The myth of hard work

Written by Richard Baldwyn ATT, CTA
September 29, 2015

Most business owners I meet work incredibly hard.  Many work late nights and weekends trying to make the money they deserve.

They don't take the holidays they should, they don't have the money for the lifestyle they deserve and, in some cases, they're missing out on family life that they'll never get back.

Does that sound familiar?

Well, if it does you need to understand that the old concept of the harder you work, the more successful you'll be, is a myth.

(OK- there are some multi-millionaire workaholics but most business owners I meet aren't looking to be the next Donald Trump or Richard Branson!).

The reality is that most small business owners end up working incredibly hard because they don't have a plan B.  So if their business isn't producing the results it should (or the results they deserve) then the only solution is to work harder.  Right?

Wrong.

One of the fundamental problems we find with most business owners is that they are so busy working in their business that they don't take the time to work on their business.

So my suggestion for you today is to take a couple of hours, step back from your business and spend some time setting out a blueprint for what you're trying to achieve.

It may be that you want to achieve a better worklife balance - maybe you only want to work 4 days a week and take 12 weeks holiday a year.  So what would your business need to look like to give you that?

Or maybe you're happy to work more but want a bigger income - maybe enough to buy that bigger house or better car, or to send your kids to private school or take a couple of exotic holidays a year.  So what income does your business need to provide and what would that business look like?

Once you know what the end game is, you're in a far better position to start making the changes now which help you achieve your goals.

Because if there's one thing I know, it's that business isn't all about working harder!

And to achieve your dream, you have to know what it is first!

About the author

Richard Baldwyn ATT CTA

Richard is Co-Founder of The Friendly Accountants and has more than 30 years' experience in tax, including 3 years spent inside HMRC before moving into private practice. He advises individuals and owner-managed businesses on a wide range of UK tax issues, including the tax challenges created by digital platforms and online business models.

Richard has specialised in UK crypto taxation since 2016 and was one of the first UK tax advisers to write publicly about the taxation of cryptoassets. His work includes advising individuals, investors, founders and owner-managed businesses on complex crypto transactions, HMRC disclosures and enquiries, DeFi, NFTs and the tax issues facing businesses operating with digital assets.

He also has first-hand experience of cryptoassets and Web3 projects, combining practical knowledge of how crypto is used with wider UK tax experience.

He particularly enjoys making complex tax transactions easier to understand and helping clients apply tax rules to transactions and technologies that do not always fit neatly within traditional tax categories. More about Richard and the TFA team

>