business has never been this difficult

Do you know business can be very tough?

If you're an entrepreneur, you have these massive highs and lows. I think

it's akin to having like a bipolar sort of situation.

Um, we're about to close on another year.

Business owners have certainly had it tougher in the United Kingdom than other years because of our government that is so anti- business and is punishing us at every turn.

I feel like a boxer in a ring with a player that just wants to dominate me constantly., I've, wrote, down, some, of my

constantly., I've, wrote, down, some, of my notes on some of my most challenging of years. One of the big things that really

years. One of the big things that really hurts my business is turnover taxes in terms of business rates, VAT, employers national insurance, green levies on your

tax uh on your utilities insurance premium tax and the list just keeps on going and going and getting bigger and bigger. And what that means is you have

bigger. And what that means is you have to look for cost efficiencies and savings. I try and train my brain to

savings. I try and train my brain to think abundance, think solutions, think bigger, think better.

Say my favorite quotes like smooth seas do not make skilled sailors. But there

are moments where I just think, how about no? How about no?

about no? How about no?

Just this week, I got my business rates revaluation. So for those that you don't

revaluation. So for those that you don't understand, if you got premises, you have to pay sort of like accounts tax.

is a business called business rates and your property is valued and it gives you something called your ratable value.

And as a rule of thumb, if you pay £100,000 in rent, you know, you'll pay £100,000 of rate of value. And then you pay around half of that, you have a uh and different industries are slightly

different, but let's just say it's around half. So you've got £100,000

around half. So you've got £100,000 rent, you have to pay £50,000 in ratable value. It's a little bit less than that

value. It's a little bit less than that but that just gives you sort of a a rule of thumb. Marsh Farm in 2017 had a

of thumb. Marsh Farm in 2017 had a listing valuation, and you get the listing valuation every four or five years of 57,000. Then it went to 135,000

and now it's gone to 180,000. And so you have to pay around half of that. So I've

got to find 90,000 just to open Marsh Farm. But it's not just Marsh Farm. I've got nine play centers, another two visitor attractions, a big collection of day

nurseries, the Rossy ice cream parlor Roller City. All of those play business

Roller City. All of those play business rates, too. And I checked on my ratable

rates, too. And I checked on my ratable values. They've increased by half a

values. They've increased by half a million pounds. I've got to find another

million pounds. I've got to find another quarter of a million pounds from April next year just to stand still on business rates. But then minimum wage is

business rates. But then minimum wage is going up, which means all of our wages need to go up. I've estimated another 350,000 there. So, another 600,000 next

350,000 there. So, another 600,000 next year to stand still. But I've already had a colossal amount of increases this year on business rates and wage costs and all of the other bloody things as

well. I managed to save around £100,000

well. I managed to save around £100,000 on our insurance for next year. So

that's a little bit. So, now I've only got to find another half a million. But

I just sit there sometimes and think why am I doing this? I could make my life so much easier. I could just make YouTube videos. I could just do this

YouTube videos. I could just do this stuff. I could just go and speak at

stuff. I could just go and speak at conferences. I could just keep all my

conferences. I could just keep all my commercial properties. And I don't mind

commercial properties. And I don't mind admitting I've been leaning into that thinking more than ever.

But then I get back up and dust myself off and think, "No, I am one of the unusual ones that can deal with this stuff, that can cope with this stuff."

And if I don't be one of those people what does that mean for the UK economy?

Do you know what really frustrates me?

This is a great country. It has bags of potential. We're just like a unsung hero

potential. We're just like a unsung hero in the United Kingdom. You know, 70 million people live here. A legal system that's outstanding. A banking and

that's outstanding. A banking and financial system, transport links trusted around the world. We created

most of the world's political systems and how most armies work are based on our brain power. We've invented so much stuff. We've created some of the world's

stuff. We've created some of the world's greatest companies. and we're just

greatest companies. and we're just losing our lust for growth and entrepreneurship. We've got anemic

entrepreneurship. We've got anemic growth in this country and it just frustrates me and I just think it could be so easily changed. So, number one more turnover taxes and business rates.

How, am, I, going to, fund, it?, I, don't bloody know. Well, I do know. I'll tell

bloody know. Well, I do know. I'll tell

you at the end. Um, I've been knocked this year for around a million quid. I

had £600,000 worth of legal fees and I bought a business and the management team left us and stole a load of our customers just as we bought it. But, you

know, they might have won that battle over us, but I hope that they sit there at night and think, "Wow, we've just done someone over massively there." And

I just train my brain, don't be bitter be better. You know, make your business

be better. You know, make your business as good as possible. Those customers

will come back to you. Um, lessons there on buying businesses. Most of them have gone well. Most of them have gone

gone well. Most of them have gone outstandingly well. And what could

outstandingly well. And what could happen here is this could knock a human being that might think, well, I'm never going to do that again. And I just will not let a few bad people j my judgment

for the future. Um, so that's been difficult. When we bought Kambon as

difficult. When we bought Kambon as well, on the day we bought Kammon, uh we had £300,000 swipe away from us. uh that was meant to be our cash flow uh that the

administrators kept and in the complication of buying that business because we bought it solvently from a group that went into administration that caused us more problems and we're owed a load of money there that I don't know if

we're going to get and all of that mixed in together including all of this and all of that you just think why am I doing it but you can get through it the soaring cost of employment

get me wrong I want to pay my people as much as I physically can. But what's

happening to employees right now is because of government turnover taxes employees are being punished. You know

we got a government right now that's going, "We want to make sure that we support working people." If you want to support working people, make it easier for business to do business. And the

harder you make business to do business then employees and working people are going to get affected. And we're seeing that wholesale across our country. And

if anyone from government is watching this, you're losing business sentiment.

You're losing the power of these rare and protected individuals or rare and unusual individuals that take risks, put their house on the line, borrow money

do personal guarantees, meet payroll every single month, um, and meet your colossal turnover taxes. I mean, people have no problem being tax, but they want to pay tax when they've made a result

when they've made some profit. They

don't want to be taxed before they've bought in any revenue for I mean, look at business rates. You can have a business. Say you go and say, "Right

business. Say you go and say, "Right I'm going to open up a a barber shop or I'm going to open up a warehouse or a new location and you're going to go and you might not trade for three months.

You have to pay business rates before the bloody thing trades." And I know some people are going to say, "Oh, you might be able to get some empty rates discount, but that gets harder and harder and all of that blava." If people

are paying taxes and turnover taxes before they've made any money for themselves, bloody nightmare. I suppose

you know, I lost my stepmom this year as well and that caused me not to have a calm mind and not focus on some of the key things on my businesses and you know

I I've got a great team around me but I you know I I I realize that I'm still the driver for my business you know you maintain if I don't stamp my fist on the

table you know I've got some great people some really great people but I am still doing the impossible tasks in my business And I expect any business

that's, you know, got 10 to 2,000 people has like mine, you will have a collection of some talented people, but it is the entrepreneur that forces through things, drives through things

make sure innovation happens, make sure culture is good, make sure the top line happens, and it's you got to make sure that you've got the right left tenants in place. And do you know what? I I'll

in place. And do you know what? I I'll

be honest with you. I know how entrepreneurs, think, sometimes,, no matter what size you're at, you'll be thinking well, I won't want to take any more overhead on. I don't want to take any

overhead on. I don't want to take any more management on. I don't want to take any more middle management on. Um, but

you have to have the systems and processes people in place to make sure everything works. And be very careful

everything works. And be very careful when you're making decisions in these tough times with governments that don't like you. You could cut all of your

like you. You could cut all of your overheads back and make your profit and loss improve for a short period of time.

The trouble is, it's like a drug. It

gives you a hit. I don't know that, but I've heard it. I've never taken any drugs. It gives you a hit, like

drugs. It gives you a hit, like discounting in your business. It gives

you a hit of turnover, but then what happens is you retrain your customers not to buy from you on normal prices, only buy from you on discounts. Uh, and if you cut the

profit and loss by taking out really good people and overhead, you'll see customer service go downhill. then

people don't come back to you. You must

think long term that or long and medium term. That's what super smart

term. That's what super smart entrepreneurs and businesses do. My

sales are down on our hospitality and leisure businesses. And you know what?

leisure businesses. And you know what?

It's tough out there. It's a tougher economic environment. People don't have

economic environment. People don't have as much money and that is excuse it ladies and gentlemen. And I will not allow that come into my head. We should

have worked harder. We should have not sat on our laurels. we should have driven our teams to make sure that we find ways of hitting budgets and because they're a little bit down um that affects everything you know means you

can't invest as much you can't pay people more um you know everything's harder in business and so you must make sure that you have the systems and processes for accountability to make sure people are hitting those numbers

and because you know I've been dealing with these other big impossible things because I was dealing with you know some berment stuff you know I was not on my teams as much as possible. And it wasn't

huge, but say you lose two or 3% off your top line. That is massive for your bottom line because most businesses all your profits made in your last 10% of your turnover. So if you lose two or 3%

your turnover. So if you lose two or 3% it's not good. It's like losing a third of your profit and that is dangerous.

Um, and all these things they start having an effect on you on your calm mind and not making rational thoughts cuz you're like you're in panic mode.

Not panic mode, that's the wrong word. I

I can't explain it. But you're like a you're in a a state that's not good for thinking long-term and medium-term. And

if you start thinking for short-term wins, that's very dangerous for your business. Now listen, our sales were up

business. Now listen, our sales were up on our child care business but profits were down due to the cost of running the business. And you know, I'm

a big fan of the little phrase, what doesn't get measured doesn't get managed. You know, we having more

managed. You know, we having more regular dashboard meetings and management meetings rather than just waiting for board meetings to see how we uh do that. You know, I I just have a monthly board meeting. Look at the

numbers. Usually everything's good. For

numbers. Usually everything's good. For

the first time ever, my child care business had seen a slight dip in profits rather than a continual growth in profits year after year after year just because the cost of running things

and the way the government had changed their funding for child care.

So, let me wrap up now on how I'm finding solutions for this world focus.

If you're in a period where you're getting more overheads and more costs you got to look at your model and think can I innovate my model so that it's better set for the future?

And every successful entrepreneur has to do this at some point. When Steve Jobs came back to Apple, he completely remodeled the business for super success. And last time I checked, what

success. And last time I checked, what he did went very well. So, I've gone into some of our businesses that are having anemic growth or standard growth.

I want 10 20% growth every single year.

Come what may. That's the only way. And

so look at your models. How can you improve them? You then create systems

improve them? You then create systems and processes um to jot down and monitor and measure your team. And if you don't have those measurement tools, you can't

manage the team. And that's why going into next year, I'm creating this program for businesses called accelerator rather than it all being paper based on a software system which I'm going to be launching into my teams

to manage them to manage them and make sure there's accountability and accountability on yourself as well. You

know, you think it's all about E plus M equals S. And that's re-reminded myself

equals S. And that's re-reminded myself that it's entrepreneurship plus management equals success. And that's

how you build a business. It's two

types. It's a ying and a yang thing.

Who's the leadership and who's the management? Who's looking after the

management? Who's looking after the future, thinking big, doing the impossible? And who's doing the

impossible? And who's doing the possible? And then that entrepreneur has

possible? And then that entrepreneur has the faith to go out there and change the world when they know the dayto-day is being done spectacularly well.

Sales. I need more sales. I need to drive through more sales.

And I need to work out how we can grow again even in very challenging economic times. And I will not I will not hear

times. And I will not I will not hear from people that yeah it's tough out there. Of course it's bloody tough out

there. Of course it's bloody tough out there. It was tough in 2008 in the

there. It was tough in 2008 in the financial crash. It was tough out there

financial crash. It was tough out there you know, when COVID came along. But do

you, know what?, People, in, Ukraine, and Israel and Gaza, they're having it tougher than I am. So I've got to find a way, haven't I? I've got to move forward and I've got to have no excuses. I've

got to be above the line taking ownership accountability responsibility, and I need to infuse that culture into our teams. Don't want to feel like this. You need to make a list. write the list down and get things

list. write the list down and get things done. And this is one of the ways I do

done. And this is one of the ways I do it. This is my gold frame that sits next

it. This is my gold frame that sits next to my Mac on my computer. And I I want to reflect on a couple of the things that I'm personally working on. Number

one is I want to weigh 15 stone. That is

my big goal. Uh I want to maintain 15 stone. You know, I was 17 and a half

stone. You know, I was 17 and a half stone at the beginning of this year. So

I've lost a couple of stone and I'm about 15 and a half now. So, put it on YouTube to make sure that the bloody thing happens. Uh

thing happens. Uh and then my second one, and I think this will serve you well, is write down that you want to have a calm mind. Right now

I don't feel like I've got a calm mind because I'm dealing with a number of things uh that I just don't want to happen. Uh, and I find that tough. I can

happen. Uh, and I find that tough. I can

see a route forward. I can see 6 months looks flipping fantastic. But when

you're going through the trudgery, when you're going through it and you're not taking the easy routes, I know there's loads of easy routes for me. I

absolutely know there's so many easy roots for me, but I'm just a man that believes in leaning into the difficulty. I don't know why. I

don't know why. You know, most people would give up because they're sane, but I lean into the difficulty.

And I think of a quote by the late great Jim Ran. He said, you know, write down

Jim Ran. He said, you know, write down your goals and one of your goals is that I want to be a millionaire or I want to be a billionaire. Not

because of the riches of being a millionaire or a billionaire, but it's who you become on the way to being a millionaire or a billionaire. you know

the habits that you will pick up, the skill sets that you will pick up, the knowledge that you will pick up, the responsibilities that you will pick up.

And if you are one of those rare few that really can move mountains and deal in impossible tasks, the world needs you and, you, have, to, carry, on, no matter, how

tough it is. And you know what? I've

been in business nearly quarter of a century now. I started when I was 15 and

century now. I started when I was 15 and I'm 40. I've had up years, down years

I'm 40. I've had up years, down years up months, down months. And every time I go through a period of difficulty, when I get through it, I am so much better

for it. But when I'm in it, it can feel

for it. But when I'm in it, it can feel very tough. Um, you need great friends

very tough. Um, you need great friends around you. Remember, you become the

around you. Remember, you become the average of the five people you spend most of your time with. You need good advisers around you, good left tenants around you. You need notebooks. You need

around you. You need notebooks. You need

pens. You need to write stuff down. You

need to be sharpening your skill set every day. You need to be working on

every day. You need to be working on innovation marketing culture recruitment. You need to go to the

recruitment. You need to go to the seminars. You need to read. You need to

seminars. You need to read. You need to read lots. And you need to do R&R

read lots. And you need to do R&R constant R&R, which is refresh and remind yourself of the stuff that works.

And usually the magic you're looking for is in the work you're avoiding. The

magic you're looking for is in the work you're avoiding. Absolutely true. You

you're avoiding. Absolutely true. You

know, are you avoiding making those awkward conversations? Are you avoiding

awkward conversations? Are you avoiding going to that seminar? Are you avoiding in having that team chat that you know you need to? Are you avoiding

uncomfortable truths? Are you avoiding

uncomfortable truths? Are you avoiding moving team members on that you know that shouldn't be no longer with you because they haven't got the capacity to do what they're doing? Are you analyzing

your people enough?

You know, you're looking at your people you're thinking, do they get what I want? Do they want it as well? And do

want? Do they want it as well? And do

they have the capacity to do it? Do you

need to start bringing in new, greater better people into your ecosystem to move you forward? Do you understand what got you here won't get you there? And

all those things added together.

Are you exercising enough? You know, are you working on your personal health?

And are you moving yourself forward and keeping thinking about the future thinking about growth even even when it's really tough because things are on fire around you? And if you're one of

those people, I salute you. I

congratulate you and I'll keep making the YouTube videos. Hopefully, they give you a little metaphorical cuddle to keep on going. For those of you that have

on going. For those of you that have been reading my newsletter every Monday I hope that they're helping you as well.

And if you haven't subscribed to the newsletter, it's absolutely free to do.

You can sign up on my website jamesinclair.net, where you get my weekly musings and thoughts to help you through. And uh hopefully I'll see you

through. And uh hopefully I'll see you at one of my seminars to help grow your business in the new year. Take care guys to your continued success.