Welcome back to your weekly dose of everything you need to know in the world of business, entrepreneurship and all things Matt Haycox!

Here I share important business news stories from the week along with tips for success, wealth and happiness. I’ve created, built and sold many successful businesses over the years and had my fair share of abject failures too! So I’ve seen it all - and I always share it with you, warts and all, to educate, entertain and assist!

I make the mistakes so you don’t have to!

I will be sharing my weekly newsletter every Friday morning and aim for it to be a mix of both personal and business content that will help you grow sales, find new customers, turbo charge your finances, enter new markets and take your business to the next level.

Want to be rewarded for reading? At the end of this newsletter I give details of my reward programme for referrals. The more friends you share it with, the more goodies I will send you. Have you got enough friends to earn yourself a trip to Dubai to join me on my yacht to chat all things life and business?!

In this newsletter you’ll find:

• INSIDER INSIGHTS: What I’ve been up to this week

• BUSINESS NEWS: My take on the major business news this week

• THE BIG PICTURE: Tips on how you can save money in your business right now

But please bear with me while we get in the groove….

This is only the second newsletter so far and I’m still finding my feet. So if you have any thoughts or suggestions on things you would like including in future editions or things I could do better then please do drop me a line.

WHAT I’VE BEEN UP TO THIS WEEK

If you read last week's newsletter, or you follow me on social media, then you will know I had a new baby a couple of weeks ago. So my already hectic schedule has got even busier as I add night feeds, nappy changes and dressing my daughter up as a dictator to my schedule. (Yes that last bit really was true, much to her mothers dismay!)

I always like to find learnings and analogies to help in business or life from the things I get up to

So here are a couple that have come from my first two weeks of my second journey into parenthood:

Start before you are ready (or don’t let perfection get in the way of opportunity)

Baby Haycox didn’t have a name for the first 10 days of her new life - even though we had 9 months to sort it out! Long story short, I always wanted to call our baby Rocky, whether it was a girl or a boy. Elena wasn’t having that once she knew it was a girl, but I still wanted it. So I basically switched off from the naming process and left it to her!

Anyway! If you’re interested she is now called Nele Rocki Haycox. (I managed to slip it in as a misspelt middle name, but it cost me a G Waggon!)

Back to the moral of the story! Did the fact that the baby didn’t have a name stop us moving forward with enjoying her, loving her or progressing life in any way? Obviously not.

And it is just the same with most startups or business projects. You can wait and wait for perfection, for everything to be in place (even some things that you may think of as pretty important), but you are just preventing your journey of success from starting. Often the only person that notices things aren't perfect is you, and even if others notice then it is unlikely they will care or that it will cause you to alienate people.

This newsletter is the perfect example. Is it perfect? Absolutely not. Is it good enough to get the ball rolling, to start to serve its purpose? For sure. (I hope you agree!). I could have waited weeks and weeks to get more ideas ready, but the rewards wouldn’t be worth the delay.

Have a look at your business or your plans right now. Are you procrastinating? Are you unnecessarily waiting on things that are delaying you but won’t mean the difference between success and failure if you went without them?Nele Rocki Haycox

Get the right partner - or you should have no partner

This applies to both a business relationship and to the relationship you have at home. If you don’t get this right then best case scenario is you slow yourself down, worst case is you will never achieve your goals.

Elena has been a dream for me since Nele was born. She has done literally everything, leaving me free to carry on with work as if nothing had ever happened. Obviously I want to do as much as possible with the Nele. But whenever I keep offering to do a night feed or to take the baby so she can get some sleep, she always refuses. And she has certainly never pushed anything on me at an inconvenient time.

I am sure people reading this will have their own views on parenting etc, but that isn’t the point here. The point is I have an understanding with my partner that allows me to achieve what I want to achieve. She takes care of the things that she is good at, and I take care of the things I am good at.

1 + 1 = 3

Be honest now. How many of you are in a relationship that holds you back? That you don’t particularly enjoy? That actually subtracts value rather than adding it?

If your partnership is not creating added value then you need to take a long hard look at why you are still in it. Maybe it is time to be flying solo.

MAJOR NEWS STORIES THIS WEEK

Rising interest rates

Big news this week is that the Bank of England has raised interest rates for the 12th time in a row, taking the base rate from 4.25% to 4.5%. Interest rates are rising across the world as countries get to grips with high inflation caused by rising energy prices, supply chain problems, monetary stimuli and other factors.

At the same time, we also heard this week that the 100% mortgage has returned. Skipton Building Society’s new product is aimed at renters who are struggling to save for a deposit but can prove they can make repayments each month on time.

As a lender, I’m acutely aware of the impact of interest rates. My borrowing costs have gone up and if my customers don’t keep growing their businesses and controlling their cashflow then interest payments can spiral out of control and they may end up losing a valuable asset.

My view is that rising interest rates and the return of the 100% mortgage are contradictory to each other. Rising interest rates will add nothing but added pressure in an economy that is over-borrowed and under-capitalised.

Whilst the theory of turning renters into owners makes sense, the more important question right now is can they afford the repayments if interest rates keep rising? And that’s without even taking into consideration all the other cash pressures that people are currently suffering.

A property crash and (deeper) recession is undoubtedly coming. So anyone with a 100% mortgage is guaranteed negative equity in a property with a mortgage that they won’t be able to afford the repayments on. Carnage for both the borrower and the lender.

I am all for growth and all for taking risks, probably more than most! But as someone who went spectacularly bankrupt due to an over leveraged and under capitalised business, I am well aware that just because a lender offers a product or is happy to make a loan, it doesn’t mean it makes sense for a borrower to take it…

Snippets from the week

• Google is rolling out AI across its search engine, meaning it will craft responses without people having to click on links

• Asos has reported major losses, as consumers cut back on online spending amid the cost of living crunch

• Virgin Galactic is returning to space, announcing plans for its first commercial flight next month after years of delays

EXPERT TIPS: Wise words from Warren Buffett

Legendary investor Warren Buffett held his annual shareholder meeting in Omaha this week. The 92-year-old proved he could keep a clear head as he fielded questions from shareholders in his Berkshire Hathaway fund.

Here are four things he said:

1. Apple is better than any other business we own – Buffett said the iphone’s status among consumers makes it an “extraordinary product”, making him very happy he owns Apple stock.

2. Good businesses can become bad businesses – No one can predict the future, but Buffett said he understands consumer behaviour and that his wider team can spot threats to business models.

3. Investors should focus on value – Buffett said the world is overwhelmingly short-term focused.

4. Don’t fear AI – While Buffett said AI will transform many industries, he added that ‘old fashioned intelligence’ also works pretty well.

THE BIG PICTURE: How to save money in your business

Rolls-Royce’s new CEO has launched a new strategic review to save money. Tufan Erginbilgic says the engine maker is a "burning platform" that needs to improve its cash flow, cut debt and invest for the future.

I believe any business can identify areas where they can cut costs and save money. I recently discovered I had £2,200 a month going out of the business on email addresses – many of which weren’t even necessary. I managed to cut that in half, saving around £10k a year.

Here’s how you can make cost savings in your business right now..

1. Get to grips with your spending – Take a day out and list every item of expenditure. Then take a hard look at what’s really necessary. A solid day spent trimming wastage could be the most profitable activity you have done in months!

2. Cut your finance costs – The average UK SME wastes £608 on unnecessary finance charges each month, data shows.

3. Outsource where possible – It can be difficult to give up elements of control. But by outsourcing functions such as content creation, chasing invoices, payroll and customer service you’ll have more time to focus on growth..

AND DON’T MISS: THE MATT HAYCOX SHOW PODCAST!

Every week I interview celebrities, CEOs and some of the world’s most inspiring individuals.

This week I chatted to Charlie Johnson, a former estate agent who is now a fitness coach making a seven-figure income. “Fitness never ends. You don’t get in shape then stop. Stay in the game so you can keep continuing. You’ll need to maintain your body for the rest of your life,” he says.

WATCH & LISTEN HERE

SOMETHING SOCIAL

When I’m not running business, lending money and consulting for my customers you will find me dishing out advice, talking about my mistakes, fooling around and showing my life on social media, including life aboard my yacht Sea Squirter. So check me out and give me a follow! I am @thematthaycox on all platforms - Instagram, Twitter, TikTok and SnapChat.

This week I took baby Nele on here first boat day on Sea Squirter. Normally reserved for entertaining clients and seven-figure networking dinners! This week Nele stripped down to her nappy and relaxed while I built relationships in my favourite environment! The perfect mixture of business and pleasure.

TELL YOUR FRIENDS AND GET REWARDED

I love sharing things with friends, and if this newsletter has made you smile or been helpful then please share it with your mates and wider connections. Even better, there will be something in it for you.

We are still finding our feet, and the full reward programme isn’t in place yet. But any referrals you do in the meantime will all count towards it when it is.

What rewards can you expect? One of the rewards will be a long weekend in Dubai with me for the ultimate business immersion experience and dinner with some of my network on my yacht. So get referring now!

Share Matt Haycox Daily

You currently have 0 referrals.

Click to Share

Or copy and paste this link to others: https://matthaycoxdaily.beehiiv.com/subscribe?ref=PLACEHOLDER

JOIN MY TEAM

I’m always looking for great new people to join The Matt Haycox Group. I own a number of businesses including in sectors such as finance, property, e-commerce, leisure and tech.

I’m currently looking for a group financial controller to head up one of our group companies. If you know someone who fits the bill, you’ll be rewarded with a referral fee if they are taken on. Send me an email with more information.

GOODBYE FOR NOW

That’s all for this week. I hope you enjoyed reading! I always love to hear feedback so let me know what you liked and what you want to see more of. I’m all ears!

And if you want to talk to me about borrowing, investing, growing your business, or anything else I am good at, then get in touch!

I’m an entrepreneur, investor, funding expert and mentor who has been building and growing businesses for both myself and my clients for more than 20 years. There’s nothing I don’t know about finance!