Fast Five for Friday: Spring Cleaning, Sunk Cost Fallacy, and the Power of Relationships

0:01 Welcome to The Coaching Equation brought to you by Empire Partners and hosted by Ryan Lang and Brooke Bishop. Our mission is to help you build a profitable and impactful coaching business by cutting through the noise and all the expert advice to deliver tried and true actionable insights that you can deploy in your business today. Each week, we bring on expert guests, unveil cutting-edge tactics and strategies, and share the secrets and stories that we've gathered from working with the most successful coaching companies on Earth. Welcome back to the Coaching Equation Podcast.

0:43 I'm your host, Ryan Lang, CEO and co-founder of Empire Partners, alongside my co-founder and co-host, Brooke Bishop, my man. Happy Friday. Happy Friday to you, my friend. And let's let her rip here, buddy. Kick us off with number one. This is a good one to kick off with. So, yeah. So number one. So we this is my wife's fault. She put me into a two month cleanse. So she's she's knee deep in a homeopathy course. And so she's given me all these different cleansing pieces. She's got me doing tons of fun things. But it's just it's been a really good reminder of it's not always about what we put into our system and what we're putting in as far as data and what we're putting in as far as knowledge or information or even energy into certain parts of our world.

1:29 But it's also equally important to get those negative things out of our world. And so it's been, yeah, we're about six weeks in right now on an eight week cleanse. And it's super simple on the homeopathy side, but it's just brought up a lot of profound ideas and thoughts and just physicality of things and just what my body's doing. And yeah, the whole cleanse of it all. Noah, do you say the words two month cleanse? And I'm kind of like. Yep, I'm out. But, however, I think, I mean, obviously, you know this about me. I find so much value in tinkering around with the body and figuring out what it really needs and what it really doesn't.

2:12 And, you know, I love it. I think that's a great, it's also, I think it's a great microcosm for everything else, right? I mean, I think we need to be willing to... do it probably most of us need to be doing a little bit of cleansing inside of our businesses uh as well uh it's almost time for spring cleaning it's coming soon it's gonna be here exactly right that's exactly right hit us with number two brother all right number two um the sunk cost fallacy have you heard of this i've heard you say the words before but i'd love dig deeper my friend So this is the whole... The sunk cost fallacy is the idea that, to give a really simple example, I...

3:00 Six months ago, I bought a DiGiorno pizza, and it is in my freezer. And if I don't eat it, then I'm gonna make myself feel badly because I spent the money and I don't eat it. So even though I'm now on a diet, I'm gonna decide to go eat the pizza anyway because I put the money in, so I'm gonna go do it anyway. And here's the interesting thing. The reason I wanted to bring this one up is that holy smokes, We see people, and by the way, like I've done this plenty of times in different areas of my life and in my business at one time or another, but holy cow, we see people constantly in business go, Yeah, I know that you're recommending that I go this way.

3:47 I know you're recommending that I go right. But look, I already paid somebody a whole lot of money to tell me to go left. And I know it's not working, but I did pay for it. And they do this thing where they just hang on tooth and nail to tactics and things that they've spent time on that are no longer working. Like purely in the spirit of like, oh, I spent money on it, so I should keep doing it. Or, oh, I spent money on something and I'm in the middle of it and it's not working. So instead of pivoting, I'm just going to fucking keep doing it because, well, I see things through.

4:28 You know what? The best of the best in business don't do that. They cut the cord and they move on to the thing that actually does work. So stinking good. Yeah, I can definitely. It's funny because I look through certain projects that are on my desk and I'm like, these are unfinished projects. And I'm like, I spent the money on it. I got to finish it. And then at the end of the day, is it going to turn the needle? Probably not. So they're really powerful. Being mindful of what you're doing, why you're doing it. I love that, right? It's great. Yeah. Great one. Don't fall trapped to that. All right, number three. Number three, relationships. This has just been coming up a lot in our conversations lately. You know, running, if I were to even put it this way, 99% of the people that are in the space that we're in, just in terms of business, they're very transactionally driven.

5:16 So their business is, how much are you spending? What's your CPMs? What's your CPAs? Let me throw out another acronym. And I'm the king of acronyms. So I know I fall prey to this. But there's this dynamic of transaction, transaction, transaction. And I just want to put it on radar for everybody of like, go back to relationships as the world of transacting gets more and more costly. So if you're in the game of Facebook ads or, you know, meta or even Google ads or any of those strategies, at the end of the day, the most powerful thing you can have is the relationships that are in your business. Yeah. And so sometimes that's your existing client. Sometimes that's friends and family. Sometimes that's people who live in your neighborhood or in your in your town. But always, always go back to those relationships and foster and cultivate those.

5:58 Because when the market does craziness, your relationships are the ones that are going to step up to the plate. That is absolutely true. And I would just I literally said this just the other day to a group of people that I was giving a presentation to, which is that if you can make and sustain and cultivate and nurture great relationships, you will never go hungry ever. Yeah. Like when you can do that and your ability to make and maintain great relationships and to utilize like very loving and caring ethical persuasion in life, in business, it's paramount. So I love that one, dude.

6:39 It's one that we'll talk about all the time around here because it always pops back up. It doesn't ever go away. It's a constant. So... Um, this one, uh, you know, number four model, then modify. So one of the things that we deal with in coaching and training salespeople and sales teams and, and stuff like that is constantly, we get people who are going, I need you to give me the exact words to say to blah, blah, blah, blah, blah. And then we have other people that will basically, you know, like they'll go through all the training and they just will decide to do it their own way.

7:20 The fastest way to mastery is to model first and then modify. It's not take somebody's shit and use it only that way for forever. And it's also not try to just reinvent the wheel and make it up on your own. The fastest way to mastery is model then modify. When I was in high school, I was dating a gal whose father was a really good guitar player. And at the time, I was a good vocalist, but I was learning how to play the guitar. And I was interested in his thoughts on how to become a better lead player on electric guitar. And I remember him saying to me, you know, look, like you go off and you.

8:02 you listen to people, you have the people that are your influences, and then eventually you start to kind of piece those things together and it comes out in a style that's just like, it's yours, it's your own, you know? And I think that's the one thing that I wanna say, I model then modify in all things, but especially as it relates to sales, You know, one of the things that we tell people all the time is that our program is not meant for you to just take it and do it verbatim for forever. We want you to learn it so well that eventually you start to create your own little nuances on it that pertain specifically to your business, to your offer, to your ideal clients. But you can't do that if you don't model first.

8:43 that absolutely love that i don't know how many times we've heard the rnd concept which isn't rip off and duplicate yeah it's like yeah kind of not really but sort of yeah get the concept put that into play but make it you make sure it's your authentic voice and then it's a reflection of you don't just rip off and entirely duplicate and so um i don't know bro Bring us home, buddy. So the quote for this week comes from a guy who knew he knew a thing or two. So one of the one of the main Stoics, Marcus Aurelius. So here's the quote. It's waste no more time arguing what a good person should be. Be one.

9:23 And so this is huge. And I don't know if anyone else is experiencing this, but if you go on social media, if you turn on the TV, we are in such a world of polarity right now. And I truly believe it's by design. And we have everybody arguing and everybody distracted and everybody pointing fingers and everybody trying to say they're right and the other team's wrong. And at the end of the day, We're burning time. And if we're here and we're on a mission and we're here to be a good human being that's doing amazing things and helping humanity, we got to get back to the basics here and actually just be one. It's that simple. So I thought it was a very powerful, fitting quote for this week. Yeah, I love that, dude. And I couldn't agree with you more. I think there are a lot of people. I think there are a lot of people talking.

10:06 And not a lot of people being. And I think that you can tell a whole lot from the way that a person is being as opposed to the way that they're talking. Brilliant. Yeah. That Marcus said. He knew a thing or two. That makes me want to watch Gladiator. Have you seen Gladiator 2 yet? No, but I heard Gladiator 2 was dope. I heard it was good. I heard it was good. It's on the list for this weekend. So maybe next week we'll give a movie a review. Teasing it. Teasing it. All right, y'all. On film. Hey, yeah, no doubt. All right. Well, we did it, my man. Another episode in the books. Thank you for listening to this episode of the Coaching Equation Podcast.

10:48 Until next time, take care. Thank you for listening to this episode of The Coaching Equation. Please hit subscribe wherever you listen to your podcasts. And if you got value out of this episode, we would be so grateful if you would share it out with a friend and leave us a review on iTunes or your favorite platform. To learn more about Empire Partners or to inquire about working with Ryan and Brooke, please visit www.empirepartners.io forward slash go. .