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

Welcome to your Friday morning dose of everything that matters in the world of business, finance, entrepreneurship and my life! If you want ‘agenda free’ news, top tips, tried and tested strategies and a bit of my banter, then you’re in the right place!

This week you’ll find:

• 🤔 INSIDER INSIGHTS: How to meet future business partners in restaurants and why you need to learn to SUBTRACT

• 📈 THE BIG NEWS: Interest rates rose again yesterday, but how much higher are they going to go this year?

• 📑SPOTLIGHT: AI special! Everything you need to know about the whats going on in the world of AI and the players in it. But written by our team not ChatGPT!

• 😱 SCARY STAT: Don’t make the same mistake as 42% of startup business owners.

• 📢 PODCAST: Digging deep behind the quotes of Ash Dykes and understanding the entrepreneurial side of the guy described by FHM magazine as ‘One of the world’s most fearless outdoor men’.

• ✂️  QUICK SNIPPETS: Quick but powerful. Fast links to the info you need that I guarantee makes a difference.

• 📸  BIG PICTURE: The place you live and bases yourself from is an essential part of your opportunities and future success - and it is rarely the place you were born and have built your roots up to now.

🤔 INSIDER INSIGHTS: 

I was at lunch in a new restaurant in Dubai a couple of weeks ago with Elena. (I managed to convince her to leave baby Nele at home so I could get some attention at feeding time for once!). The restaurant is called Bungalow 34 and if you are living in, or visiting, Dubai then you absolutely must visit. But this isn’t a restaurant review so let’s get back to business!

Whenever I am eating in a fancy restaurant and people on the table next to me look fun or interesting, I always find some excuse to start a conversation - usually admiring their food or recommending a dish they should have chosen! You won’t believe how many friendships I have made, deals I have done, or investors I have landed that started off this way.

On this particular occasion I was sat next to a couple of Canadian ladies, one of whom was a Real Estate agent who happened to have represented my apartment for sale by its old owner - such a small world! Her friend was an anxiety coach and I joked about needing to hire her for Elena who always seems to be able to find a reason to get anxious abut something! She had me very interested in her theories, but when we started talking about how I am never anxious and have a very relaxed attitude in general she wanted to try and argue with me about it. I told her that I don’t get anxious because I usually have the knowledge to know the answers and solutions to most situations. The knowledge give me certainty. The certainty give me confidence. The confidence is the opposite of anxiety for me.

She disputed this and told me that because I want to know information that I am anxious about the future and an over thinker. At this point I totally switched off because it’s a load of bollocks. I am absolutely not an over-thinker and the whole reason I am not anxious about the future is because I have the knowledge, skill set or mentors to be able to deal with anything the future throws at me - hence why I don’t have anxiety issues. She told me I have very obvious anxiety issues, as do all people, it is never something that is cured, just something that is managed. Sorry - but I am not buying that!

Other than maybe water, I can’t think of a single product that can be sold to every member of the human race. And trying to push your product on people who absolutely don’t need it, pushes you over the line of strong, confident, salesperson, to bullshitter who loses all credibility.

You must be hungry and believe in your product. But don’t cross the line in to annoyance and BS - it will just cost you credibility and burn bridges before relationships can be built.

Following on from that though, whilst I may not have anxiety issues I am certainly more stressed out lately than I have ever been. My stress always comes from the same issues - too much work on, not enough quality people to delegate it to, and a pathological hatred of letting people down.

This situation builds up every now and again for me, and initially always makes me feel like a failure that I am unable to battle through certain things. But then I realise that sometimes you have to take a step backwards to ultimately take 2 steps forwards. I go through a period of taking nothing new on. Cutting certain activities, businesses and people out of my life - and then the fog lifts, time is created, and happiness without stress is once again restored! Not an overnight miracle, but a process that over the course of a few weeks and months results in the desired outcome.

I think the learning for business owners and employees alike is that we so often try and solve problems by ADDING something when actually the best solution is to SUBTRACT something. I recently learnt this is actually an official condition called Addition Bias. Evidence shows when presented with a problem we tend to favour a solution that involves adding something new over a solution that involves subtracting existing elements.

It isn’t that we struggle to process solutions that involve subtraction rather than addition, it is just that we tend to find adding things more obvious in most cases.

In both business & personal lives people recruit more staff & buy more systems, assets & equipment. They add more rules, words and options.

We find ourselves swimming in responsibilities, regulations and excess that somehow only makes matters worse.

We favour complexity. It is as if simplicity is some kind of demonstration that wers! We think we need massive businesses with huge headcount to make big money. We think we need a spiderweb structure of companies instead of 1 or 2. We think we need a fleet of cars and a set of tools for every possible eventuality.

And it is only when that complexity reaches some kind of breaking point, either physically or mentally, that we MAY realise we have added our way to a problem or failure.

So spend this weekend looking at your problems and stresses and think about solutions for them that involve cutting things out. One that I am guilty of and a good place for you to start is: Do you need to hire more staff or could you remove tasks from the process instead so you need less staff?

So now I’m going to go back over this column and see what words I can remove to make it a better read! (If you’re interested it was 1 full paragraph, 75 words and a few stray letters!)

I hope you enjoy this week’s news letter. If you have any suggestions for anything you think should be added (or subtracted!) then I always want to hear your feedback.

📈 THE BIG NEWS: INTEREST RATES TO 6%? 

The Bank of England raised interest rates at noon yesterday (June 22) from 4.5% to 5%. Traders interviewed by the Daily Telegraph predict interest rates could reach 6% by the end of the year and stay that way until May.

It signals the end of the post COVID world of cheap money and will add pressure to mortgage payers and entrepreneurs alike. The government has ruled out food price caps and mortgage support that could have lent relief.

Why interest rate hike ?

Ironically, the reason for the interest rate hike is an attempt to cool demand and tame inflation – a factor that is also the bane of the lives of entrepreneurs.

Despite a string of interest rate rises, inflation stays stubbornly high, in figures released in May, at 8.7 % as household bills increase, forcing up the cost of living. It may have fallen from its latest peak of 11.1% last October, but the United Kingdom from the fastest rising household bills in the G7.

In the long term, interest rates and the cost of borrowing are corrosive to investment, according to economist Adrian Saville.

“It is more than two years since high inflation returned to the rich, and hopes that it will quietly fade away are fading,” he says.

No truer word said. By this time next year, interest rates are likely to be higher and inflation not much lower.

Meanwhile, the rest of the world is faring a lot better when it comes to inflation. Global growth is showing near-term resilience but with core inflation remaining stubbornly high, central banks will have to continue tightening policy in the coming months, says Fitch Ratings in its June Global Economic Outlook (GEO), released on June 21. With monetary policy adjustments and their impact on the economy proving more protracted, the global growth outlook for 2024 has deteriorated.

World activity is holding up better than expected and Fitch has raised its forecast for global GDP growth in 2023 to 2.4%, from 2.0% in the March GEO. The Bank of England has a lot of thinking to do.

📑SPOTLIGHT: AI SPECIAL

1. STRUGGLING TO MILLIONS: “IT CAN BE QUITE TRICKY”

Tech entrepreneur Leslie Kanthan has spent the last five years building a company he co-founded in the City of London. He is about to reap the rewards in the growing AI market expected to yield billions.

READ THE ARTICLE> 

2. THE ENTREPRENEUR BOXING CLEVER WITH AI

The noble art of boxing, largely unchanged since a Victorian Marquis introduced his Queensberry rules, is undergoing a revolution.

Technology is transforming how boxers can train and fight smarter, whether they’re an amateur boxing at home to lose a few pounds, or an international fighter seeking Olympic gold.

READ THE ARTICLE> 

3. ARE WE RUNNING AI? OR IS AI RUNNING US?

The customer is king, they say. The customer is always right. So why is it that many customers feel they are being harnessed and put to work whenever they run into the rudimentary AI devices at customer call centres?

READ THE ARTICLE> 

😱SCARY STAT: WHAT IS THE PRIMARY REASON FOR NEW BUSINESS FAILURE?

CBI Insights evaluated 100 failed startups to determine the top 20 reasons they didn’t make it. The lack of a market was the main reason, with 42% of startups failing because of it.

So if you are starting up in business make sure you have done your market research, created a minimum viable product (MVP) and proven their is an audience willing to pay for it before you sink your life savings in to your venture.

📢PODCAST

Each week on my podcast The Matt Haycox Show I sit down with incredible guests who include world changing entrepreneurs and some of life’s most inspiring individuals. And this week I had the extra excitement of talking with a great friend when I welcomed Ash Dykes in to the studio for what was the second time we have recorded together.

If you haven’t listened to my first podcast with Ash, or come across him before, he is Bear Grylls & Steve Irwin rolled in to one, whilst being the nicest guy too! He became the world’d first person to walk the 4000 kilometre length of the Yangtze river, which took 352 days. He is an extreme athlete and explorer who has faced bears, altitude, wolves, landslides, blizzards, and I am excited to be planning an adventure with him later this year too.

In this podcast I went behind the quotes. I prepared by listening to my last podcast with Ash, along with multiple other podcasts he has been on recently. I didn’t want to repeat on the content or the stories, but I wanted to take some of the great quotes or stories he had previous said and told, and get deep behind them to understand what the rest of us can learn from that to improve our businesses and our lives.

And we did good! Some serious nuggets in this one, and you will just love listening to Ash too. So get listening or watching now!

LISTEN HERE> 

✂️ QUICK SNIPPETS

• Above-the-fold web design to supercharge your ROI Read the article>

• All you need to know about SEO for YouTube Read the article>

• When is the perfect time to ask someone to return a favour? Find out here>

• 15 B2B social media trends you must not ignore Read the article>

• How to generate ideas for content when you have brain freeze Read the article>

• 65 statistics you must know about instagram to plan your marketing strategies Read the article>

• Social proof is essential to improve your website conversion. Here are 24 examples from brands who are smashing it in this area Read the article>

• Hubspot are one of the best operators in the content marketing business. Here they tell you what you need to know to become an SEO expert Read the article>

📸 BIG PICTURE: WHERE YOU CHOSE TO LIVE IS THE BASIS OF SUCCESS IN BUSINESS, LIFE AND RELATIONSHIPS

When As many of you know a couple of years ago I went on holiday to Dubai……. and never left!

Whilst my Dubai move was accidental, in hindsight it couldn’t have worked out any better for me. But it certainly wasn’t the first time I have relocated myself to pursue opportunities that have grown me. Whilst Leeds was my birth place, over the years I have been able to call places as diverse as Cheshire, London, Marbella and Las Vegas ‘home’. And I am sure Dubai won’t be the last place in my life I set down roots in.

Living the rest of your life in the place you are born is a default strategy for the vast majority of people. People use things like family, friends, financial situation and current jobs as their excuse to stay rooted in a life that is not giving them the satisfaction or growth they want and need.

In Dubai my circle of friends is so wide that it includes people from every walk of life, financial situation and back story - all dispelling the myth of the difficulty of making a migration somewhere. I moved simply by getting on a plane with 3 suitcases. And If I need or want to move back at some point it the future I will simply get back on a plane again! (Although probably with a few extra suitcases this time).

To grow you opportunities in life you need to be surrounded by the right people and opportunities. And the place for that is rarely the place you were born and have made roots in by default. This applies to your career, your friends, your lifestyle and your relationships.

Below are 7 reasons why you should consider Dubai as a place to start a new life in. It is an extract from my bigger article of 21 reasons. So if these ones interest you then click on the link at the bottom to see some more!

1 Amazing job opportunities

A lot of really big global corporations have chosen to have a significant presence in Dubai. That means there are plenty of amazing job opportunities – as well as Dubai also attracts major investment opportunities from businesses all over the world, so there is a thriving variety of exciting and rewarding employment opportunities – from real estate and banking to hospitality and retail, marketing and financial services.

2 There’s no income tax

A big plus for any entrepreneur, and it’s a mastermind strategy. All the income you earn in Dubai is tax-free. Yep. So, your entire annual income is yours, with no tax deductions. This makes Dubai one of the best destinations for anyone looking to make a mark, grow and thrive – quite simply, in Dubai, your earning potential is much greater.

3 People speak English

Of course, Arabic is the official language, but when it comes to doing business, English is very widely spoken in Dubai. From signs and menus to proposals and documents – you’ll see English everywhere. You can find your way about and do business without the need to learn a new language or get everything translated.

4 It’s less restrictive than you’d think

Because Islam is the official religion in Dubai, people often think it’s intolerant or unwelcoming. Of course, there are some rules that you’ll have to respect, but the Emirate is keen to attract the best people to Dubai, so they are also tolerant of other ways of life. So, Dubai is one of the more moderate. You can enjoy the fantastic bars, clubs and restaurants in Dubai and even eat and drink during the day during Ramadan.

5 It’s a city of innovation

Dubai has undergone an incredible technological and architectural transformation, from a small port to a global hub – in just a few decades. What’s more, since 2013, the Smart Dubai initiative has transformed the city into an intelligent hub. They are becoming paperless, developing incredible AI tech, helping loads of startups get going and pushing to become the happiest city in the world!

6 It’s a very safe place to live

Alongside Abu Dhabi and Sharjah, Dubai was ranked among the top ten safest cities in the world in 2020. Petty crime is very low, and you get used to seeing expensive cars left outside a shop with the keys in the ignition, or a laptop left on a table in a café. You actually get so used to it that when I go back to England I have to make a conscious shift to locking doors, not wearing a fancy watch in public and just generally taking extra care to beware of the undesirables!

7 You’ll meet people from all over the world

Now, most major cities around the world are tourist-friendly, but I have to say, Dubai’s ex-pat community is next level. An incredible 85% of people are from elsewhere – coming to make a life there, bringing expertise, energy and ideas from all over. It makes it one of the best places on the planet to network. If I look at my friendship circle, out of the 20 closest people to me there are probably 7 different nationalities – seriously multi-cultural!

Read the full article for another 14 reasons why you might want to come and join me! >

TELL YOUR FRIENDS AND GET REWARDED

PLEASE NOTE I HAVE HAD A FEW TECHNICAL PROBLEMS HERE SO IF YOU HAVE STRUGGLED TO REFER PEOPLE OVER THE PAST FEW WEEKS, THEN PLEASE TRY AGAIN TODAY - BUT IF IT STILL DOESN’T WORK THEN EMAIL ME. :-)

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!

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!