Q&A with Monica Lough

Monica Lough
Chelan-Douglas Regional Port Authority

Monica Lough
Chelan-Douglas Regional Port Authority

What inspired you to start your business or pursue your current career path?

I’ve always been drawn to roles that allow me to merge my passion for financial management with public service. My path as a CPA gave me a solid foundation in financial analysis, but I sought a career that would allow me to contribute to the economic development of our region. The opportunity to work for the Chelan Douglas Regional Port Authority was particularly appealing because port districts play a crucial role in fostering growth and innovation in local communities. Seeing firsthand the positive impact we have on local businesses and infrastructure motivates me every day.

How has your initial vision evolved since you started?

When I first stepped into this role, my vision was largely focused on financial oversight and ensuring that the Port’s resources were used effectively. Over time, I’ve come to appreciate how interconnected finance is with strategic planning and economic development. My role has evolved to include a much greater emphasis on long-term planning, collaboration with local businesses, and finding innovative ways to secure funding for future growth. The dynamic nature of this position has taught me that flexibility and creativity are just as important as fiscal responsibility.

What's the biggest challenge you've faced as a woman in your industry, and how did you overcome it?

One of the biggest challenges I faced as a woman in accounting, particularly earlier in my career, was the underrepresentation of women in leadership positions. There were times when I had to work extra hard to have my voice heard in rooms where men predominantly made the decisions. I found that perseverance, confidence, and building a strong network of mentors—both male and female—helped me overcome these barriers. I also focused on continuously expanding my expertise so that my work and results spoke for themselves, proving my value beyond any preconceived notions based on gender.

How do you think these challenges have changed in your industry?

The industry has definitely evolved since I first started. Today, there's a much stronger push for diversity, equity, and inclusion in accounting and finance, and more women are stepping into leadership roles. There’s also greater awareness of unconscious biases and a collective effort to create more inclusive environments where diverse perspectives are encouraged. However, challenges still remain, especially in achieving complete parity at the executive level. While we’ve made significant progress, continued support for professional development and mentorship programs is essential to sustaining these changes and encouraging the next generation of women in accounting.

Describe a pivotal moment in your career that shaped your leadership style.

A pivotal and challenging time in my career was when I took on a significant project involving a functional consolidation of two port districts into one operating entity. It required collaboration across multiple organizations, each with its own unique challenges. Initially, I approached it from a purely financial and operational standpoint, focusing on the technical details. However, I soon realized that the real key to success was building trust and aligning different teams under a shared vision. This experience taught me the importance of communication, empathy, and adaptability—understanding the human side of leadership, not just the numbers. It helped me become a leader who listens, empowers others, and encourages collaboration.

How would you describe your leadership style now?

Today, I would describe my leadership style as collaborative and supportive. I believe in empowering my team by giving them the autonomy to make decisions and take ownership of their work, while always being available as a resource and guide. I place a strong emphasis on communication and transparency, ensuring that my team understands both the strategic goals and the reasons behind the decisions we make. I also strive to lead by example, showing that I value continuous learning and adaptability. My goal is to create an environment where people feel motivated, respected, and encouraged to contribute their best ideas.

How do you balance your professional responsibilities with your personal life?

Balancing professional responsibilities with personal life has always been a priority for me, but it’s not without its challenges, especially in a demanding field like finance. I’ve found that setting clear boundaries between work and personal time is essential. I try to stay organized and focused during work hours, so I can be fully present for my family, friends, and personal interests when the workday ends. This also means being disciplined about taking time for myself to recharge, whether that’s through exercise, hiking, horseback riding, or simply unplugging for a bit. It’s about making sure I give myself permission to step away when needed.

What strategies or support systems have you found most helpful?

Having a strong support system is crucial. I’m fortunate to have both personal and professional networks that help me manage the demands of my career. At work, I’ve learned to delegate tasks effectively and trust my team, which lightens the load and ensures things run smoothly even when I’m not available. At home, I rely on the support of my family and friends, who understand the pressures of my role and provide encouragement. Additionally, I’ve found that prioritizing self-care and maintaining a consistent routine are key strategies that help me stay balanced and prevent burnout.

What advice would you give young women aspiring to enter your field?

My advice to young women entering the field of accounting and finance is to believe in your capabilities and never underestimate the value you bring to the table. The path to success isn’t always straightforward, but persistence, continuous learning, and building strong relationships will carry you through. Don’t be afraid to seek out mentors and ask questions—they can be invaluable resources in guiding your career. Additionally, develop a strong foundation in the technical aspects of finance, but also recognize the importance of soft skills like communication and leadership, which are essential as you progress in your career.

What do you wish someone had told you when you were starting?

I wish someone had told me early on that it’s okay to make mistakes and that growth often comes from those challenging moments. In the beginning, I felt a lot of pressure to be perfect, but over time, I’ve learned that mistakes are part of the learning process. I also wish I had known the importance of advocating for myself—whether that’s in seeking new opportunities, promotions, or professional development. Don’t wait for things to come to you; take ownership of your career and be proactive in shaping your path.

How has mentorship played a role in your career as a mentee or mentor?

Mentorship has been instrumental in shaping my career, both as a mentee and as a mentor. One pivotal moment came during my time at Wenatchee Valley College, when my instructor, Mrs. Chan-Nui, encouraged me to continue my education. Her belief in my potential pushed me to pursue opportunities I might not have otherwise considered. That mentorship provided me with the confidence and clarity I needed to keep moving forward in my career, and I’m incredibly grateful for the guidance she gave me at such a crucial time in my development.

How do you approach mentoring others in your current position?

As a mentor now, I strive to offer the same support and encouragement that I received. I believe that mentoring is about listening and understanding the unique goals and challenges of each individual, and then helping them to identify pathways for growth. In my current role, I aim to provide guidance not only in technical skills, but also in building confidence and navigating the complexities of career advancement. My goal is to create an environment where my team feels empowered to take on new challenges and develop their leadership potential.

What strategies have you found most effective for building and maintaining professional networks?

One of the most effective strategies I’ve found for building a strong professional network is to be genuinely interested in others and their work. Taking the time to build relationships based on mutual respect and shared goals is key. I’ve also learned the importance of consistency—regularly following up with contacts and offering help or insights when possible. Attending industry events, joining professional organizations, and staying involved in community initiatives have also played a big part in expanding my network. Ultimately, it’s about creating connections that are meaningful and mutually beneficial.

How has networking changed with the rise of social media and digital platforms?

Networking has changed significantly with the rise of social media and digital platforms, making it easier to connect with a much broader audience. Platforms like LinkedIn have allowed me to maintain relationships and build new ones across geographical boundaries. It’s now possible to stay engaged with peers, colleagues, and industry experts on a more continuous basis, which has been invaluable. However, while digital platforms are a great tool for expanding networks, I still believe in the value of face-to-face interactions. Balancing both online and in-person networking is key to fostering deeper, long-lasting professional relationships.

In your experience, what key skills or qualities have contributed most to your success?

Several key skills and qualities have contributed to my success, but I’d say the most important ones are adaptability, communication, and a strong analytical mindset. In finance, the ability to adapt to changing regulations, economic conditions, and business needs has been crucial. Effective communication is also essential, not just for explaining complex financial information but for building strong relationships with colleagues, clients, boards, and my team. Finally, having a sharp analytical mindset has allowed me to approach challenges with a solution-oriented perspective, identifying key opportunities for growth and improvement.

How do you continue to develop these skills?

I continue to develop these skills by staying committed to lifelong learning. I regularly attend industry seminars, workshops, and professional development courses to stay up-to-date on the latest financial trends and regulatory changes. Additionally, I try to step outside of my comfort zone by taking on new challenges or responsibilities that require me to stretch my skill set and think creatively.

How do you stay innovative and adapt to changes in your industry?

Staying innovative and adapting to changes in the financial industry requires a combination of continuous learning, embracing new technologies, and remaining open to fresh ideas. I make it a priority to stay informed about emerging trends in finance, technology, and economic policies that could impact our operations. By attending conferences, engaging with professional networks, and reading industry publications, I’m able to anticipate changes and prepare for them proactively.

Share an example of how you've successfully navigated a major industry shift.

One example of navigating a major industry shift was the rapid adoption of digital financial tools and cloud-based platforms. A few years ago, as the industry began transitioning to more digital and automated solutions, we faced the challenge of modernizing our financial systems.  As we functionally consolidated and formed the Chelan Douglas Regional Port Authority, we reviewed all our accounting processes and policies in order to transition into an updated system, ultimately improving efficiency and positioning us to meet future challenges with greater agility.

What initiatives or changes would you like to see to promote gender equality in the business world?

To promote gender equality in the business world, I would like to see more organizations implement structured mentorship and sponsorship programs specifically for women. These initiatives can help women navigate their careers more effectively and provide them with the guidance and support needed to reach leadership positions. Additionally, I believe in the importance of transparent hiring and promotion practices, ensuring that women have equal access to opportunities. Companies should also invest in flexible work policies that support work-life balance, making it easier for women to thrive both professionally and personally.

How do you personally contribute to advancing these initiatives?

Personally, I advocate for gender equality within my organization by promoting inclusive policies and practices and supporting women’s advancement. Additionally, I make a conscious effort to highlight the achievements of my female colleagues, ensuring their contributions are recognized and celebrated. By fostering a supportive environment, I hope to inspire others to join in the effort toward gender equality in our industry.