To enjoy the finer or more enjoyable aspects of life, especially when one has become overworked or overly stressed. Usually preceded by another verb, especially "stop" or "wake up." You can't keep working these 80 hour workweeks, John! You have to stop and smell the roses, or else what is all that work even for? It's clear by the people's laid-back demeanor that this is a culture that places greater value on smelling the roses than the pursuit of money or success.