Brian Scudamore is founder and chief executive of O2E Brands, the parent company of 1-800-GOT-JUNK?, WOW 1 DAY PAINTING, You Move Me and Shack Shine.
I’m a cautionary tale of what can happen when you lose balance.
Life can often feel like a juggling act, a constant challenge to find the perfect rhythm, and keep all your balls in the air. I got so obsessed with growing my business in the early days, that I neglected my physical health, my mental well-being and my personal relationships. That had a knock-on effect on my success too, because when I wasn’t healthy and happy, neither was my business.
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And so, as we enter this new decade, our personal and professional lives can all benefit from finding a little more balance. Here are five ways to do just that.
Rethink what “goals” mean to you
Professional goals are important, but it’s crucial you give energy to your personal goals, too. I love the saying, “When was the last time you did something for the first time?” It always reminds me how key it is to try new things. When I want to learn something new, I set SMART goals to keep me on track. For example, when I wanted to learn to speak Italian, I committed to 15 minutes of practice every single day for 100 days. At the end of that time frame, I went to Italy … and was able to hold conversations with locals! When you invest incremental amounts of time, you can achieve everything you ever imagined.
Enjoy the journey
In our productivity-obsessed society, everyone is so focused on the end result that they rarely pause to enjoy the present moment. I used to use money as a motivator for (and an indicator of) success. Ironically, that only stalled our company’s growth. I was too stuck on the need to grow our revenue that I was completely missing the point. Once I took a step back and refocused my priorities, I realized that it is the journey that makes me happy – and that shift in perspective changed everything for me.
Go dark
All too often, people say that they can’t afford to take time off, even though they have paid vacation to use up. It’s a product of “rise and grind” culture: everyone is so plugged in that they don’t even know how to switch off. But real, unplugged, disconnected time off makes you happier, healthier and more productive. That’s why we insist that our employees “go dark” while they’re on holiday. No work e-mails, phone calls or checking in! I do this too, and it’s made me a better leader. I even get someone to change my passwords so that I’m not tempted to have a “quick check” of my e-mails. It’s liberating!
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Use your energy wisely
I used to think working 16-hour days was proof that I was the perfect leader. In reality, I was overworking out of fear – of failure, of looking weak and of letting go. Now I understand that burning the midnight oil will only end up burning you out. Hustle has a time and place, but so does rest, so get strategic about how (and when) you use your energy. Instead of adding more balls to your juggling act, start putting some of them down. Saying “no” to things has given me more time to focus on the things that truly matter.
Protect the glass balls above all else
When I was pulling those long hours and grinding it out to grow my business, I completely neglected my health. I wasn’t eating or sleeping right, and I started suffering from severe anxiety and panic attacks. My body was telling me to slow down but I wasn’t listening. If you’re feeling stressed, overwhelmed or overworked, take it as a sign to take a break. Because all those balls you have to juggle? Most of them are rubber and can be picked back up – but others, like your health, are glass. Once they shatter, it’s virtually impossible to fully repair them.
As you look to the next month, year and decade ahead, I encourage you to take a step back and carve out some time for you – physically, mentally and emotionally. Because you can’t take care of anything (or anyone) else until you take care of yourself first.
This column is part of Globe Careers’ Leadership Lab series, where executives and experts share their views and advice about leadership and management. Follow us at@Globe_Careers. Find all Leadership Lab stories attgam.ca/leadershiplab.
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TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
