There's only two forces that can pull us or drive us. One of them is fear. And the other one on the other side, I'll call that love or abundance, or safety. But it's it's the opposite of fear. Hello,
and welcome to the Business of Architecture. I'm joined here with my co founder and Business of Architecture, Mr. Enoch, Sears. Ineke. How
are you? Right, doing excellent today just came back from Peru, still flying very, very high. Excellence
love it. Are we interested in doing a podcast all about that adventure in the near future? So we're going to talk today about something that we've been hearing a lot about from some of our clients who've seen it on the podcast, it's in the news at the moment. And this is not something which is unusual. Okay, which is the future potential economic downturn? Okay. Oh, no. It's it's, is it coming? We don't know, we've been talking about this economic downturn. For the last four or five years, the pandemic was a potential trigger of this. I know lots of people have still got Post Traumatic Stress Disorder from the 2008 recession, which often guides a lot of people's behaviors today. So they can get very, very anxious about the idea of economic downturn. But there is definitely a lot of uncertainty. At the moment, we see. You know, inflation is at a very high rate at the moment, you know, if we consider the amount of national debt that country like the US has, for example, and the the banks having to print more money and how that's increasing the rate of inflation, and then we're kind of experiencing that on the cost of living crisis, the construction industry, and the architecture industry as a related to that is often like the canary in the mine, to these sorts of economic shifts and changes, investors start becoming more cautious. They're waiting for things, it becomes more and more expensive to borrow, and to lend money. So projects tend to go on hold, or they just end up slowing down, which creates difficulties. When you're an architect trying to win work, you've got something in your pipeline, you've been in conversations about this project for the last few months, you're about to go over the line, you're almost celebrating in your mind, you can, you've already spent the money, you're yours, you've got that $60,000 check, it's already come in, you can see where you've been allocating it, you're paying off those consultants that you're already two weeks behind paying them, you've spent the money already, and then crickets, you don't hear anything. So we're going to talk a little bit about that and ways that practices can prepare for it and also, ways that practices can see opportunity. This podcast is produced by Business of Architecture, a leading business consultancy for architects and design professionals. This episode is sponsored by Smart practice, business of architectures flagship program to help you structure your firm for freedom, fulfillment, and financial profit. If you want access for our free training on how to do this, please visit smart practice method.com. Or if you want to speak directly to one of our advisors about how we might be able to help you, please follow the link in the information. Hello, listeners, we hope you're enjoying our show. We love bringing you these insightful conversations, but we couldn't do it without the support of our amazing sponsors. If you're a business owner, or know someone who would be an excellent fit for our audience, we'd love to hear from you. Partnering with us means your brand will reach over 40,000 engaged listeners each month interested in becoming a sponsor, please send us an email at support at business of architecture.com.
Beautiful Ryan, great explanation. And there's there's there's kind of two things we're dealing with here. So the first thing would be the macro economic situation things completely outside of our control. The war in the Ukraine, oil embargoes, the price of commodities, what the United States Treasury does with the interest rate and the dollar, and so many other macroeconomic forces, right. So at one, you know, on one side, as we enter into this conversations, we discussed this as an industry as architects, as we look at this, there's things that are just outside of our control. I mean, that's the first thing to say is yes, there are things outside of our control. There are going to be clients, we're going to pause projects, there are going to be projects that just go away. There is going to be there are going to be less projects in some particular niches to maybe in many niches. So like just standing in a place of recognizing this reality gives us power because he say, okay, cool. I can't control those things, but I know they exist. Now the question is, what am I going to do in this situation? that I find myself. And so the second thing that I find that impacts us in a situation like this, and I'll speak from my own very personal experience is fear, the conversation about fear, because I indeed, I have my own PTSD from 2007 2008 2009. When I was laid off for the first time, I had a six figure job, I was living in a foreign country in Panama, on the border with Panama, Costa Rica, in this little island archipelago called Bocas del Toro. And for the past 12 months, money was flowing everywhere, like industry was doing great. The company I was working with, they were investing lots of money in marketing materials and marketing collateral, we were doing lots of renderings and designs for projects that we were going to put on the market, things like content, condominiums, private residences, some very, very exciting time. And within six months of that high point, I found myself living back closer to my family in California with my wife and my three small children on public assistance, meaning in California, that'd be food stamps, couple side jobs. So throwing newspapers in the Millah night substitute teaching during the date just to make ends meet. Now, at this time, I didn't have a business, I was an employee. And I was a casualty of that, like so many of us were back in that that time period 2008 2009. And so the, one of the unsaid conversations frying that I find we have is this conversation about fear. So one of the things that we need to make sure as powerful leaders that we guard ourselves against is spiraling. It's letting fear get a hold of our hearts. Because once fear gets a hold of us as practitioners, as leaders, as people who run businesses, we will start making decisions based upon that fear. And oftentimes, those very decisions are what lead us into more and more scarcity, as opposed to more and more abundance. So there's opportunity. So we know that the macro economic sense, there's going to be ups and downs. And we also know this is going to give the opportunity for powerful leaders to rise up in the architectural industry. For us, us a powerful leader listening, like right now, leading your teams, or maybe you're on a team, maybe you don't have your practice right now. But leading behind the frontlines, like what does it start to look like when we as architects begin leading out of abundance, begin inspiring, our developer clients begin inspiring our clients so that they, they move ahead, because here's like, when we look at what causes an economic downturn, at the root, what causes it is fear. economists will tell you this, this is why they watch the market. Because it's when it's when everyone decides that they'd rather save their money and hold on to it, rather than spend it and put it out there in the marketplace and let it grow and the Velocity of Money continues to grow. But when we become fearful, it's just this compounding thing. So in 2008, what we saw fear got ahold of the market. And then it got in this vicious cycle where to start spiraling down and down and down and down and down and out of that data until we hit rock bottom. So hopefully, we can learn from that experience. And not everyone will this is the challenge not everyone will not everyone's going to have the inner internal certainty, to stand with certainty and to make powerful bold actions during a downturn. But if there's enough of us who are those who are feeling timorous, those who are feeling overwhelmed, those who are feeling at a loss, those who are feeling scared, can lean on those who, despite the external circumstances, are able to maintain a certainty.
I am getting some very deep Peruvian wisdom vibes coming through hear what you're saying? You Nick? Yeah,
this was this is the focus of my trip to Peru, right is like fearing man, I've went I went down, I went down to the I went down to the abyss of the bottom of fears, like way down in the black hole. Yeah.
But what you're saying is, is spot on. And actually, as I'm listening to what you're talking about, it's actually there's quite a lot of freedom in recognizing these things. Yes, there are real impacts to it. However, your experience of it is going to be governed by your fear of it. That is like that. We're in control of that we're in control and how we relate to the fear that we're creating around the economic downturn. There's so many business owners that we speak to or that sometimes I interact with, when it's getting in a situation of constraint and panic. That fear has taken over. And the perception is that there's nothing I can do about it. There's nothing I can do about The circumstance, there's no opportunities, everything is closing in. And very rarely is there ever any kind of standing and facing the fear that is hidden beneath you that you're really, really terrified of happening. I'll give you a little example of this the other day, we were, I was chatting to one of our clients, and they came on the call, and they had a couple of very big projects that they had been courting for, you know, the last few months, and they were certain that this project was going to get over the line, and they were going to sign it, and then we're gonna get that nice commencement fee check coming in, and we're gonna bout to make payroll very comfortably and, you know, profit was going to start coming in and mentally, they'd gone through that process of already spending the money of a project that they hadn't closed yet. Okay, so again, NASA, on a side, that's always something that we're vulnerable to is we get very attached projects that we haven't won yet, which kind of just leaves us more vulnerable to being fearful to the loss of these projects. So this project didn't go ahead or the client had started to ghost them. And they had started spinning into a bit of a panic. Okay, what's going to happen? I've got to be start start eating into my reserves, I'm going to have to start moving this and this around, what if we have to let somebody go, etc, etc. So we had a conversation about, okay, there's a whole lot of things that might happen. And I went really negative. Okay, really, really negative in the call of Alright, well, let's have a look what happens, what's the worst thing that can happen? Okay, well, this product doesn't come through in this doesn't come through. Okay, how much work? Have you got left? Well, I've probably got about four or five months worth of work left. Okay, what's even worse than this situation? How could this get worse? I'm not sure. Well, imagine that you don't want any work for the next four or five months. Okay, nothing comes in, it totally dries up from ahead, we're heading into maybe one of the wars and around the world gets worse. And it really starts to impact the economic situation, what's going to happen, then? Well, that's going to be really shit. I'm going to be in a really difficult situation. Okay, why? What is it? What's actually going to happen? Okay, and we kind of started to see to go into the fear of, well, end of the day, what would happened if we didn't if you defaulted on one of the payments that you had or some of the debt? And that happened a few times, you're gonna have to declare bankruptcy. Okay, what happens when you've declared bankruptcy? Well, you know, what was gonna happen financially? Well, actually, I probably be okay, because the debt would be gone. And there are all these other assets and things that I've got that can can protect me. Okay, so, financially, it could be even a better situation if you were to go bankrupt. No, no, no, no, but I couldn't live with myself. It would just be the sense of failure. Okay. All right. Now we can start to look at that and isolated because that's purely psychological. That's purely psychological. Why would it be such a sense of failure? Where's that sense of failure coming from? And so we started on kind of unraveling it in a sort of therapeutic manner, and then bringing in some context. Okay, would you still have your family? Yeah, my family would still be there. Okay, kids still have my kids still gonna have a roof over your head? Out? Over your head? Yeah, can still have gonna have have my house? Okay, mortgage, all paid off. Mortgages all paid off? Down? Pretty good situation. Okay, you've got some rental income as well. Okay. All right, here we go. And you start to kind of see, okay, there's a, there's a level of stability that was actually there. And actually, the things that were most important, family, housing, access to food, those are still going to be present. So it was like, you don't have to play the game. If you don't want to, you can just hang up now and quit. There's always that opportunity. There's always that choice, which totally started to change the frame of this is a game I'm choosing to play. And when the situation gets difficult, bring it on. Let's see where the opportunity is. So this, I think, is, you know, this is not easy, by any means. And when you're in the throes of it and you've got your heart set on and you are expecting some cash coming through, and it doesn't happen. And then you've got the fear. You've got the fear of letting go of staff, some people that you've been with for years. These are real, emotional, challenging situations. but you can deal with them. You can deal with them. And as you were saying at the beginning there, when stuff is starting to get shaky, the real leaders are the ones able to step forward. And they're able to just provide possibility for everyone else around them don't have to provide solutions necessarily. But you do have to provide possibility, the possibility that there's a way through it, there's a way around it. There's another way to do this, something else is going to happen. We don't know what this actually means just yet. So I'm going to withhold making meaning out of it, and being able to help other people postpone withhold their meaning onto the situation. This becomes very, very powerful. And it's so
hard because, well, it's so hard not to take life so seriously. But this is something that I'm trying to do Petter chop at Right. Which is like it can seem so serious, you know, it's like oh, jobs and money and bringing in jobs and providing for the family. And everything that goes along with this game, like Ryan says that a couple years ago, see, actually last year, and the year before, I had a couple of my friends and we were all experiencing an element of scarcity. One of my buddies had invested, he had maxed out his credit cards in health pills for one of his sons. He was, is a practicing dentist. And so he was in a partnership with three other dentists he had, he had leveraged himself buying some new equipment, kind of a Hail Mary pass to invest in a new kind of service offering that they wanted to provide. So he was gambling on investing, made like an acquisition of the $60,000 piece of equipment that was going to help them really boost the revenue they were bringing in. At the same time he was having up and down months, he was trying to invest in advertising to be able to drive new clients for procedures that were more lucrative. And I missed all that just was barely scraping by with money. And I just remember talking with him, and having flashbacks in my own time of being in scarcity. And just from where I was standing, I could see that he was going to make it through this, I could see that I'm like, hey, just hold on tight, man. Just it's the psychological mental game, you just got to keep on holding on Be Wise With Your Money. You know, you've overextended yourself, that means you need a let's let's not say he's overextend himself, but he extended himself. And so I said, you know, you did that intentionally you did that for a reason you invest in in mentor mentoring, you invested in coaching for a reason, you believe you did the right decision. So now you need to get out there and work and do the actions that are going to result in a return on investment. And it's, I don't want to you know, as we're talking about this on the podcast, I don't want to minimize the very real nature of fear, like don't want to minimize that, oh, it's just fear. It's just, you know, just change your mind whenever you get over it. Like it is real, you know, fear will have a visceral bodily reaction in your body, you may feel like you don't want to get up in the morning, you may feel like, you just want to dive into sedation, maybe just watch some movies, or check your email incessantly. Or maybe just get into this overworking nonsense where we're always in the hustle and the grind. Like if I just work hard, if I stay later, I'm going to get ahead of the ball some time, when we've never actually addressed the fact that we're operating out of fear. And so you mentioned my trip to Peru. Indeed, I went on a retreat down there. And one of the powerful things that happen is retreat was inquiring into the nature of fear. And inquiring into the nature of my own fear and seeing how fear like in the universe, there's only this is my perspective, what I'm discovering is there's only two forces that that that can pull us or drive us one of them is fear. And the other one on the other side, I'll call that love or abundance, or safety. But it's it's the opposite of fear. And these two things are always there, like this constant poll. And so for you listening to the podcasts, you might be like, alright, you know, can Ryan Come on? Give me some give me some tactics or strategies? How do I? How do what how would I actually do in the face of a downturn? Well, I mean, those things we can tell you pretty quickly. So number one, make sure you're planning and to plan properly, you need to have the right data. Okay, so that means you need to have the right numbers, you need to be looking at your 13 week cash flow forecast, you can do a search on for Business of Architecture cash flow forecast, we have a training video for free, it's on YouTube, along with the downloadable spreadsheet, this will give you a three month look ahead to see what your estimated income and outgoings are going to be every single week for the next 13 weeks, which is going to give you an incredible feeling of peace and certainty and calmness because you're going to see whether you're going to be making a profit or if potentially, your revenue is going to fall off a cliff or you're in danger of not having enough money that's going to be clear as well. Which is great news because now you have three months to do something about it as opposed to being in the midst of it like oh now our big account just got overdrawn by $20,000 Oh shoot. Now we now we're in damage control we have to dip into our credit line or man maybe I need I need to return the car that I'm leasing and just take these these austerity measures which is not a fun. So number one, make sure you're planning number two tracking. Planning is based upon the proper tracking. And then number three, making sure that you or you're developing business, you're looking at that you're looking at your niches, the products, Ron is saying is, is the market I'm in? Is it at risk? Because of the economics? If so, do I need to diversify? Do I need to start partnering with other firms? How can I diversify, and this gets into the conversation about opportunities. And one of my, many of my mentors who are much wealthier, more successful and more abundantly minded than I am, have always told me Enoch, you know, in recessions, this is when millions are made, this is when some of the greatest opportunity actually happens. And, of course, the people who are making millions are, there's a couple ways to do that. Number one, you can exploit the situation by selling, you know, $10 bottles of water to people who are out of out of water. And that's not what we recommend. You know, that's if you're listening to podcast, I go listen to another podcast, you rascal, bring it down humanity. But the other side of the coin is you can make millions in the service of your fellow human being in ways that are powerful, helping provide solutions that are needed, where people are getting an adequate return on their investment for what you're actually doing, and, and helping humanity get through some of these difficult waters that are ahead of us. So plan, track, business development, get out there, call people make sure you have a sales process. So Ryan mentioned earlier, one of the problems and economic downturn is having people ghost us having, you know, you've been in talks, they've told you how great you are, they told you they love their design. They're saying, This is amazing. This is amazing. And then all sudden, radio silence. It's completely silent. And you're wondering, oh, what's happening now what happened? Well, a number of things could could be happening, right? I heard from a client recently that this happened to them, the person went client that the person went silent, the potential client, and then a week later, the potential client wrote them an email, and the email said, hey, you know, like, we were looking around at other firms, and we found another firm that's more prominent than you are. And we're going to go with this firm instead. It's like all. So while you can't prevent things like that happening, in a good sales process, you're you there are things that can minimize those things from happening to you. So, gotta have a good sales process. In your practice, you got to know how to make sure that you don't get ghosted, because it's possible. This is something we teach every single day in smart practice in the poll method.
So I think this is very interesting. Okay, that there's there is a number of different tactics and strategies that people can be using to increasing cash flow and making a bridge, what you're talking about there with a 13 week cash flow, forecasting, this is something that I was found quite amazing. So many architects don't have this in place. And it just gives you that kind of peace of mind and gives you the ability to be able to get into action and avoid these potential problems much, much sooner. Here, business architecture, we also kind of track what's inside of your potential pipeline of prospective work. And we have targets and ranges for, you know what happened, like, you know, that you've got to have at least x amount of dollars, like a million dollars worth of perspective work, what we would call unweighted. So there's no kind of weighting of its likelihood, but unweighted work, let's say a million dollars, and you've got to keep it topped up. And every time you close a project, and million dollar, prospective work, it drops. And that's your trigger for, okay, we've got to get back onto the marketing cycle to fill it up. As opposed to acid that's a kind of an alarm that goes off even before the 13 week cash flow, which is actually showing your your committed work. But if you're in this situation, and you're starting to see it happening, there are these strategies that you can execute on winning work, making sure you got a solid pipeline, pick up the phone, etc. And I'm curious to go back to the this conversation around the fear of it, and how the fear in these scenarios actually becomes magnified. And if you're, if you don't keep it in check. That's the sort of thing that makes you make very poor decisions. Yeah,
absolutely. I mean, fear isn't all bad. We have fear for a reason, right? I mean, there's a reason why I'm scared to run across the freeway like I saw a guy twins the other day when I was in trouble, and I'm from Los Angeles. There's a reason why I'm afraid to pick up a cobra. There's a reason why I'm afraid to stick my hand into a nest of bees. right like so. Fear isn't isn't bad in and of itself, but unfortunately, the modern world what's happened is we let we let it's easy, let fear, overcome and drive our decision. So as Ryan saying, you know, what this looks like as a practice owner, is that we start making decisions out of that fear unwise decisions. So we start retreating into short term strategies. Instead of keeping the eye on long term strategies, typically what happens a lot of times with small architectural practices is when they start getting into scarcity because of the economy or because of products getting put on hold or, or mismanagement of products, whatever happens that causes the cash flow to dip into practice, they start cutting back on the things that give them life. So by the way, the worst piece of advice you get you could ever get from your accountant is cut back on your margin marketing budget. See, accountants are trained to be cost focused, generally speaking, meaning they're there to make sure your company is running like a well oiled machine. And oftentimes, not all, not all accountants are like this many, they're just looking at the numbers like, oh, well, this category is very, very large, we need to get that down. Well, you need to be careful with that, as a business owner, you need to understand what is, you know, you're not going to take the milk away from the baby. It's like, Man, this baby's drinking too much milk, we be we got to cut down on the milk supplier, or the tree, this tree is taken way too much water, I mean, let's cut down on the water. So what ends up happening is small practices, take you exacerbate the problem, when you start making cuts, to the things that bring in revenue, when you lack when we don't have an investment based mindset, when we're looking at things from a cost based mindset. Yeah,
as it gets closer to the psychology. And yeah, and this, this ends up putting us in this kind of defensive position, as opposed to an offensive position. Again, all of this occurs that the importance of, of always to be selling and marketing and to have those skills being refined, so that when economic downturn happens, those who have already skilled at marketing, they know what works. And they know that they can keep that, that strategy open, and they can put more money into it, rather than be defensive, and start cutting all these ideas, all of their marketing, all of their experiments, all of that innovation, they start retracting. In that sense, the good marketers, the good sellers, they double down on their marketing, they double down on their selling efforts to go and hunt and win more work. And actually, what we see with so many recessions and downturns is that there are practices that swell up and do really, really well. And then there's a whole load of the younger saplings or the less evolved businesses that become the casualties. And it's a kind of, you know, the sort of reflection of, of the more violent side of nature, if you like, the the other thing I would bring to attention here, as well as like we're talking about economic downturns and the kind of doomsday new news, if you are consuming this kind of stuff, you do need to make sure that you're having a very broad perspective on what's happening. Because on other parts of the news, there's a lot of conversation from macro economists talking about the greatest wealth transfer in human civilization that's kind of just beginning to start to take place, which is that of the wealth of generation of the baby boomers who, now we've got 1000s upon 1000s, probably millions and millions, actually, of these really well run small businesses all around the world, that are now looking at that they work, they bring in profit, they're now looking for new owners. And there's assets, there's properties, there's all this sort of stuff that's either going to be passed on inherited, or it's gonna be up for grabs for sale, or there's a way that you can, you know, it's becoming available. So there's this, what they're calling a 30 minute or $30 trillion transfer of wealth between generations, which is not the that doesn't just mean inheritance, it means it's, it's open, it's available. It's there, it's on the market, it's there as opportunity. So and that when you start thinking about that, I'm actually kind of delving into it and what it means and the fact that there are these, you know, businesses which are going through transformations and lots of small businesses that are going through small, profitable businesses that have got legacy and the well run, they're going through transformation. Fantastic. There's opportunity there. There's opportunity there for architects to be the ones that are, you know, helping facilitating the new identity of these companies as they as they get rehoused or relocated. The more knowledge that architects have about business and can talk about business, they can start getting involved in higher level strategic conversation. shins about that kind of succession. And, you know, there's opportunity, there's opportunity here
100%. And here's, here's the principle that, that we will just We beg of you to take this on, which is understand that marketing and selling, these are skills, they're not things. So don't don't fall into the trap, like I have in the past of thinking that, you know, well, when the recession comes, then I'll invest in marketing. Yeah, Ryan and Enoch, that sounds great. You know, now now I know, now that you guys have told me when that when I start seeing my my income coming down, that's the time to start making some of these investment based mindset decisions, it doesn't work that way. It doesn't work that way. Because you're not going to be able to go out and find a marketing company, to do your marketing for you, if you don't understand the principles of marketing yourself. Because there's a lot of there's a lot of people out there peddling marketing, there's a lot of people out there peddling sales courses, selling professional services. And if you don't understand the the rudimentary, like the basic foundation of how that stuff works, then you're, you're not going to be able to manage the process, you're not gonna be able to tell how to how to activate it, how to push it out into the marketplace. I was talking with a firm owner just the other day. And the firm owner said, Well, yeah, I really don't like selling. And I was like, Ha, get it. I don't like selling either. I mean, who does? I mean, there's probably a very small minority of human beings on this planet who actually really like selling. Like, but here's think you're, you're a business owner, like you understand that as a business owner, one of your roles of selling. He was like, Yeah, I guess. So. I said, so you have one of three options. To number one is go get a job and stop being a business owner. Number two is be a business owner who doesn't like selling and never learns how to sell because of your deep disgust, or discomfort with selling, and suffer all the consequences of not understanding how to sell professional services in a powerful way so that clients don't ask, so they're not having you discount. So you're being able to charge very, very high fees for the work that you do. So you're not dealing with clients for ghosting, use, you're not dealing with tons of people canceling projects, right. And option number three is well. Learn how to sell, how to sell, learn how to sell architectural services, learn a process for capturing good fees for finding a fit with the right clients. It's not gonna happen by accident guarantee. Like there are very few natural born salespeople. Some of you listen to this, you may be natural born, you're like, I don't need any training put me into the worst recession in the world, I will be the person out there capturing large feast winning huge commissions. Yes, there's gonna be a small percentage of you who are that? That's not me. I've had to sort of lot of time investing in myself understanding these principles so that we can share them with architectural colleagues. So that's the principle I'm hoping Ryan that that are probably our younger listeners can listen to and be like, Yeah, I'm seeing I'm seeing the wisdom and that at the time to start is right now. Yeah, I started learning how to more than start you will have, you will have a competitive advantage unlike any other.
When I learned how, and also, in today's digital world, you can mark it for for free. You don't have to have massive marketing spend, you don't have to spend loads on advertising do to put in the energy and the time. Okay, but we've got these phenomenal networks. I mean, I was looking at Facebook the other day, there's 3 billion active users every month on Facebook read
billion active users, that it's like, seriously, 3 billion.
Wow, in that season. That's insane. Raise and like, people are there. People are there. Like there's the ability to connect people, there's ability for you to turn on your camera, say some shit, just like what we're doing here. So we're just saying some shit, saying, we're having a conversation. You can put it out on the internet. And there's going to be people who are going to find something about what you saying interesting and compelling. And you can start to learn their master of that how to create an audience how to create grasp potential, how to garner attention to and then how to talk. It's there. It's for
free. around what's what's the what's the what do you think is the hottest social media property right now for someone who's looking to run a practice or on a practice and let's face it Instagrams hot, but what's any new stuff that you see coming out really like this is?
I think the organic reach on LinkedIn is amazing at the moment. And you can put bits of content out there we've been we've got clients at the moment who are putting out bits of content and are getting amazing engagement. They're starting. They're driving conversations. They're connecting with developers. They're connecting people All sorts of people that they would never have thought was possible. I think Facebook is really under, under utilized, as well, again, 3 billion people that are on that are on it. They're the new things the obviously, like, not new so much anymore. But tick tock, the audience has matured on that. No longer is it? You know, dancing, teenagers and lip syncing, but it's actually quite a sophisticated educational platform. Okay, so in the US, didn't you guys ban it? Wasn't there? Bam.
I don't know back and forth. Something happened is tick tock is tick tock. That's not the one whose This is owned by a Chinese company, is it?
It is? Yeah. By Bite, bite, Lance.
Do you know what Gen Y do? Do you have any idea why they use one of the banet? They
there was some concern over data leakage. And that, that bytedance Even though it's a Chinese company, tick tock USA is run by a Singaporean dude. And, you know, it's, it's under US law. It's an American company abides by all of those kind of privacy rules and regulations. And I think it's a bit what I do think is interesting. And this is kind of a little bit of a tangent is American and UK. Freedom of Information and freedom of speech laws, if you like, mean that the government can't control the algorithms, like the way the government controls control the algorithms in say, China. So, when you go on Tik Tok in China, it's like educational resources. It's education on science. It's, you know, teaching kids, African languages, it's teaching,
I thought I was just propaganda for Mao Zedong or something, it's like, well, you know, it's, it's like joining the revolution.
It's definitely a big chunk of of, of that as well. But um, there's, you know, they're, they're very tight on what's allowed to be shown and digested to children. Whereas where we are, you know, kids can watch whatever they want. And then there's a lot of people putting out a lot of crap.
And not in my house in my house. I'm like, I'm like the China of the of the serious family. Best what might be good for the kids. The kids are sending me these, like, can I download this app? I'm like, No, denied. Can I get this game? No. Denied? What's this learn learn the name of animals? Okay, we can do that one. Okay. Approve, rented, yeah, approved.
So, Ryan, here, we are going to close wrap this up, I think. Be
vigilant of your own fear. Take note of the addition, the different cashflow strategies that are available. Always be thinking in the long term, invest in your marketing and sales, always and forever. Amen. And that's a wrap. And one more thing. If you haven't already, please do head on over to iTunes or Spotify. And leave us a review. We'd love to read your name out here on the show. And we'd love to get your feedback. And we'd love to hear what it is that you'd like to see more of and what you love about the show already. This episode is sponsored by Smart practice, business of architectures flagship program to help you structure your firm for freedom, fulfillment, and financial profit. If you want access for our free training on how to do this, please visit smart practice method.com. Or if you want to speak directly to one of our advisors about how we might be able to help you. Please follow the link in the information. Hello, listeners. We hope you're enjoying our show. We love bringing you these insightful conversations, but we couldn't do about the support of our amazing sponsors. If you're a business owner, or know someone who would be an excellent fit for our audience, we'd love to hear from you. Partnering with us means your brand will reach over 40,000 engaged listeners each month interested in becoming a sponsor. Please send us an email at support at business of architecture.com The views expressed on this show by my guests do not represent those of the host and I make no representation promise guarantee pledge warranty, contract, bond or commitment except to help you the unstoppable
