Overcoming The Habit of Failing Ahead of Time
Show notes
Have you ever wanted to do something new but found yourself hesitating before taking a leap, saying, “It’s probably not going to happen, so why bother,” or “I don’t know if I can do it”? Well, join the club.
As accountants, it’s practically in our job description to play it safe. But here’s the thing: what if playing it safe is the very thing holding us back from unlocking our full potential? What if the thing you want is just one nail-biting decision away?
As naturally risk averse accountants, we can often find ourselves in the all-too-familiar position of something I refer to as “failing ahead of time”. In other words, because of a fear of failure, you actually fail before you even give yourself the chance to succeed.
By telling yourself it’s too hard, too confusing or too unknown, you fail to take action, not giving yourself a chance to succeed.
You fail ahead of time when you stop yourself from pursuing something or believing in possibilities, convinced that you are protecting yourself from some future feeling of disappointment, sadness or shame.
This podcast is where brain science meets accounting so I want you to know that failing ahead of time is your brain’s sneaky way of avoiding being uncomfortable. It’s much easier to just think about something you want, than it is to take action to get it, put yourself out there, try different things, fail, and discover what works and what doesn’t work.
We’ve all become accustomed to our comfort zones, but what if, just beyond that comfort zone, lies a world of opportunities we’ve been unconsciously shutting out? What if being willing to fail is how we succeed?
Today, I want to explore why we sometimes sabotage our own success and, most importantly, discover actionable ways to stop failing ahead of time.
The Comfort Zone Valve
Have you ever felt like there’s a mental valve in your brain, an invisible knob that turns off the tap of possibilities just when things start to look intriguing? Imagine it as the “comfort zone valve.”
It’s that instinctive response telling us, “Don’t take the risk, it’s not worth it.” It’s like a safety feature in our brain that keeps us safe in the cave, within our comfort zones, shielding us from the potential discomfort of the unknown.
The truth is that our brain’s default mode is to fear the unfamiliar. Unfortunately, for many accountants we tend to have a collective sense of fear.
Change, for us, can be intimidating. The fear of the unknown, of taking risks, is incredibly uncomfortable for accountants.
So why do we have this comfort zone valve in the first place? To protect us against disappointment.
The truth is that we’ve become masters at convincing ourselves that it’s safer to stick with what we know, avoiding the emotional rollercoaster that comes with venturing into uncharted territory. But here’s the problem – this protective mechanism in our brain, while well-intentioned, can inadvertently hold us back.
Here’s the thing: by safeguarding ourselves against potential disappointments, we miss out on incredible opportunities for growth and success. It’s the unintended consequence of playing it safe.
I once had a consultation call with an accountant who resisted the idea that I could teach him how to reduce his tax season hours from an average of 60 to 70, down to 40. When I explained that I’ve taught coaching clients how to do this he said, “I’m just naturally skeptical.”
In other words, because he resisted the possibility I was offering him, he failed ahead of time by not even trying. In a warped way, working 60 to 70 hours a week felt safe to him.
The thing is that we’ve become so accustomed to safeguarding against failure that we fail ahead of time without even realizing it. The irony is that this protective shield we’ve built around ourselves could be the very thing preventing us from achieving our full potential, professionally and personally.
Navigating the Fear of Failure
The fear of failure is like an invisible companion that walks alongside us in our accounting journeys.
For example, let’s say you spot an opportunity for a promotion, a chance to step into a higher role. Yet, that nagging voice whispers, “What if I’m not ready? What if I mess up?”
It’s the fear of failure that might lead you to hesitate, even when you have the skills to excel in that new position. So what happens? You fail ahead of time because you stop yourself from going after the promotion.
Or let’s say you’re thinking about starting your own practice. The fear of failure might chime in, “What if I can’t handle it? What if it doesn’t succeed? What if I don’t know enough?”
These questions could discourage you from pursuing your entrepreneurial dreams, causing you to fail ahead of time when you don’t take steps to start your own practice.
The fear of failure doesn’t just affect your professional life; it affects your personal life as well.
For example, let’s say you’re considering diving into the dating scene after being single for a while. The fear of failure might show up as thoughts like, “What if it doesn’t work out? What if I get hurt?” This fear could hold you back from exploring new connections and experiences.
I’ve coached many clients who unfortunately allowed themselves to fail ahead of time by giving into a fear of failure. One of my clients, despite her expertise, allowed the fear of potential mistakes to hold her back until she realized she was failing ahead of time by not seizing opportunities.
Another client was dreaming of launching a consultancy firm. The fear of financial instability and the unknowns of entrepreneurship had him hesitating. Little did he know, he was failing ahead of time by not taking that first step.
Think about these scenarios; do any of them resonate with you? When was the last time you held back because of the fear of failure? Have you ever psyched yourself out of pursuing an opportunity, professional or personal, because the “what ifs” clouded your judgment?
Although you’re not alone in your fear of failure, acknowledging it is the first step to overcoming it.
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The Downsides of Failing Ahead of Time
Before we lived in comfortable houses with running water and Wifi, our human existence and survival was dependent on staying safe in caves and not being eaten by a saber-toothed tiger. If you lived during that early time, you would have needed to be fully present and on guard, looking for and protecting yourself against danger all day and night.
The primitive brain that those early humans used to survive is the same brain you and I have now. That part of the brain has come along for the ride as humans evolved from cave dwellers to Wall Street executives.
This part of the brain has helped us to be leary of strangers when we were young, and it’s also helped us to lock the doors of our homes at night before we go to bed. It wants us, and everything we care about, to stay safe and sound for a very long time.
The same fear that kept our ancestors from being attacked by a predator is the same survival mechanism our accountant brain uses today. In our present-day accounting careers, this same fear can show up as unnecessary doubt and hesitation.
It’s the fear that tells us, “Don’t take that risk; it’s dangerous,” even when the only danger is the potential bruising of our ego.
This fear is like a well-meaning but overprotective parent. It wants to keep us in the cozy bubble of our comfort zone, shielding us from the discomfort of the unknown. But this protection comes at a cost.
When we succumb to this fear, we negatively affect our professional growth. Opportunities that could lead to learning, advancement, and fulfillment slip through our fingers because our brain perceives them as threats rather than chances for growth.
Think about it – the negative consequences go beyond missed opportunities. It seeps into our confidence, affecting how we navigate our career paths. That promotion you didn’t go for, the project you hesitated to lead – these moments accumulate, creating a pattern of stagnation.
Failing ahead of time isn’t just a fleeting moment of doubt; it’s a pattern that, over time, shapes the trajectory of our careers. The more we let unnecessary fear guide our decisions, the more we unintentionally hold ourselves back.
Practical Tips to Stop Failing Ahead of Time
Now that we’ve identified the comfort zone valve, explored the shared struggle of failing ahead of time, and delved into the downsides, let’s talk about practical tips to break free from this pattern.
Here are actionable tips tailored for accountants to stop failing ahead of time:
Awareness is the First Step: Recognize when you hesitate or doubt yourself. It’s like turning on a light in a dark room, making things clearer.
For example, if you feel overwhelmed about leading a financial project, pause, acknowledge that feeling, see it as a chance to grow, and challenge the urge to step back. Being aware sets the stage for intentional actions and personal growth.
Challenge Your Default Thinking: Our initial thoughts tend to be negative. It’s important to challenge them to break free from limiting beliefs and adopt a positive mindset.
For example, if you usually think, “I’ll never succeed,” ask yourself, “Why not? What if I could?” By intentionally questioning negative thoughts, you make room for optimism and start believing in your abilities.
Shift Your Internal Dialogue: Our internal thoughts are crucial. Instead of worrying about failure, shift your thinking towards learning and growth.
For example, instead of thinking “I might fail,” tell yourself “I can learn from this and grow.” This change in mindset helps you see challenges as opportunities for development rather than something negative.
Celebrate Small Wins: Recognizing and celebrating small successes is a great motivator. It boosts confidence, keeps a positive mindset, and gives a feeling of achievement.
For example, just like finishing a tough work project – instead of just moving on, take a moment to celebrate. It could be a small reward, a pat on your own back, or sharing the success with a colleague. Celebrating these small wins keeps you motivated for bigger tasks ahead.
Set Realistic Goals: It’s important to set goals that you can realistically reach. Instead of aiming for a big challenge all at once, break it down into smaller, doable steps.
For example, if your goal is to handle a complex tax return for a client, break it into tasks like gathering documents, talking to the client, entering data, and filing electronically. Each step is like a mini-goal, making the overall task less overwhelming and boosting your confidence as you progress.
Embrace a Growth Mindset: Having a growth mindset means being open to challenges, not giving up when things get tough, and achieving more success. It’s about enjoying learning and being okay with stepping out of your comfort zone.
For example, if you’re dealing with a tough financial analysis, catch yourself thinking, “I can’t do this.” Instead, switch to a growth mindset. Say to yourself, “I might not know how now, but I can learn. This challenge is a chance to get better at what I do.” Remember, you’ve already failed if you don’t try.
Seek Support, Mentorship and Coaching: Seeking support, mentorship and coaching means reaching out for guidance and sharing experiences with others. Connecting with colleagues or coaches who’ve been through similar situations offers a support network and expands your professional contacts, giving you new opportunities and perspectives.
For example, if you’re feeling overwhelmed in a new managerial role, talk to a colleague or coach who’s been there. Share your worries, ask for advice, and learn from what they’ve been through. Their insights can clear things up, boost your confidence, and help you handle challenges better.
Learn from Mistakes: When something doesn’t go as planned, see it as a chance to learn rather than a failure. This mindset turns challenges into valuable experiences.
For example, if a project you managed didn’t go well, don’t focus on feeling like you failed. Instead, ask, “What can I learn from this?” Look at the project, find areas to improve, and consider it a useful lesson in managing projects. Seeing setbacks as chances to grow sets you up for success in the future.
Picture Yourself Succeeding: By imagining yourself succeeding, it helps your mind expect positive results. This lowers the worry about failing and gives you more confidence. Visualization is like a motivation boost, helping you stay focused and determined to reach your goals. Successful pro athletes do this all the time.
For example, visualize presenting a financial report to a board of directors. See the room, picture yourself presenting well, and feel the accomplishment. Doing this mental practice boosts your confidence, reduces anxiety, and gets you ready for success when the real presentation happens.
Remember, breaking free from the cycle of failing ahead of time doesn’t just happen at once, but with consistent application of these tips, coupled with a commitment to challenging your own limiting beliefs, will gradually reshape your mindset.
As you implement these practices, watch how the narrative changes, and new possibilities unfold in your accounting career.
Becoming a Smarter Accountant: Overcoming The Habit of Failing Ahead of Time
Becoming a Smarter Accountant is all about overcoming the habit of failing ahead of time. It’s about being comfortable with being uncomfortable and going after what you truly want.
For example, one of my clients was a CPA who would often shy away from applying for promotions. The fear of things not working out held her back, and she doubted if she could handle the responsibilities that came with a higher position.
It was like she had a mental parking brake in her brain that stopped her from progressing.
After working together and becoming a Smarter Accountant, she started telling herself, “What if I can do this? What if I grow even more by taking on new challenges?”
This change in mindset helped her step into leadership roles she once thought were out of reach. She now no longer fears the unknown but sees it as a chance to become an even better accountant.
Another client had a habit of hesitating whenever a new accounting software was introduced in the office. Because he had been a CPA for quite awhile, his brain would convince him to leave new technology up to the younger generation.
The fear of not being able to figure it out or making errors in the process also held him back. He would wait until his colleagues had mastered it before dipping his toes in.
Thankfully, after working together to become a Smarter Accountant, he decided to challenge his default thinking. Instead of seeing new software as a potential landmine of mistakes, he started viewing it as an opportunity to expand his skill set.
He began embracing the learning curve, asking questions, and even volunteering for training sessions. As a result, he’s now one of the go-to experts in the office when it comes to adopting and adapting to new technologies.
Hopefully, these examples help you to see the power of overcoming the habit of failing ahead of time. It’s not just about avoiding the unknown; it’s about embracing growth and turning challenges into stepping stones.
Remember what I said in the beginning – what if playing it safe is holding you back from unlocking your full potential? What if being willing to fail is how we succeed?
When you learn how to stop failing ahead of time, you give yourself the opportunity to grow professionally and personally.
Well, that’s what I have for you. Thank you for joining me as I discussed overcoming the habit of failing ahead of time. I hope you’ve gained valuable insights and practical tools.
No matter how long you’ve been an accountant, here’s what I want you to know – having a sustainable, fulfilling accounting career shouldn’t be an uphill battle.
Imagine a professional life where stress and overwhelm take a backseat, where long hours and tight deadlines no longer define your days. If you’re ready to regain control, the 5-minute Smarter Accountant Quiz is your first step towards a more balanced and sustainable accounting career.
This quiz isn’t about debits or credits – it’s about you.
You’ll be able to uncover the obstacles holding you back and unlock the key to a more rewarding professional life. Fortunately, your career doesn’t have to be overshadowed by burnout and frustration.
Simply go to the www.thesmarteraccountant.com to take The Smarter Accountant Quiz.
If you are struggling with any aspect of being an accountant, you can simply go to www.thesmarteraccountant.com/calendar and book a free session with me.
Also, I would appreciate it if you could get the word out to other accountants about this podcast. The more accountants find out about it, the more we can begin to change the narrative in the accounting profession.
The truth is that you’re already smart, but this podcast will show you how to be smarter.