Overview:
Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy Podcast talks about how to leverage the current COVID-19 environment to benefit your business. Jason discusses our current economy, which businesses will survive and which will be weeded out and how best to alleviate cash flow challenges.
Episode Highlights:
Coronavirus infection numbers probably have skyrocketed due to increased testing.
The stock market doesn’t accurately portray the market and is driven by emotions.
A recession is when the GDP drops for more than two quarters. In a bear market, the market is down 20%.
Some of the strongest companies have launched during recessions and depressions.
Determine a business angle and take advantage of this time to better educate yourself.
As a whole, the healthcare industry is quite safe so it’s a great time to start a healthcare business.
Manage cash flow through accounts payable, accounts receivable and inventory.
If someone owes your business money, pursue it through negotiation to improve your company’s cash flow.
The government has the ability to do ‘quantitative easing,’ which is buying back bonds to print more money.
Look for business grants and small business loans to reduce your outflow of cash.
Offload inventory with discounts and sales to get lean.
Start networking to see who you can acquire as new staff and new customers.
Find struggling businesses and help them in exchange for equity.
Ketamine Academy and IV Therapy Academy are offering courses at 50% discount (see links below).
3 Key Points:
The stock market is just a measure of perception, public sentiment, fear, and greed.
Cash is found in three main areas for businesses: accounts receivable accounts payable and in inventory.
If you own taxes for your business, take advantage of the July extension to file and pay.
Tweetable Quotes:
“Are we in a recession? No, because this hasn’t been going on for longer than two quarters. But, we definitely are in a bear market because the market has dropped more than 20%.” – Jason A. Duprat
“When there are crazy times like this when people are panicking, this is the time when the wealthiest people in America take advantage – or the future wealthiest people I should say.” – Jason A. Duprat
“As this continues to get longer and longer, and as a business owner, focus on your cash flow. Businesses don’t go under, typically, for any other reason than they just don’t have enough cash.” – Jason A. Duprat
Resources Mentioned:
Jason’s Website: JasonDuprat.com
Jason’s Socials:
LinkedIn: https://www.linkedin.com/in/jasonduprat
Facebook: https://www.facebook.com/jasonaduprat
Healthcare Entrepreneur Academy Facebook Group: https://www.jasonduprat.com/group
Ketamine Academy Website: ketamineacademy.com
Ketamine Academy Free Training Presentation: ketamineacademy.com/presentation
Ketamine Academy Course at 50% discount: ketamineprofessionals.com/virus
IV Therapy Academy Nutritional Therapy Course at 50% discount (Code: VIRUS): ivtherapyacademy.com
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