Edition 500 – Almost a Decade

Woohoo! 500 editions. That’s a pretty phenomenal effort in my books, even if I say so myself. For almost a decade, I’ve been putting these newsletters out each week, save for our traditional (at least in Australia) two week Christmas shutdown, each year, surely itself one of the most glorious times of the year, especially so in the city I love, Sydney.

Recently, in presenting to a great firm of local solicitors about the changing face of professional services, we looked back over the past 10 years, to see just how much has changed and to use that reflection, to look to the future and consider just what might evolve in the next decade. In some ways, some of the shifts were monumental, such as the advent of AI and work-from-home. In other ways, nothing has changed, like the absolute importance of providing an excellent interaction with the client, to not only achieve their desired result, but to build a long term relationship.

If I was to look back over the many businesses that I’ve worked with, come into contact with, and observed over the past decade, and the individuals and families that are the foundations of these businesses, combined with what’s happened and happening in the world,  there’s a number of underlying patterns that are obvious to me:

1. Purpose – I’m identifying more individuals and families are pivoting their business to chase down their purpose in life, and thus create real meaning in the work they do, every day.
2. Boredom – similarly, my observation, a decade ago, that business owners who have been in the game between 10 and 15 years are growing increasingly bored with their business, continues to play out today. The danger is not recognising that early enough, and not listening to those around you, who sometimes can see, what you can’t.
3. Authenticity – in an era of, and I hate the term, “fake news”, people are looking to engage more often and more frequently with others that are authentic. From a professional perspective, people want honesty and accountability in their interactions, not validation.
4. Evolution not Revolution – in family business, it’s the small steps that create the big differences. The media is full of stories of people going from zero to hero, overnight in business. Yet, its what’s sustainable, in the long term, that builds long lasting family businesses.
5. Get Rich Slow – similarly, if you’re aiming to make it big, you’d better check your ego at the door. Business is not a get rich quick scheme. It’s a long hike, through varying conditions, that requires you to adapt, innovate and take calculated risk, particularly at times when even though you have the road map in front of you, it seems like you can’t see the path.
6. Identity – today, moreso than 10 years ago, people identify themselves by who they are, and what they believe in, rather than the primary role they play in life. Employers and business owners to a large extent, are struggling to come to grips with this, as it’s not only younger generations, but mid-lifers who seek greater fulfilment from what they do, everyday, and want to experience the richness that life offers, not merely a pay cheque and a title.

It’s been a lot of fun writing these over the past 10 years. I write for what “moves me” rather than for a particular audience, though I was asked recently if I “took requests” and wrote to someone else’s topic. That made me laugh.

I’m very fortunate that people take the opportunity to read it, and send me feedback. For that, and for you, I’m incredibly grateful.

Here’s to another 500!

This Week’s Tip

“When you enjoy what you do, it’s not a chore – it’s a privilege.”