2018, it will most likely take a few months for corporations and businesses to implement the related changes. Considering that many businesses have already set their budgets and outlined their growth plans for the new year, this may also result in significant delays.
What’s your opinion on these changes?
To Your Success,
The Corporate Sister.
by Solange Lopes | Dec 26, 2017 | Find Your Purpose
The holidays can be the most wonderful time of the year. They can also be the most stressful, aggravating, and a direct path to financial ruin, in addition to awakening all your past family feuds and your need to hit the gym, but I digress. For many, it can also be a time of grief or nostalgia over far-away family, people they’ve lost, or financially dire situations.
As an immigrant, while it’s a time of joy and family bonding, I’m always reminded of the part of my family that is not with me. The parents, siblings, and dear friends scattered all over the world who don’t get to celebrate with me unless we happen to be in the same geographical area. The loved ones we’re fortunate to see on social media or on Facetime, but can’t hug close. Yet, we still have to find peace with it all…
Sometimes, navigating the highs and lows of the holidays is just a matter of finding peace in the midst of it all. Here are a few ways to create a little more of that, and a lot less of the not-so-good stuff:
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Get organized
The holidays are usually a busy time of year. This also means that you will be overwhelmed with so much to do and not enough time to accomplish it all. I used to wait until the last minute to rush and try to get everything done. Something about the adrenaline rush…
Yet, I’ve learnt to actually come prepared and have a plan to tackle the holidays. Whether it’s making a list ahead of time, schedule your shopping activities, or pre-make some meals, find ways to get organized and minimize the stress.
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Take care of you
Take some time to unwind and rest over the holidays. Many of us usher in a new year with loads of stress instead of peace and tranquility, simply because we won’t take a break!
As much as we may have a to-do list filled to the brim, it’s ok to stop and observe a pause! This may mean leaving some emails unanswered, skipping social media and not worrying about the house being in tip-top shape. Instead, you will have a chance to recharge your batteries and come back fresher and more energized than ever!
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Do something for someone else
I’ve learnt over time that the best way to solve my own problems is to help someone else. There’s something about coming to others’ aid that fills us with peace. At a time when we’re so hurried and stressed out, helping others may just be what we need.
Whether it’s a simple phone call to a relative, volunteering at a local shelter, or offering a total stranger a cup of coffee, try doing something for someone else. Anything.
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Let it go!
Do you notice how the holidays can seem to awaken a host of difficult feelings we may have buried inside forever? It may be a sign that it’s time to let go of those challenging emotions and feelings that cost us so much of our peace of mind.
Whether it’s bitterness, resentment, anger or simply confusion, let it go. Opt instead for not having all the answers, and focusing on what makes your soul smile. It’s a win-win.
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Forgive yourself for what you didn’t know
As you let go of the internal turmoil that may plague you, also consider forgiving yourself. We don’t often realize how much we hold ourselves hostage to our own expectations as well as those of others. The end result is as debilitating as it is damaging to our peace and progress.
Forgive yourself for what you didn’t know, didn’t do well, or failed at. Turn these into lessons instead, and make peace with where you are on the way to where you’re going.
How do you find peace over the holidays?
To Your Success,
The Corporate Sister.
by Solange Lopes | Dec 26, 2017 | Career
Being a woman of color at work also means facing unique challenges, such as being the only one in the room or fighting the proverbial “concrete ceiling” in business. This also means that fitting in can be an uphill battle, especially in environments with blatant racial bias or covered stereotypes. In many instances, we may feel that we have to compromise on our true values in order to be accepted as who we are. Or that we must leave ourselves at the office door for fear of being rejected. However, how effective is it to compromise one’s integrity for success, at work or anywhere else for that matter?
As a woman of color at work in Big Corporate, I found myself in many cases wondering about how I could fit in better at work. As an African immigrant, a Black woman hailing from a richly diverse background, being in rooms where I was the only one had me constantly pondering on ways to fit in better without selling out. As an introvert, the challenge was amplified even more.
Most will tell you to just “come as you are”, “be who you are”, you know, “do you”. In many contexts, this is definitely sound advice. Yet, when your paycheck and by extension your professional future, depends in large part from how you are perceived, dynamics may operate a tad differently. When you have to wonder whether wearing your hair natural may cost you the promotion, or if sounding a certain way will disqualify you from advancement opportunities, the game changes.
For many, if not most of us, being double minorities in the workplace goes without saying. Fitting in with integrity in some work environments may not always be possible. However, as all challenges, deciding to use this as a constructive, rather than destructive, experience is a matter of perspective. I’d personally rather go the constructive route, with a few principles to keep in mind whenever we wonder about fitting in at work as women of color:
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Assess your environment
All professional environments are not made equal. Which also means you may need to assess yours as best as you can. There are silent codes and understated office politics at play in any professional setting. Understanding these can go a long way towards figuring out how best to approach your own career progression.
This is not about “selling out” or compromising your integrity to adapt to a give professional environment. It’s about being able to navigate the power plays that are inevitably in action at work.
Who are the people you work with in terms of their personalities, processes and even triggers? How do the dynamics of your particular office work? What have been the experiences of other women, more particularly women of color? The more information you can gather about your work environment, the better positioned you will be.
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Keep professional at all costs
The capital rule at work can be summed up in one word: “Professionalism”. When in doubt, ALWAYS keep professional! When wondering if you fit in, or how to fit in to your team, department or company in general, go the professional route!
The reality is that no one shows up exactly as they are at work. It would have been much easier to spot hidden agendas and other work shenanigans then. Yet what will always pay off is to put professionalism first!
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Be professional, but don’t hide out!
Yes, we all wear a mask at work, in one way or another, because: office politics, paycheck needed, urgent coffee need, etc. However, for many women of color at work, it also means that we tend to hide out for fear of not fitting in and being ill-perceived. In turn, it stifles our contributions and impedes our growth.
Sometimes, the best way to fit in is to stand out! Diversity is the catalyst of innovation and progress. However, many times we don’t tell our stories, don’t raise our hands and sit at the back of the room to keep the status quo. It’s up to us to educate, share and empower ourselves and others with our work, stories and initiative.
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Be open-minded
As women of color at work, we may be the only ones at the table. Or in the cubicle, while the conversation is going on at the table. As much as we may face challenges, it’s also important to be open-minded.
Not everything is negatively directed at you, not everyone is out to get you. Sometimes, it’s about showing up more, speaking your mind, doing your best work, telling your story. Sometimes, it’s about educating the rest of the world on things they may not necessarily know or realize. Every time, it’s about creating an opportunity to learn, grow and become better, for all parties involved.
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Create your own path
Fitting in as a woman of color at work may also mean creating your own path. No two careers are alike. Neither are two businesses, or life paths for that matter. As much as we may look at what others are doing, be it mentors, colleagues or successful people around us, respecting the uniqueness of our own professional trajectories is key.
For some, it may mean starting a business. For others, it may mean presenting a different perspective at work. For most, it may also be about paying heavy dues to push back the corporate “concrete wall”. Whatever “it” may be, let it lead you to better yourself and others.
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Make peace with your story
At times, the internalized mental stories and societal stereotypes we pick up as part of our journey as women of color can stand in our way. It’s important to make peace with them, and leaving the associated pressure behind.
I found it was much easier to assume my uniqueness at work when I stopped worrying about what happened before, or what society would want me to believe about myself.
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Mentor another woman of color
Last but not least, one of the best ways for women of color to fit in at work is to mentor other women, especially other women of color. There’s a need for our particular experiences, challenges and journeys to be shared and used to educate those coming after us.
Keep striving, keep working, but most importantly, keep the door open for others! Be willing to share your story, bring another woman to the room, sit with them at the table. Be a mentor.
What’s your take on it?
To Your Success,
The Corporate Sis.
by Solange Lopes | Dec 23, 2017 | Career
If you look at the statistics around women of color at work, whether in corporate careers or businesses, the related rates of success are dismal. It is obvious that even when we make it, only a few of us get to reach to the pinnacle of success. Only a few of us get to attain the peaks of corporations, or climb to the summits of business. Where every other woman faces a glass ceiling, we face concrete walls. Where one of us succeeds, thousands are lagging behind.
While there is a notable lack of opportunities for women of color at work, there are also destructive mindsets that continuously keep us behind. One of these can be summarized in these few words: Not Enough Room for all of us.
It’s a mindset rooted in scarcity that teaches us that there can never be enough opportunities for more than a handful of us. As a result, it pits us against each other, leaving us to compete for the “Queen Bee” spot at the top of whatever ladder we may find ourselves on. The result? Less women of color in position of power and influence coupled with a growing sense of mistrust and lack of collaboration among us.
Changing our reality starts with changing our mindsets from a place of scarcity to one of abundance. Contrary to what society seems to suggest, there is enough room for women of color to rise in all career or business areas. Diversity is the conduit of innovation and progress. However, it starts with us refraining from believing that there are limited spots for success, and instead claiming and creating the spaces and opportunities we need to flourish.
Here are a few ways we can as women of color leave the “Not Enough Room for all of us” mindset behind and move forward in our lives, careers or businesses:
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Work on ourselves
As women of color at work, we face unique challenges. From facing a blatant lack of diversity at work to sometimes overt discrimination, the obstacles are many. Which also requires us to be more prepared to face these roadblocks mentally, emotionally, spiritually and even physically.
Taking care of ourselves is a must. Working on our mindsets is indispensable. This means being willing to take time aside to develop ourselves through adequate education, training and self-improvement. It means investing in the curriculums, books, coaches and programs to strive in our careers, businesses and lives.
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Foster increased collaboration between women of color
As women in general, it can be hard to trust others, especially other women. Popular mindsets and social stereotypes portrayed in mainstream and social media have us believing in competition rather than collaboration.
It is up to us to fight these stereotypes and seek increased collaboration opportunities between women of color. It may require us to step outside of our comfort zones or challenge pre-conceived notions we may have been raised with. However, it’s only through collaboration that we can get to make a real difference.
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Increase mentorship opportunities
One of the main reasons why women in general, and women of color in particular, don’t reach higher levels in their careers or businesses, is lack of mentorship. Very few women of color get access to quality mentors who can help them achieve higher levels of success. For most of us, mentorship is considered a privilege.
As we advance in our own careers or businesses, let’s consider mentoring other women of color. As we have access to rooms closed to other women of color, let’s consider teaching those behind us how to unlock them as well. It’s also important for us to accept to be mentored and receive the many advantages of mentoring as a benefit, rather than a hindrance to our lives and careers.
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Create and sustain more businesses
Entrepreneurship has never been more of an equalizer as today. Women of color are starting businesses at higher rates than ever. The more women of color are able to create and sustain thriving businesses, the more we can create opportunities for a larger number of women.
Businesses are being created in a plethora of new markets every single day by women. This goes to show that there is indeed room for women in general, and women of color in particular, to move forward in their lives, careers and businesses.
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Bring another woman of color with you
Along with mentoring other women of color, we can simply bring one with us as we evolve through our own careers and lives. This may mean inviting a fellow sister to a strategic team meeting, introducing her to a new networking group, or just putting a word in her favor.
Every time we’re stepping in rooms where there are no or not enough women of color, we should ask ourselves how we can change the situation for the better.
What’s your take: Do you agree that this mindset keeps women of color behind?
To Your Success,
The Corporate Sis.
