WEBVTT 00:00:07.720 --> 00:00:11.279 Welcome to the Business Abundance Podcast, providing 00:00:11.279 --> 00:00:13.779 the tools and knowledge to help small business 00:00:13.779 --> 00:00:17.100 owners succeed. For additional resources, visit 00:00:17.100 --> 00:00:22.239 www .businessabundance .online. Hello and welcome 00:00:22.239 --> 00:00:25.100 back to the Business Abundance Podcast. I am 00:00:25.100 --> 00:00:27.780 here with Rowan. Hello. And today we're going 00:00:27.780 --> 00:00:30.739 to be chatting about opportunities for you as 00:00:30.739 --> 00:00:34.679 a small business owner, specifically, and I think 00:00:34.679 --> 00:00:37.420 we've mentioned it before, Blockbuster. and what 00:00:37.420 --> 00:00:41.899 we can learn from this case study. I think it's 00:00:41.899 --> 00:00:45.140 pretty relevant considering it's kind of obvious, 00:00:45.259 --> 00:00:46.979 isn't it? That if you don't take hold of the 00:00:46.979 --> 00:00:49.020 opportunities, you're going to fall behind. You're 00:00:49.020 --> 00:00:51.039 not going to grow. You're going to be a bit stuck. 00:00:51.520 --> 00:00:54.920 Possibly. Yeah. Likely. Yeah. I think change 00:00:54.920 --> 00:00:57.500 is good personally. I think it's good for yourself 00:00:57.500 --> 00:00:59.079 to learn and you're going to learn a lot about 00:00:59.079 --> 00:01:02.320 yourself, but Yeah, I think with Blockbuster, 00:01:02.579 --> 00:01:05.239 yes, it's a really big business, but the theory 00:01:05.239 --> 00:01:07.719 stands the same for small business owners. Yeah. 00:01:07.780 --> 00:01:10.439 Do you know anything about what happened? I do. 00:01:10.719 --> 00:01:12.540 I was just trying to think of the movie name 00:01:12.540 --> 00:01:14.879 that came out a couple of years ago and it's 00:01:14.879 --> 00:01:17.319 about the last Blockbuster store and like what 00:01:17.319 --> 00:01:19.140 they're trying to do to survive and the whole 00:01:19.140 --> 00:01:21.099 town comes through and the landlord's trying 00:01:21.099 --> 00:01:23.420 to kick them out. But on the larger scheme, yeah, 00:01:23.500 --> 00:01:26.939 definitely. It was quite a success story turned 00:01:26.939 --> 00:01:30.709 into a catastrophe. I remember Blockbuster. Very 00:01:30.709 --> 00:01:33.510 fond memories. And I'm glad I was of the age 00:01:33.510 --> 00:01:35.849 that got to experience Blockbuster. But like 00:01:35.849 --> 00:01:38.670 on a Friday night, we would drive into the little 00:01:38.670 --> 00:01:41.090 town I lived in and we'd go pick up our legs 00:01:41.090 --> 00:01:44.849 and breasts, which isn't here where we live anymore, 00:01:44.849 --> 00:01:47.370 which is so sad. But we'd pick it up. I'd have 00:01:47.370 --> 00:01:49.930 a little Hawaiian pack and we'd go sit in Blockbuster 00:01:49.930 --> 00:01:53.129 and there'd be like the new releases on the wall. 00:01:54.519 --> 00:01:56.060 go and you'd look through there and that'd be 00:01:56.060 --> 00:01:59.159 the coolest movies that you could possibly watch. 00:01:59.340 --> 00:02:01.420 But then they were too expensive because it was 00:02:01.420 --> 00:02:05.859 like $15 to rent that. For one night. One night. 00:02:06.019 --> 00:02:09.039 But then you'd have to like go through the aisles 00:02:09.039 --> 00:02:11.860 of all the different parts. It'd be horror or 00:02:11.860 --> 00:02:14.919 it'd be like action. Yeah. That was so cool. 00:02:15.240 --> 00:02:17.479 Oh, and then they had the popcorn by the stand 00:02:17.479 --> 00:02:19.960 and it was like the microwavable popcorn, but 00:02:19.960 --> 00:02:21.699 we couldn't get that because we didn't have a 00:02:21.699 --> 00:02:25.810 microwave. So. Yeah. Fond experience. Microwave. 00:02:26.030 --> 00:02:28.389 You can heat it up on the stove. That was kind 00:02:28.389 --> 00:02:30.669 of the idea. But yeah. And then you'd take it 00:02:30.669 --> 00:02:33.250 home and you'd eat your little takeaway and then 00:02:33.250 --> 00:02:35.090 you'd watch the movie and then you'd have to 00:02:35.090 --> 00:02:37.430 give it back. And there was like that slot. Yes. 00:02:37.530 --> 00:02:40.590 That you had to like drop the movie into. Yeah. 00:02:40.909 --> 00:02:44.189 So fun. Yeah. That was good times. I think I 00:02:44.189 --> 00:02:46.289 spent three times the amount of late fees. I 00:02:46.289 --> 00:02:48.849 do actual rentals. The one day ones, I had to 00:02:48.849 --> 00:02:50.830 just change to the weekly rentals. It was missed 00:02:50.830 --> 00:02:52.889 out on the new releases. Oh, the new releases 00:02:52.889 --> 00:02:55.629 were always so good though. Yeah, but the late 00:02:55.629 --> 00:02:58.129 fees was just bonkers. I feel like the movies 00:02:58.129 --> 00:03:00.430 back then just, there was just something special 00:03:00.430 --> 00:03:01.949 about them when you saw them on the wall and 00:03:01.949 --> 00:03:03.750 you're like, gosh, I want to watch all of them 00:03:03.750 --> 00:03:06.569 because they're all so cool. Yeah. And then you'd 00:03:06.569 --> 00:03:08.949 wait so long for them to come out of the cinema 00:03:08.949 --> 00:03:11.810 before you could get them on movie. As you're 00:03:11.810 --> 00:03:15.330 thinking about it now, just the enjoyment, enjoyment 00:03:15.330 --> 00:03:18.520 might not be the. right with a satisfaction of 00:03:18.520 --> 00:03:21.000 all the process of going, okay, it's movie night 00:03:21.000 --> 00:03:22.659 tonight. Now we've got to go to the video shop. 00:03:22.740 --> 00:03:24.580 I'll walk around and it will, and that takes 00:03:24.580 --> 00:03:26.479 you half an hour. And then you got to get your 00:03:26.479 --> 00:03:28.860 snacks and then you settle in. So off you go. 00:03:28.900 --> 00:03:32.020 It's movie night. Like it's a, it makes the experience. 00:03:32.280 --> 00:03:34.479 And I was just comparing that to, I'd forgotten 00:03:34.479 --> 00:03:36.159 about, I haven't thought about this ever, but 00:03:36.159 --> 00:03:38.460 now what is it? So it's movie night. We can get 00:03:38.460 --> 00:03:41.719 our snacks, which doesn't take very long. Yeah. 00:03:42.340 --> 00:03:45.180 We turn on Netflix and look through the. the 00:03:45.180 --> 00:03:47.819 save for later movies, Amazon, and still takes 00:03:47.819 --> 00:03:49.860 15, 20 minutes to try to choose a movie. And 00:03:49.860 --> 00:03:51.479 they're generally not that good. They don't look 00:03:51.479 --> 00:03:54.819 nearly as good as what they look like on the 00:03:54.819 --> 00:03:57.219 wall. Now you've explained it with the romantic 00:03:57.219 --> 00:04:01.740 tinge. So fun. I have two siblings and we would 00:04:01.740 --> 00:04:04.060 all come with like five movies that we want to 00:04:04.060 --> 00:04:06.939 watch. So you'd have to like sit there negotiating 00:04:06.939 --> 00:04:08.860 which movie you're going to watch. But now you 00:04:08.860 --> 00:04:10.620 like look through movies and you're like, it's 00:04:10.620 --> 00:04:13.909 okay, I guess. I don't even know. how long ago 00:04:13.909 --> 00:04:17.069 that was, but it makes me feel old now. Yeah. 00:04:17.189 --> 00:04:19.129 It's pretty funny. Just, you know, having spent 00:04:19.129 --> 00:04:21.269 a few years with you that I can hear you telling 00:04:21.269 --> 00:04:23.189 stories of when you were a girl. Very hard for 00:04:23.189 --> 00:04:25.410 me not to just make old jokes. Well, we were 00:04:25.410 --> 00:04:27.490 just talking about my style and how much I want 00:04:27.490 --> 00:04:30.670 to be stuck in my style. I want Blockbuster back. 00:04:31.009 --> 00:04:33.629 Bring it back. But today we're going to be chatting 00:04:33.629 --> 00:04:37.490 about the fall of Blockbuster essentially. It 00:04:37.490 --> 00:04:40.689 was so good. It was so good. So now we're thinking 00:04:40.689 --> 00:04:43.230 like that was kind of cool. Well, why was it 00:04:43.230 --> 00:04:48.129 then so bad? Because life changes. Yeah. New 00:04:48.129 --> 00:04:50.389 technology comes out. Yeah. You didn't really 00:04:50.389 --> 00:04:51.790 want it. You say you want it, but you didn't 00:04:51.790 --> 00:04:54.029 really. Well, I didn't actually have it. It's 00:04:54.029 --> 00:04:56.149 been a very recent thing for me, Netflix, and 00:04:56.149 --> 00:04:59.329 I refuse to buy a subscription. I just did ads. 00:04:59.589 --> 00:05:02.370 I just, yeah, I refuse to buy a subscription, 00:05:02.509 --> 00:05:04.829 which means that maybe I'm just not that invested 00:05:04.829 --> 00:05:07.500 in it. I find value in other things like I love 00:05:07.500 --> 00:05:10.079 reading. Yeah. We watch shows for the sake of 00:05:10.079 --> 00:05:12.420 watching shows. And then if you've got other 00:05:12.420 --> 00:05:15.120 hobbies, there's been reading, there's my wife. 00:05:15.500 --> 00:05:17.480 And then we're just not watching as many shows, 00:05:18.060 --> 00:05:19.980 but the shows we want to watch, it's like an 00:05:19.980 --> 00:05:21.819 event each week. But then all the other ones 00:05:21.819 --> 00:05:23.139 we normally watch, we just don't watch them. 00:05:23.160 --> 00:05:26.120 We don't care. I'm watching some trashy shows 00:05:26.120 --> 00:05:28.620 just for the laughs. And I will not repeat what 00:05:28.620 --> 00:05:32.600 I just did. I've put my trashy shows on the podcast. 00:05:32.860 --> 00:05:36.079 Yeah, but this is not appropriate for podcasts. 00:05:36.480 --> 00:05:39.540 It's like Love Island equivalent, just for the 00:05:39.540 --> 00:05:42.680 fun of it. Yeah, no, it's nice to see some trash 00:05:42.680 --> 00:05:45.920 every now and then. We're all human. Yeah. Yeah. 00:05:46.019 --> 00:05:49.040 No disrespect to those shows, but you watch it. 00:05:49.040 --> 00:05:51.300 It's entertaining. Yeah. Yeah. Yeah. You're not 00:05:51.300 --> 00:05:54.100 watching it to increase your knowledge. I know. 00:05:54.540 --> 00:05:58.540 Anyway, completely off topic. Yeah. So Blockbuster, 00:05:59.060 --> 00:06:02.279 there's no Blockbuster anymore. As much as we... 00:06:02.410 --> 00:06:05.689 We're so fond of it and as much as we see the 00:06:05.689 --> 00:06:09.970 value in it now, it doesn't exist. Go on. And 00:06:09.970 --> 00:06:12.629 I guess for a little bit, we'll just unpack what 00:06:12.629 --> 00:06:16.550 happened. And I think everyone who is listening 00:06:16.550 --> 00:06:19.610 probably knows what Blockbuster is. And we probably 00:06:19.610 --> 00:06:23.870 explained it, the video rental store. Now it 00:06:23.870 --> 00:06:27.490 has been replaced by platforms. Streaming platforms. 00:06:27.689 --> 00:06:32.839 Yeah, by Netflix, Binge, Amazon Prime. Stan. 00:06:33.060 --> 00:06:35.860 Take a pic, Disney. So many different things. 00:06:36.800 --> 00:06:40.019 Video on demand. Yeah, essentially. Now Blockbuster 00:06:40.019 --> 00:06:42.920 actually had the opportunity to purchase Netflix 00:06:42.920 --> 00:06:48.060 from my understanding, and they didn't. They 00:06:48.060 --> 00:06:50.600 did launch their own digital streaming a lot 00:06:50.600 --> 00:06:53.819 later, but that obviously didn't work because 00:06:53.819 --> 00:06:56.759 Netflix had a much larger subscription base than 00:06:56.759 --> 00:06:59.579 they did, which is interesting considering Stan 00:06:59.579 --> 00:07:03.620 and Prime and all of those came up. Netflix was 00:07:03.620 --> 00:07:06.160 kind of the big, that was the forefront, but 00:07:06.160 --> 00:07:08.259 then I feel like Stan and Binge and all those 00:07:08.259 --> 00:07:11.279 sort of things have come up behind Netflix and 00:07:11.279 --> 00:07:13.600 almost overtaken it. Definitely the one leading 00:07:13.600 --> 00:07:17.339 the way. Yeah, I think from my experience we're 00:07:17.339 --> 00:07:20.060 seeing. I'm watching a lot of Binge at the moment, 00:07:20.519 --> 00:07:23.220 but they did launch their digital streaming much 00:07:23.220 --> 00:07:26.180 later, but it wasn't successful. Lockbuster .com. 00:07:26.699 --> 00:07:28.889 Is that what it was called? Was that an online 00:07:28.889 --> 00:07:32.370 platform where they sent out the movies to the 00:07:32.370 --> 00:07:34.730 homes? I'm not sure what it actually did. I was 00:07:34.730 --> 00:07:36.509 just looking at the facts. I'm doing a little 00:07:36.509 --> 00:07:40.089 bit of a fact check, but, um, the Netflix offered 00:07:40.089 --> 00:07:44.110 to sell 49 % of Netflix to Blockbuster for 50 00:07:44.110 --> 00:07:46.149 million. I haven't seriously fact -checked this, 00:07:46.589 --> 00:07:49.149 but, um, in exchange for running their brand 00:07:49.149 --> 00:07:52.329 online. Yeah. Okay. The Blockbuster one. That 00:07:52.329 --> 00:07:55.149 would have been unfortunate in hindsight, but, 00:07:55.189 --> 00:07:57.939 um, Blockbuster .com. Not sure what it did. But 00:07:57.939 --> 00:08:01.639 trying to transition. Yeah. Yeah. But then they 00:08:01.639 --> 00:08:04.899 also had frequent changes in leadership as I 00:08:04.899 --> 00:08:07.560 guess they, this is all speculation, scrambled 00:08:07.560 --> 00:08:11.100 to improve themselves. Then the physical stores 00:08:11.100 --> 00:08:13.480 obviously had their maintenance costs, which 00:08:13.480 --> 00:08:17.600 was not feasible considering the income wasn't 00:08:17.600 --> 00:08:20.040 coming on. And they had a significant reliance 00:08:20.040 --> 00:08:23.139 on late fees from people like you. Which I didn't 00:08:23.139 --> 00:08:26.579 know she was going to say that. And yeah, then 00:08:26.579 --> 00:08:29.980 there was the convenience of Netflix. And so 00:08:29.980 --> 00:08:32.679 Blockbuster just dwindled away. I remember watching 00:08:32.679 --> 00:08:35.639 the Blockbuster stores close. It was kind of 00:08:35.639 --> 00:08:37.700 like chicken feed. And if you didn't have Blockbuster 00:08:37.700 --> 00:08:39.559 near you, because I, you know, you can pretty 00:08:39.559 --> 00:08:41.580 much insert the name of your local video store 00:08:41.580 --> 00:08:43.860 and we all would have experienced that. It's 00:08:43.860 --> 00:08:46.279 reasonably recent. Yeah. And then you just don't 00:08:46.279 --> 00:08:49.340 see them anymore. They're just closed down. transition 00:08:49.340 --> 00:08:51.620 to video streaming platforms and that was it. 00:08:51.899 --> 00:08:54.159 Yeah. I don't even have a DVD or a Blu -ray player 00:08:54.159 --> 00:08:56.019 or a video player or anything like that. Now, 00:08:56.019 --> 00:08:58.059 when the internet goes down, it's pretty boring 00:08:58.059 --> 00:09:02.639 place. Well, I was actually at my grandparents 00:09:02.639 --> 00:09:05.480 house two weeks ago and they have a cupboard 00:09:05.480 --> 00:09:09.419 full of really good quality DVDs. So good. And 00:09:09.419 --> 00:09:12.179 that was, that was fun. Yeah. I'm glad the DVDs 00:09:12.179 --> 00:09:14.799 still exist. I remember when we had videotapes, 00:09:15.000 --> 00:09:18.279 they were. Oh, you are old. I know. Yep. I watched 00:09:18.279 --> 00:09:21.059 a lot of the rings on those, but they don't exist 00:09:21.059 --> 00:09:24.059 anymore. That went in on videotapes. Yep. So 00:09:24.059 --> 00:09:26.580 we, we watched them and then obviously, yeah, 00:09:26.679 --> 00:09:29.259 DVDs, but DVDs sort of don't really, they're 00:09:29.259 --> 00:09:31.960 not used anymore. So we started an accommodation 00:09:31.960 --> 00:09:34.899 place a few months back and they just had like 00:09:34.899 --> 00:09:37.000 a library and half of it was library and half 00:09:37.000 --> 00:09:40.000 of it was DVDs. Oh yeah. And watched DVD that 00:09:40.000 --> 00:09:42.320 night. That's pretty cool. It's quite sad. Yeah. 00:09:42.340 --> 00:09:43.399 Well, it was interesting. Cause I suppose you 00:09:43.399 --> 00:09:45.179 get a bit of that environment back. going through 00:09:45.179 --> 00:09:47.059 the shelves and physically selecting stuff rather 00:09:47.059 --> 00:09:48.759 than on a screen. And then, you know, you've 00:09:48.759 --> 00:09:50.120 got to go put it in the play and then it makes 00:09:50.120 --> 00:09:52.679 worrying and buzzing and clunky. And when the 00:09:52.679 --> 00:09:55.159 CD was scratched, devastating because you're 00:09:55.159 --> 00:09:57.379 emotionally invested in watching this. It's got 00:09:57.379 --> 00:09:59.419 the little menu that pops up. Yep. And it's got 00:09:59.419 --> 00:10:02.440 the bloopers. Got the bloopers. Oh, gosh. Kind 00:10:02.440 --> 00:10:03.679 of fun to read. It's maybe just like a classic 00:10:03.679 --> 00:10:05.860 car, you know, you get the appreciation for it 00:10:05.860 --> 00:10:08.299 as a memory rather than the appreciation at the 00:10:08.299 --> 00:10:11.179 time, which is a bit of annoyance. So fun. Anyway, 00:10:11.179 --> 00:10:13.860 I think the vibe that we're getting here is that 00:10:13.789 --> 00:10:16.769 It was a very appreciated model. Yeah, the model 00:10:16.769 --> 00:10:18.830 of the business, regardless of whether it's blockbusters 00:10:18.830 --> 00:10:21.509 or someone else. You know, you had your video 00:10:21.509 --> 00:10:23.750 store, you bought your stock. You could have 00:10:23.750 --> 00:10:26.649 the big, huge posters from the industry of what 00:10:26.649 --> 00:10:29.590 was, you know, new release and what wasn't. People 00:10:29.590 --> 00:10:31.669 came in, it was a destination. They had a look 00:10:31.669 --> 00:10:34.090 around, they could grab everything and it was 00:10:34.090 --> 00:10:36.669 part of people's lives. Massive part of everyone's 00:10:36.669 --> 00:10:40.710 really. Yeah. And they owned, say owned real 00:10:40.710 --> 00:10:42.389 estate, owned some buildings or they might have 00:10:42.389 --> 00:10:44.519 leased them, but they had. They owned a spot, 00:10:44.600 --> 00:10:47.820 is what I'm talking about, in the city and in 00:10:47.820 --> 00:10:50.019 people's lives. And then they have had those 00:10:50.019 --> 00:10:52.980 costs around that as well. But then at some point 00:10:52.980 --> 00:10:56.940 they had some market disruption and were they 00:10:56.940 --> 00:10:59.539 willing to let go of what they've profited from 00:10:59.539 --> 00:11:02.820 for so long that's worked. They would be confident 00:11:02.820 --> 00:11:06.019 that that would still work, I guess, because 00:11:06.019 --> 00:11:07.879 they were like, oh, well, nothing will change 00:11:07.879 --> 00:11:10.500 what we've got. We've got these values to our 00:11:10.500 --> 00:11:13.039 clients and this is a place we are in society. 00:11:13.230 --> 00:11:15.730 But obviously like even though fond memories 00:11:15.730 --> 00:11:17.909 of it, we stopped using that service along with 00:11:17.909 --> 00:11:21.149 everyone else. So they didn't for whatever reason 00:11:21.149 --> 00:11:24.909 change. Yeah. And I guess I want to bring that 00:11:24.909 --> 00:11:28.990 down to smaller scale for our small business 00:11:28.990 --> 00:11:32.529 owners. You might think that your model in the 00:11:32.529 --> 00:11:35.870 past has worked, but it might not work for future 00:11:35.870 --> 00:11:38.750 because things will evolve. Things will get easier, 00:11:38.950 --> 00:11:41.789 more convenient. You've got to listen to your 00:11:41.789 --> 00:11:44.820 customers essentially. Yeah. I heard a good quote 00:11:44.820 --> 00:11:47.120 and it was, uh, I think it's very obvious, but 00:11:47.120 --> 00:11:49.379 the past will not predict your future. Yeah, 00:11:49.379 --> 00:11:51.779 that's good. Yeah, that one. Yeah. So I think 00:11:51.779 --> 00:11:53.980 that's probably the theme of today. Sometimes 00:11:53.980 --> 00:11:56.519 it's like a judgment call because it could have 00:11:56.519 --> 00:11:58.500 been that that new technology and disruption 00:11:58.500 --> 00:12:01.639 didn't take off. Yeah. Maybe the production companies 00:12:01.639 --> 00:12:04.000 didn't allow that, that subscription licensing. 00:12:04.279 --> 00:12:05.879 Cause that was a huge thing with Spotify. I think 00:12:05.879 --> 00:12:08.419 we talked about it before too, but they had a 00:12:08.419 --> 00:12:11.679 huge issue of how are the musicians and how are 00:12:11.679 --> 00:12:13.539 the record companies that, well record companies 00:12:13.539 --> 00:12:15.600 fundamentally were profiting the most. Yep. How 00:12:15.600 --> 00:12:17.620 are they still getting paid? And then, so if 00:12:17.620 --> 00:12:19.360 that couldn't be solved, there was no product. 00:12:19.659 --> 00:12:22.159 So they had a bit of a judgment call, I guess. 00:12:22.379 --> 00:12:24.120 They could have, doing nothing could have been 00:12:24.120 --> 00:12:26.080 the right answer. Could have tested. Yeah, could 00:12:26.080 --> 00:12:28.379 have tested. Well, just thinking about what you 00:12:28.379 --> 00:12:30.399 said there and tested, but like, what could you, 00:12:30.539 --> 00:12:33.259 could a few have done if you were focusing on 00:12:33.259 --> 00:12:35.220 your customers? We talk about thinking about 00:12:35.220 --> 00:12:37.340 what customers want and they go, okay, well, 00:12:37.440 --> 00:12:39.259 We are this and this and this, and these are 00:12:39.259 --> 00:12:40.919 all great values. That's why we're successful. 00:12:41.139 --> 00:12:44.000 That's cool. But would our customers prefer, 00:12:44.080 --> 00:12:46.240 could we be doing more for them? Yeah. Instead 00:12:46.240 --> 00:12:48.659 of just staying stagnant. Yeah. And that might 00:12:48.659 --> 00:12:50.960 be improving things, but if we're doing more, 00:12:51.200 --> 00:12:53.059 okay, we've got internet. Wouldn't that be great? 00:12:53.200 --> 00:12:55.019 Rather than here's our competitive advantage 00:12:55.019 --> 00:12:57.440 over everyone. They might've been trying to pioneer 00:12:57.440 --> 00:13:01.299 like what Netflix were doing. Whereas they probably 00:13:01.299 --> 00:13:03.740 weren't focusing on that. Regardless of how can 00:13:03.740 --> 00:13:05.919 we do this the best? How can we do this the best 00:13:05.919 --> 00:13:08.019 and protect what we've got at the same time? 00:13:08.059 --> 00:13:10.399 Yeah. Which comes back to like the monkey bar 00:13:10.399 --> 00:13:12.600 theory of you've got to let go to move forward. 00:13:13.120 --> 00:13:14.659 Translate that for yourself. You know, when you're 00:13:14.659 --> 00:13:16.659 going across the monkey bars, you can't go across 00:13:16.659 --> 00:13:18.379 them unless you actually let go with one of your 00:13:18.379 --> 00:13:20.440 hands to go to the next rung. So they've got 00:13:20.440 --> 00:13:22.659 their physical assets and a whole money making 00:13:22.659 --> 00:13:24.919 machine. They're not prepared to let go of some 00:13:24.919 --> 00:13:27.059 of that to get to a better spot. Then they're 00:13:27.059 --> 00:13:28.840 never going to get across the monkey bars. Yeah. 00:13:29.149 --> 00:13:32.230 I think even easier than just assuming what customers 00:13:32.230 --> 00:13:36.090 need is to actually ask them, hear from them. 00:13:36.690 --> 00:13:39.690 I mean, they had enough capital to probably do, 00:13:39.690 --> 00:13:41.950 what's the word, like groups. Would have been 00:13:41.950 --> 00:13:45.129 doing them. Yeah. Well, should listen. Well, 00:13:45.350 --> 00:13:46.990 who knows what the group said as well, and we'll 00:13:46.990 --> 00:13:49.690 ask them the question. That's true. Yeah. Get 00:13:49.690 --> 00:13:52.330 feedback from your customers. You want honest 00:13:52.330 --> 00:13:55.809 feedback. So I think it's easy to ask a customer. 00:13:56.059 --> 00:13:58.200 I guess a good test that we have is if they're 00:13:58.200 --> 00:13:59.840 willing to write a review, then they're happy 00:13:59.840 --> 00:14:02.240 with the services we're providing. Yep. And then 00:14:02.240 --> 00:14:05.379 they're, they're people that we can go to for 00:14:05.379 --> 00:14:08.240 trusted feedback. Yeah. You don't necessarily 00:14:08.240 --> 00:14:10.820 want feedback. So about your future from clients 00:14:10.820 --> 00:14:12.519 that don't like what you do, because it might 00:14:12.519 --> 00:14:13.840 be that, you know, good at it, but it might just 00:14:13.840 --> 00:14:15.559 be they don't get it or they want something that 00:14:15.559 --> 00:14:18.200 you don't, you know, do yourself. Yeah. So yeah, 00:14:18.340 --> 00:14:20.740 feedbacks and listings very important. Yep. But 00:14:20.740 --> 00:14:24.080 like with Blockbuster, Netflix, they were physical 00:14:24.080 --> 00:14:27.899 DVDs as well. That was a postal service. And 00:14:27.899 --> 00:14:30.519 I remember thinking about that at the time, my 00:14:30.519 --> 00:14:33.240 boss, he got them. Never had late fees. I was 00:14:33.240 --> 00:14:36.639 sitting on his desk. Makes sense. Like he would 00:14:36.639 --> 00:14:38.259 browse it on the computer and figure out what 00:14:38.259 --> 00:14:39.399 he wanted. It was a bit of a process because 00:14:39.399 --> 00:14:41.700 you had to wait for it to come. And you had a 00:14:41.700 --> 00:14:43.279 lot of that excitement you had from going to 00:14:43.279 --> 00:14:46.779 the store, but just in a different way. And the 00:14:46.779 --> 00:14:49.480 big thing was the late fees. It's a pain point 00:14:49.480 --> 00:14:51.480 for customers though. Just to get there in your 00:14:51.480 --> 00:14:54.379 car. Yeah, literally. But that would frustrate 00:14:54.379 --> 00:14:57.519 customers. Blockbuster relies on it. So you're 00:14:57.519 --> 00:15:00.539 doing something that annoys customers. To make 00:15:00.539 --> 00:15:04.320 money. Yeah. Not, not ideal. So if we're talking 00:15:04.320 --> 00:15:06.539 about that and you said that they relied on that 00:15:06.539 --> 00:15:09.360 income, that's true. Then that's not in their 00:15:09.360 --> 00:15:11.279 customer's best interest to charge them late 00:15:11.279 --> 00:15:14.500 fees. Nope. So that's probably the model of they're 00:15:14.500 --> 00:15:16.799 a part of the society. They're part of the institution. 00:15:17.000 --> 00:15:18.879 They're part of the framework of the town, but 00:15:18.879 --> 00:15:20.980 then they're profiteering from their position, 00:15:21.200 --> 00:15:24.500 not from their value. Which definitely would 00:15:24.500 --> 00:15:26.879 mean customers, if they're given a choice where 00:15:26.879 --> 00:15:30.139 they have more control and less punishment, then 00:15:30.139 --> 00:15:32.039 you know, which way are you going to go? So I 00:15:32.039 --> 00:15:35.220 guess the self -reflection question at this time 00:15:35.220 --> 00:15:37.620 would be, are you relying on something that annoys 00:15:37.620 --> 00:15:40.299 your customers in order to run your business? 00:15:40.379 --> 00:15:42.320 Yep. Take some time to have a think about that 00:15:42.320 --> 00:15:45.220 one everyone. Yeah. So you definitely, if that's 00:15:45.220 --> 00:15:46.840 something in your business, then that could be 00:15:46.840 --> 00:15:50.639 taken away from you at any point. So then. I 00:15:50.639 --> 00:15:56.000 guess embracing change and innovation being probably 00:15:56.000 --> 00:15:59.720 one of the other prominent learnings from this 00:15:59.720 --> 00:16:02.879 is that you need to be willing to adapt your 00:16:02.879 --> 00:16:05.659 business model. So let's just say that they are 00:16:05.659 --> 00:16:09.200 relying on late fees, they get the feedback, 00:16:09.580 --> 00:16:12.860 that's annoying, and then they need to change 00:16:12.860 --> 00:16:14.960 that because they realise that that's a pain 00:16:14.960 --> 00:16:16.940 point, they're relying on it. What does that 00:16:16.940 --> 00:16:19.320 change look like? They know that the internet's 00:16:19.320 --> 00:16:22.379 coming up. Well, on Netflix, it's. Yeah, there's 00:16:22.379 --> 00:16:24.159 a big jump though. If you think about it. Okay. 00:16:24.200 --> 00:16:25.639 Well, if we get rid of late fees and that's a 00:16:25.639 --> 00:16:27.279 huge amount of income, does that mean we need 00:16:27.279 --> 00:16:30.240 more income from our rental fees? Become a real 00:16:30.240 --> 00:16:32.220 estate market, a real estate pioneer. But then 00:16:32.220 --> 00:16:35.559 if our rental fees are higher, then are they 00:16:35.559 --> 00:16:38.100 going to the video shop down the road? Which 00:16:38.100 --> 00:16:40.059 means then we're losing customers and we're not 00:16:40.059 --> 00:16:42.779 getting late fees. So we've got a double loss 00:16:42.779 --> 00:16:44.600 there. But then if we've got to go to online 00:16:44.600 --> 00:16:46.559 streaming, like we just don't even understand 00:16:46.559 --> 00:16:49.200 that. How do you build the online stream? How 00:16:49.200 --> 00:16:51.360 does that work? How do you get the, there's a 00:16:51.360 --> 00:16:53.860 huge path to go down there. But you can invest 00:16:53.860 --> 00:16:56.200 in the new technology and invest, which is what 00:16:56.200 --> 00:16:59.039 I was saying just before investing in research 00:16:59.039 --> 00:17:01.720 and a bit of development, just apply a little 00:17:01.720 --> 00:17:05.980 bit of your budget for a bit of future. Yeah. 00:17:06.119 --> 00:17:08.579 Spot on. So that's, you know, that's something 00:17:08.579 --> 00:17:10.539 they might've been doing, might not have, but 00:17:10.539 --> 00:17:13.410 it didn't work out for them, obviously. But if 00:17:13.410 --> 00:17:15.210 you've had this model that's been successful 00:17:15.210 --> 00:17:17.589 so long, making money, giving it to the shareholders, 00:17:18.029 --> 00:17:19.670 should have you been taking a big chunk of that 00:17:19.670 --> 00:17:22.130 and investing in stuff that might never work 00:17:22.130 --> 00:17:24.670 just to see what happens? And the answer probably 00:17:24.670 --> 00:17:27.670 is yes. Yeah. Some of my favourite clients that 00:17:27.670 --> 00:17:31.029 we work with aren't really afraid to experiment 00:17:31.029 --> 00:17:33.150 with what they do. And then if it doesn't work, 00:17:33.170 --> 00:17:35.529 they're happy to call a loss a loss. But if it 00:17:35.529 --> 00:17:38.809 does work, you see them move forward in great 00:17:38.809 --> 00:17:41.220 strides, which is really cool. And I love working 00:17:41.220 --> 00:17:43.680 with those people because it just makes things 00:17:43.680 --> 00:17:45.900 a bit, well, you see them achieve what they want 00:17:45.900 --> 00:17:47.740 to achieve and you're just, you're just helping 00:17:47.740 --> 00:17:49.819 them along the way. Yeah. Everyone likes kicking 00:17:49.819 --> 00:17:52.599 goals too. It gets a bit boring when you're just 00:17:52.599 --> 00:17:55.359 doing the same old same old. Yeah. I mean, a 00:17:55.359 --> 00:17:57.579 lot of people want to grow and in growing, you 00:17:57.579 --> 00:17:59.940 need to try new things. Some things won't work, 00:18:00.160 --> 00:18:02.079 but you're willing, you need to be willing to 00:18:02.079 --> 00:18:04.460 take that risk and do it in the smartest way 00:18:04.460 --> 00:18:06.799 possible. Don't apply your whole budget to it. 00:18:07.000 --> 00:18:08.819 Just apply a little bit and see how it goes. 00:18:09.150 --> 00:18:13.950 Yeah, so then when it comes to keeping an eye 00:18:13.950 --> 00:18:17.470 out for new opportunities, we want to look at 00:18:17.470 --> 00:18:20.369 being prepared enough to act quickly. Now, what 00:18:20.369 --> 00:18:23.650 would you say that looks like? I just think about 00:18:23.650 --> 00:18:26.509 what I would do. If you've always got priorities, 00:18:26.569 --> 00:18:29.210 I guess it's just a matter of you've always got 00:18:29.210 --> 00:18:31.630 things to do. There's something that's urgent, 00:18:31.950 --> 00:18:33.569 but if there's something more urgent coming in, 00:18:33.589 --> 00:18:35.750 you've just got to be flexible and be able to 00:18:35.750 --> 00:18:38.619 change. Um, sounds pretty simple, but you know, 00:18:38.700 --> 00:18:40.240 if something is important today and then something 00:18:40.240 --> 00:18:42.700 else comes in, that's more important than, you 00:18:42.700 --> 00:18:46.039 know, just rejig it and work on it. Um, and then 00:18:46.039 --> 00:18:48.559 I think just there's too much planning and there's 00:18:48.559 --> 00:18:51.660 too much change. Yep. But at the end of the day, 00:18:51.720 --> 00:18:54.240 doesn't hurt to go through haze is what we're 00:18:54.240 --> 00:18:58.079 doing. Does that make sense? Yeah. And should 00:18:58.079 --> 00:19:00.740 we maybe doing something else? Like, is there 00:19:00.740 --> 00:19:03.259 something better is it doesn't matter if we don't 00:19:03.259 --> 00:19:05.680 do this or it's a failure or whatever. And we, 00:19:05.920 --> 00:19:07.990 we change. I think it's just being able to, when 00:19:07.990 --> 00:19:10.230 you see something, prioritise it. Cause there 00:19:10.230 --> 00:19:11.950 are a lot of people that there's a new shiny 00:19:11.950 --> 00:19:14.970 object and they go down that hole. And you would 00:19:14.970 --> 00:19:17.950 say the clients we've got, it's not that important 00:19:17.950 --> 00:19:19.650 from a big picture. It's not really going to 00:19:19.650 --> 00:19:21.470 make them any money, but they still get out cause 00:19:21.470 --> 00:19:24.829 it's shiny. So it's been able to identify what 00:19:24.829 --> 00:19:27.730 the, you know, being pretty clear about measuring 00:19:27.730 --> 00:19:29.890 what the impact of things are or the potential. 00:19:30.630 --> 00:19:32.269 Yeah. And then even before that, making sure 00:19:32.269 --> 00:19:34.809 that you're like financially prepared should 00:19:34.809 --> 00:19:37.920 an opportunity come up. Yeah, correct. These 00:19:37.920 --> 00:19:40.559 like, you can have ways to keep decisions a bit 00:19:40.559 --> 00:19:43.119 clearer as well. You've got a risk and reward, 00:19:43.319 --> 00:19:45.960 I guess. So what's the worst thing that can happen 00:19:45.960 --> 00:19:48.140 and what the best thing that can happen. And 00:19:48.140 --> 00:19:49.619 then, you know, probably you're going to sit 00:19:49.619 --> 00:19:51.839 in there somewhere in the middle. But if you 00:19:51.839 --> 00:19:54.380 look at that, there's a very high chance that 00:19:54.380 --> 00:19:57.299 this will be successful, but success isn't worth 00:19:57.299 --> 00:19:59.940 that much. Yeah, that's fair. Okay. And then 00:19:59.940 --> 00:20:02.220 you've got a project. There's a low to medium 00:20:02.220 --> 00:20:04.890 chance of this being successful. but the rewards 00:20:04.890 --> 00:20:08.250 will be fantastic. So like which of those decisions 00:20:08.250 --> 00:20:11.670 or there's a high chance of this being successful 00:20:11.670 --> 00:20:13.430 and it's going to be great if it's successful, 00:20:13.430 --> 00:20:16.490 but if we're not successful, there's a massive 00:20:16.490 --> 00:20:18.990 effect on us. Yeah. It's like going to ruin us. 00:20:19.869 --> 00:20:22.529 Yeah. Don't do that. Oh, maybe do that if you're 00:20:22.529 --> 00:20:24.630 really willing. Yeah. And then you can just look 00:20:24.630 --> 00:20:28.130 down. Okay. Well, where do I sit? What do I want? 00:20:28.170 --> 00:20:30.329 What can I do to mitigate the risk or ensure 00:20:30.329 --> 00:20:33.680 success? Yep. Um, and should I do that or should 00:20:33.680 --> 00:20:36.380 I not? So you don't have to be up to date after 00:20:36.380 --> 00:20:38.440 church, but I think the point is, it's always 00:20:38.440 --> 00:20:40.619 looking at your options and opportunities and 00:20:40.619 --> 00:20:42.839 being aware that, yeah, this is for us, this 00:20:42.839 --> 00:20:45.079 is not. And when something should change, then 00:20:45.079 --> 00:20:48.000 we'll make that. I feel like the people in small 00:20:48.000 --> 00:20:51.400 business already have an appetite for risk. I 00:20:51.400 --> 00:20:53.079 mean, they wouldn't have gone into small business 00:20:53.079 --> 00:20:56.059 without it. Um, there's always a risk with opening 00:20:56.059 --> 00:20:58.579 up your own business. And so I'd probably encourage 00:20:58.579 --> 00:21:02.289 them to carry on that idea. throughout the business. 00:21:02.450 --> 00:21:04.369 It might be making money, but if you're wanting 00:21:04.369 --> 00:21:07.950 to look long term, things might change and you 00:21:07.950 --> 00:21:10.490 need to be prepared for that. Yeah. With small 00:21:10.490 --> 00:21:12.609 businesses. Yeah. They're, they're a bit more 00:21:12.609 --> 00:21:14.569 on the risk side than most people because I've 00:21:14.569 --> 00:21:16.309 started their own business. But then if you think 00:21:16.309 --> 00:21:19.430 about it from businesses point of view, they're 00:21:19.430 --> 00:21:21.970 very much risk of this because most small businesses 00:21:21.970 --> 00:21:23.369 are doing something that a lot of other small 00:21:23.369 --> 00:21:25.329 businesses are doing. Yeah, that's true. And 00:21:25.329 --> 00:21:27.769 can you really define what makes you unique? 00:21:28.190 --> 00:21:31.599 That actually means something. who can answer 00:21:31.599 --> 00:21:33.720 the question, how am I going to be the next blockbuster? 00:21:33.880 --> 00:21:35.839 Not only the failure, but the success. And if 00:21:35.839 --> 00:21:38.380 you were fully keen to take on a risk, that would 00:21:38.380 --> 00:21:40.680 be your plan. But yeah, most small business owners 00:21:40.680 --> 00:21:42.339 probably just say, oh, this is what we do. This 00:21:42.339 --> 00:21:45.240 is the market. And that's probably where we're 00:21:45.240 --> 00:21:47.519 talking about blockbusters failure has been important 00:21:47.519 --> 00:21:49.599 for small businesses because they're going, we're 00:21:49.599 --> 00:21:50.759 here. We're happy in our spot. They wouldn't 00:21:50.759 --> 00:21:53.559 change, but it could change overnight. And you 00:21:53.559 --> 00:21:56.019 need to always be progressing. Yeah. If you're 00:21:56.019 --> 00:21:58.119 doing that, you've done pretty well. Yeah. It 00:21:58.119 --> 00:22:00.730 makes me think of like people's unique. value 00:22:00.730 --> 00:22:04.009 proposition, I'm curious to know what Blockbusters 00:22:04.009 --> 00:22:08.849 was. Because if it was to provide an in -person 00:22:08.849 --> 00:22:11.650 experience, then that was sort of the end of 00:22:11.650 --> 00:22:14.289 their road, naturally, which I mean, you can't 00:22:14.289 --> 00:22:17.390 be too disappointed by. But if it was to provide 00:22:17.390 --> 00:22:20.190 a communal experience for families to enjoy, 00:22:20.710 --> 00:22:22.369 or like a bonding experience for families to 00:22:22.369 --> 00:22:24.990 enjoy, for example, then yeah, absolutely, they 00:22:24.990 --> 00:22:28.210 could have adapted, but still held to what they 00:22:28.210 --> 00:22:32.250 wanted to achieve as a business. Yeah. So, yeah, 00:22:32.250 --> 00:22:34.430 I guess it all depends on what it was and what 00:22:34.430 --> 00:22:36.690 that looked like, which is also very important 00:22:36.690 --> 00:22:38.829 for small business owners in understanding that 00:22:38.829 --> 00:22:41.410 because that will be the foundation for everything 00:22:41.410 --> 00:22:44.349 that they do. Sort of the mission vision sort 00:22:44.349 --> 00:22:47.990 of argument. If you know what you want to achieve 00:22:47.990 --> 00:22:51.250 in the grand scheme of things, it'll be easier 00:22:51.250 --> 00:22:54.009 to adapt around that because you're not known 00:22:54.009 --> 00:22:56.109 for a product or service. You're known for an 00:22:56.109 --> 00:22:59.069 experience. Yeah. I think like when you're talking 00:22:59.069 --> 00:23:01.720 about that. You know, what, what should Blockbuster 00:23:01.720 --> 00:23:04.140 have thought about forgetting and not knowing 00:23:04.140 --> 00:23:05.940 what their proposition was, what they did. And 00:23:05.940 --> 00:23:07.799 that probably changed as they went through, they 00:23:07.799 --> 00:23:09.440 would have the new research and they would change 00:23:09.440 --> 00:23:11.299 it up a little bit. But fundamentally, if I'm 00:23:11.299 --> 00:23:13.039 thinking about it, I'm going, well, they're basically 00:23:13.039 --> 00:23:15.579 bringing entertainment into people's homes. Yeah. 00:23:15.900 --> 00:23:18.799 Yeah. So, okay. Well, that, that allows family 00:23:18.799 --> 00:23:21.839 experiences or dates or whatever. It's an escape 00:23:21.839 --> 00:23:24.680 for them, but it's an event in your house. That's 00:23:24.680 --> 00:23:29.259 what they're doing. So yeah, if they stuck to 00:23:29.259 --> 00:23:31.680 that. And I'll talk about higher purpose. You 00:23:31.680 --> 00:23:34.700 can't really hit it and not it's pie in the sky. 00:23:34.779 --> 00:23:36.279 We can't achieve it because it's ridiculous, 00:23:36.279 --> 00:23:39.240 but you can be doing it, but it doesn't mean 00:23:39.240 --> 00:23:40.559 you could change what you're doing and still 00:23:40.559 --> 00:23:42.980 be doing it. So, um, high purpose for them could 00:23:42.980 --> 00:23:45.019 have been, you know, if a movie's an escape, 00:23:45.299 --> 00:23:48.440 it's a different, like said, fantasy or horror. 00:23:48.980 --> 00:23:50.440 So it's not really bringing entertainment to 00:23:50.440 --> 00:23:52.920 the home. It's bring the world to your home or 00:23:52.920 --> 00:23:55.099 I don't know. Like you'd be putting, you'd be 00:23:55.099 --> 00:23:56.579 framing it like that. It's like they're bringing 00:23:56.579 --> 00:23:59.740 another world into your home. And if they stuck 00:23:59.740 --> 00:24:01.740 to that, there's so many things they could have 00:24:01.740 --> 00:24:04.839 done. And they had so many customers and such 00:24:04.839 --> 00:24:08.160 a huge customer database that even if it didn't 00:24:08.160 --> 00:24:10.960 look like what Blockbuster was, they should have 00:24:10.960 --> 00:24:13.079 at some point been able to change with that huge 00:24:13.079 --> 00:24:15.599 asset and still been able to, you've got fond 00:24:15.599 --> 00:24:18.259 memories of the name, a Blockbuster. If you bring 00:24:18.259 --> 00:24:21.640 a Blockbuster into someone's home, that still 00:24:21.640 --> 00:24:23.940 sounds super cool. And they could have done that, 00:24:24.220 --> 00:24:26.000 but it's just a shame. Obviously they're making 00:24:26.000 --> 00:24:28.759 the decisions. learning for a small business 00:24:28.759 --> 00:24:32.059 is not just we're a video rental store. We're 00:24:32.059 --> 00:24:33.660 bringing the entertainment into your home and 00:24:33.660 --> 00:24:35.339 we do this in these ways and blah, blah, blah. 00:24:35.400 --> 00:24:37.420 We're a part of your life and it all sounds nice. 00:24:37.700 --> 00:24:39.640 But what's that bigger purpose, even if the market 00:24:39.640 --> 00:24:41.200 completely changed, you can still do for your 00:24:41.200 --> 00:24:44.480 customers. That's good because if you're okay 00:24:44.480 --> 00:24:47.559 with that purpose, then it doesn't matter if 00:24:47.559 --> 00:24:49.160 you're doing video rentals or you're doing something 00:24:49.160 --> 00:24:51.140 else. Just still enjoy the business. You'll still 00:24:51.140 --> 00:24:52.539 be happy with what it does and the customers 00:24:52.539 --> 00:24:55.059 will still deal with it. Yeah. I'd love them 00:24:55.059 --> 00:24:57.640 to come back. Honestly, I feel like there is 00:24:57.640 --> 00:25:00.160 still a space. Like I know bookstores and everything 00:25:00.160 --> 00:25:02.519 are making a bit of a return. People are trying 00:25:02.519 --> 00:25:04.799 to bring people back into stores. So they're 00:25:04.799 --> 00:25:08.900 trying all those things. That's so sad. Didn't 00:25:08.900 --> 00:25:11.460 even know there was still one. I feel like I'd 00:25:11.460 --> 00:25:13.720 love for them to come back and I hope they do 00:25:13.720 --> 00:25:15.819 eventually if the business isn't completely... 00:25:15.819 --> 00:25:19.680 I feel like it would be like the hipster. Hips, 00:25:19.799 --> 00:25:21.660 that's the term we're looking for. Ah, yes. You 00:25:21.660 --> 00:25:24.059 know, you got the hipster cafe fad. Yeah. Um, 00:25:24.160 --> 00:25:25.779 you know, that's going to be the book thing in 00:25:25.779 --> 00:25:28.799 the future. I think so too. It'd be an experience, 00:25:28.980 --> 00:25:31.299 a place for people to meet. Like I know movie 00:25:31.299 --> 00:25:33.119 clubs and those sorts of things still exist. 00:25:33.519 --> 00:25:36.099 Like I don't see why not. I reckon they can come 00:25:36.099 --> 00:25:38.920 back. They'll learn something and bring it back. 00:25:39.359 --> 00:25:40.359 I think we were talking about something else 00:25:40.359 --> 00:25:42.440 the other day. Um, the connection, people still 00:25:42.440 --> 00:25:45.140 want to deal with people. Yeah. I was like, Oh, 00:25:45.160 --> 00:25:47.000 I all went remote and now people are sort of 00:25:47.000 --> 00:25:48.859 going back into the offices because Customers 00:25:48.859 --> 00:25:50.980 just want to see, but they were talking about 00:25:50.980 --> 00:25:53.839 how this service became different because people 00:25:53.839 --> 00:25:56.079 used to remote or phone calls and just not seeing 00:25:56.079 --> 00:25:58.740 people. But now he was finding he's had a lot 00:25:58.740 --> 00:26:01.480 more success just being able to see people. Like 00:26:01.480 --> 00:26:03.900 that was a massive competitive difference. That's 00:26:03.900 --> 00:26:05.079 never changing. People like dealing with people, 00:26:05.220 --> 00:26:07.079 they like that atmosphere, the environment. That's 00:26:07.079 --> 00:26:10.460 what you're fondly remembering. So some of those 00:26:10.460 --> 00:26:12.240 other things, the movie club. Well, that sounds 00:26:12.240 --> 00:26:15.500 fantastic. Is there a market for that? Is there 00:26:15.500 --> 00:26:18.119 a market for? putting together an event every 00:26:18.119 --> 00:26:20.339 week turned into something special that people 00:26:20.339 --> 00:26:22.220 were keen to come looking forward to during the 00:26:22.220 --> 00:26:24.299 week and can make a part of their lives. Might 00:26:24.299 --> 00:26:26.519 be poo, might be something else. But it's those 00:26:26.519 --> 00:26:29.579 feelings that people still have that you're trying 00:26:29.579 --> 00:26:33.099 to appeal to. Yeah. Which just is simply learned 00:26:33.099 --> 00:26:37.900 from listening to customers. Yeah. Which is straightforward 00:26:37.900 --> 00:26:40.440 and where they stop buying it. Change. Yeah. 00:26:40.839 --> 00:26:43.180 That's good learning from Blockbuster. Such a 00:26:43.180 --> 00:26:45.099 fond memory. Maybe next time we'll do chicken 00:26:45.099 --> 00:26:49.160 feed. I love chicken feed too. But yeah, if you're 00:26:49.160 --> 00:26:51.720 a small business owner listening, I would just 00:26:51.720 --> 00:26:54.380 encourage you to consider what your risk appetite 00:26:54.380 --> 00:26:58.859 is. And if you've heard from your customer base 00:26:58.859 --> 00:27:04.339 that they would not prefer something else, but 00:27:04.339 --> 00:27:06.660 they're leaning toward, they say, yeah, this 00:27:06.660 --> 00:27:08.980 product or service is good, but it would be better 00:27:08.980 --> 00:27:11.599 if you did this. I would really encourage you 00:27:11.599 --> 00:27:14.240 to listen in. Could build your business more 00:27:14.240 --> 00:27:16.980 than you would have ever hoped. So with that, 00:27:17.259 --> 00:27:20.740 we will sign off and we'll see you in another 00:27:20.740 --> 00:27:22.519 episode. Until next time. Bye.