The theme of my week: boring. As we sneak up to mid-year, I’m checking compliance and filings, reviewing mid-year financials, and evaluating where systems are breaking down.

As entrepreneurs, we often want to get on to what’s next. Especially during the recent era of “free money,” we were encouraged to get big fast, chase the shiny new opportunity, upgrade everything. The last year has been all about evaluating how AI will impact our jobs and futures. 

Yet, this week, I’m getting the screaming message that it’s time to be bored and boring. On the positive side, with my financial statements and tax filings up to date, I whipped up a loan preapproval in under 24 hours. At the same time, our CRM isn’t flowing correctly, and I’m feeling the friction as inbound requests pick up from new and returning customers. 

Other boring signals from my week:

• I’m revisiting Atomic Habits, which cites our ability to tolerate the boredom of repetition as critical to long-term success. 

• Gen Z is increasingly choosing “boring” jobs in classic trades. A cottage industry has emerged around buying existing “boring businesses” from retiring Boomers. 

• In their basketball tactics podcast Mind the Game, LeBron James and JJ Redick cite sticking to a routine for years as the path to greatness. 

• Fast Company reports on the “no buy habit” in clothing, reaching more of your financial and sustainability goals by living in the clothes you already own.

Over time, it’s day-to-day consistency that helps us grow. Finding a daily routine with consistent sleep. Standardizing our offerings to make sure we’re profitable and consistent in customer experience. Closing the books and reviewing our financial reports. Mapping processes so they can be automated. Defining brand guides and operating procedures so other people can take over jobs seamlessly. Keeping a high percentage of existing customers and recurring revenue. 

These are the table stakes of growth.

Many of us experience a natural slow down in the summer. This year, embrace boredom. Check in on how your day-to-day is functioning, what your reports say, and whether your foundation for growth is solid.

Mid-year Legal Changes

Were we talking about boredom? Missing these July 1 federal, state, and local compliance updates could ruin your summer. 

Minimum exempt salary: a federal change, impacting everyone with employees. As of July 1, the updated federal minimum salary is $844 per week ($43,888 per year), unless your local rate exceeds this level. (In California, minimum salary is $66,560.) Before July 1, verify that your team members qualify to be salaried exempt workers, and their wage rates meet new requirements. Try this resource guide from SHRM. Note, this rule applies to S-corp owner W-2 wages.

Minimum wage adjustments: dozens of localities have July 1 minimum wage adjustments. See this up-to-date local summary from JustWorks. Select your operating locations on the left side of the page. Mineral also has excellent local updates. 

California: we have new rules for workplace violence prevention, hidden fees for services, right to repair on durable goods, healthcare minimum wage, an increased tax on firearms, and drug testing kits in bars. If you have at least one employee in California and do not yet have a written workplace violence plan, start here. 

Notable local changes:

• Colorado Job Application Fairness Act

• New York City Workers’ Bill of Rights poster requirement

• Chicago Paid Sick and Safe Leave

• New Jersey Domestic Workers Bill of Rights 

Beneficial Owner Information: while this rule was effective on January 1, existing businesses are allowed a full year to comply. All incorporated businesses with customers or revenue in the US are required to complete aBeneficial Owner Information (BOI) statement with FinCEN. If you haven’t yet, take 10 minutes to complete it. Newly incorporated businesses must do this within 60 days of registration.

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Media Kit 

Bloomberg: Are you into TikTok trends? Beware the rise of lookalike fakes, especially in beauty products. Online shopping has become a giant fake machine.

WSJ: Plumbers are the new influencers. As we get curious about stuff works and more Gen Z’ers choose careers in skilled trades, the trade influencer has emerged. Here’s the link to the NPR story from the first section on the growing Gen Z interest in trade careers.

WNBA: Viewership has tripled and in-person attendance is up 156%, and could triple the value of its broadcast deal. Yet, the league owes the NBA loan payments that make it look like a losing proposition. This breakdown from The Gist (free subscription) has all kinds of interesting bits about licensing and long-term debt structures.

Sports Illustrated: If you like logistics, check out the transformation of an NFL football stadium into an Olympic-level pool venue for this week’s Olympic trials. The elevated container design is really cool.