I’ve been quiet on my weekly reviews for a while as we’ve had some projects to focus on at Gro Profit First Accountants (Formerly Cheltenham Tax Accountants).
I thought I would kick start this week by looking back over the last week and share my thoughts and learnings as a fellow business owner. The idea is that you will find something that may resonate with you at some stage (no matter how small).
- VALUE FIRST. I talk about Profit First a lot as I have seen it impact businesses first hand and it works. What comes first matters and in our world, ultimately we are all paid for the value we create. Many people have a scarcity mindset around money but remember that there is no limit to the value we can provide to others. Money follows on from either value given or from owning assets. If you can maximise both then you are in a great space. By the way, providing value first also applies for anyone employed. Those who provide value to their employer first are far more likely to be rewarded with promotion opportunities later on.
- FAMILY FIRST. I’ll keep this one short and sweet. Many businesses have some form of core values (even if not written down), Stephen Covey talks about having family values. I think as ambitious people we can focus too much on our goals and need sometimes to take a step back and remember what we are ultimately doing this for. Thinking about your family values and help re-align this and provide a better work/life balance.
- MATTHEW PERRY. Linking in quite nicely to this, I am a huge Friends fan and anyone who has watched it over the years will have felt a small tear in their eye over the weekend with Matthew passing. I bring this up, as life is short. Someone told me that some business owners do what others are not willing to do, so that they can live a life that others can dream of. The point here is that it is all about you. Making it all count in our own way. I’ve been discussing Sir Jim Ratcliffe purchasing 25% of Man U at 71 years of age. To me, there is no way someone worth £30b is buying a stake as an investment. You can always get more money, but you can not get more time.
- LEARN FIRST. Staying with my theme, the key to finding success in my business was to learn first and grow later. I’ve mentioned before that the more seeds you plant in your brain as a business owner now, the more rewards you will reap later on. If you are a business owner and you are not learning from others, growing and pushing yourself to improve, ow do you expect your business to improve? Profit First is a seed that sorts our your finances but there are many you can plant. Think long term, your mind is an asset, why wouldn’t you want to appreciate it…
- DEEP SLEEP. I have learned recently that it’s not about how much sleep you get, it’s the quality of it. Some people are sleep deprived and if you get a chance, please read the book by Matthew Walker, Why We Sleep as you will give sleep the respect it deserves. The truth is that less than 2% of us can get away with less than 6 hours, we may think we can but it’s causing chaos to your body and brain. The real learning for me is to track your RESTORATIVE SLEEP. This is your deep and REM sleep (not core or light). Ideally, you want this to be 40%+ of your total sleep. I use a Whoop strap to measure this but you can also use a Fitbit or an Apple Watch.
Have a great week!
Thanks
Steve