370: Failing to hit your goals does not make you a failure!

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Happy New Year!  I hope you had a great 2022, but the reality is many of us didn’t. And unfortunately, I don’t see 2023 being much better, in terms of market stability or certainty. 

There will be challenges ahead, but challenges also mean opportunity. 

This is my pep-talk to set myself up for a successful 2023, and I hope it inspires you as well. 

What we discussed in today’s episode:

2022 was shit!

  • Last year was tough for a lot of us. In fact, the past 3 years have been full of uncertainty. If you feel like you’re struggling to grow your business, to hit your goals, don’t worry – you’re not alone!

  • Prior to Covid we had a lot of good years in the market, and this is a start reminder that the market is cyclical. It goes up and down – it’s not a steady incline to wealth and riches.

  • Macro factors played a part in this, with material and labour costs surging, supply chain issues causing delays to projects, and interest rates causing havoc in the lending space.

  • On a personal level, I became a dad for the first time – a truly amazing experience to go through but entirely life-changing; and trying to grow the businesses whilst raising a baby and living on a boat created a level of mania in our lives that wasn’t sustainable, so it was our last season (for now) and in November we moved back to the UK full time

  • Looking ahead, I don’t see 2023 improving much!
    • Interest rates continuing to rise
    • Inflation continuing to rise
    • Taxes continuing to rise
    • The cost of living crisis will continue
    • And house prices seem to be in a steady decline

Our success is ours to choose

  • But that’s all out with our control. And one thing’s for sure – some people will have huge success in 2023, and they’ll be operating in the same environment as everyone else. So if is possible to have success in 2023, despite what’s going on in the market, we can’t then blame the market for our lack of success. Our success is within our control. It’s not dictated to us by external factors.

  • And if you failed to hit your goals in 2022, that doesn’t make you a failure. Simply having goals in the first place puts you ahead of the pack in terms of the way you view your business and your success. And failing to hit our goals:
    1. can make us stronger as we reflect on the lessons that our struggles taught us, and
    2. doesn’t have any impact on our ability to go on and achieve new goals in 2023!

Intentions for a successful 2023

  • So what are my plans for 2023? What am I going to focus on to give myself the best chance of success this year? No new years resolutions or numbers focussed goals (although we have them set in our business already as part of a 10 year strategy), but some intentions for how I operate so that I’m well placed to jump on opportunities that inevitably will arise in an uncertain market.

  • Number 1 is a focus on quality over quantity. We have large targets for the next decade, but I think survival is the number 1 priority for the next 12-18 months, so that means only doing deals with enough margin, enough contingency, enough exit options built into it. Slow progress is still progress, and won’t leave us overexposed to any one deal not playing out as we hope.

  • Number 2 is a continued push to diversify our income. Diversity gave us peace of mind during covid when HMO tenants moved back into family homes, when SA bookings disappeared due to lockdown, when refinances took longer than expected due to staff shortages and interest rate panics. Focus can be a huge competitive advantage and may lead to the absolute fastest growth, but some diversity as a backup helps me sleep at night, and that’s not a bad thing either!

  • Number 3 is to network more. It was one of the biggest downsides to being on the boat (and there weren’t many), but I did miss the connections I’d formed in the industry over the previous decade, and I missed attending events and learning from others. We can fly solo, build our businesses alone, but I really believe we are better when we surround ourselves with people who inspire us, push us, and make us smile.  

  • And number 4 it to look after myself more and choose to do things that make me happy. This sounds like a personal intention rather than a business one, but taking care of my body and my mind has a direct impact on our businesses. I’m more productive, have better ideas, stay focussed for longer, and I’m a nicer person to be around. So more exercise, cleaner living, and doing things to exercise the noggin will be taking a priority.

  • I’d ask you to give some thought to what will give your business the best chance of success this year as well? Chances are, you probably already know the answer if you think back on what’s worked for you in the past and what’s caused you problems; what’s made you feel good and what’s had a negative impact on your wellbeing. They don’t need to be profound changes to have a huge impact – it’s the Slight Edge principle.

  • Whether you had a great 2022 or a really shitty one, it’s in the past and it doesn’t define us.  Lots of people struggled, but let’s learn from those struggles, and give ourselves the best chance of success in 2023.

The IPI Mastermind

When it comes to networking, one of the most beneficial things I’ve done for my business is join mastermind groups. I’ve been part of others, and prior to going sailing, I ran two property specific ones.

Small groups of likeminded business owners and investors looking to help each other succeed through accountability and shared expertise.

Now that I’m back, the IPI Mastermind is back as well!

Find out more details here >>

2 Responses

  1. I really enjoyed the podcast as it was an honest account of how the past year has been and am sure most people can relate to. The part about personal commitment about health and wellbeing was so true which I am looking to commit to personally. Excellent podcast and looking forward to more.

    1. Glad you enjoyed it Dennis! Anything else you’d like to hear more of on the show? Good luck with your own personal wellbeing this year

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