Fear can be an ally, but it can also be our worst enemy when worries about what could go wrong prevent us from stepping forward in new and potentially rewarding directions. The fear of financial disruption or failure can often get in the way of your business goals, but learning to properly measure risk and mitigate it can go a long way in moving you forward.
While anxiety about the future can be difficult for anyone, it is especially daunting for those who are responsible for others. Perhaps you have a family and are worried that chasing after your dream will leave them facing financial hardship. Maybe you run a business and are concerned that an innovative project could seriously disrupt the organization if it doesn't work out. Developing strategies to safeguard against these types of outcomes is vital to overcoming any worries about letting others down so you can pursue important ambitions without fear.
The problem when fear holds us back
The challenges of trying to achieve lofty goals, especially when facing personal and professional barriers, can be daunting. This was an issue mentioned by Ivette Mayo, entrepreneur, business coach, and author, at our Detroit Comerica Bank Women's Business Symposium. She explained that moving beyond fear can be empowering.
"Fear is something that we all have ... You need to stop believing in fear and start anticipating what is to come," said Mayo.
This outlook highlights the problem of fear. If you are so worried about risk that you're focusing on the negative, you can end up missing out on opportunities for growth and advancement. If you take a more thoughtful, strategic approach to growth - moving beyond fear and becoming pragmatic - you can start to look for financial services that can help you get ahead.
Pushing toward your future
Taking a strategic approach to wealth management and financial planning can go a long way in overcoming the fears that come from striving for greatness in the business world. For example, there are a few tactics that can ameliorate risk:
- Targeting specific funding strategies, such as business loans for women or grants, that offer advantageous terms.
- Consulting with lawyers, insurers and financial services providers to blend a variety of solutions into comprehensive wealth management and protection model.
- Building an ongoing relationship with a bank so you aren't just getting a single product but a comprehensive suite of advice and opportunities over time.
- Understanding the relationship between personal and corporate finances - when you own your own business or have a direct financial stake in a corporate entity - so you can make more informed decisions.
Comerica Bank is The Leading Bank for Business1 for a reason. Our focus on consultative work with clients makes us unique in the sector, and we'd be happy to help you identify ways to mitigate risk so you can strive toward your goals without worry.
1Comerica ranks first nationally among U.S. bank holding companies with greater than $70B in assets, based on commercial and industrial loans outstanding as a percentage of assets, as of December 31, 2024. Data provided by S&P Global Market Intelligence.
Comerica’s Wealth Management team consists of various divisions of Comerica Bank, affiliates of Comerica Bank including Comerica Bank & Trust, N.A., and subsidiaries of Comerica Bank including and Comerica Insurance Services, Inc. and its affiliated insurance agencies. Comerica Bank and its affiliates do not provide tax or legal advice. Please consult with your tax and legal advisors regarding your specific situation.
