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:
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Coronavirus infection numbers probably have skyrocketed due to increased testing.
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The stock market doesn’t accurately portray the market and is driven by emotions.
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A recession is when the GDP drops for more than two quarters. In a bear market, the market is down 20%.
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Some of the strongest companies have launched during recessions and depressions.
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Determine a business angle and take advantage of this time to better educate yourself.
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As a whole, the healthcare industry is quite safe so it’s a great time to start a healthcare business.
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Manage cash flow through accounts payable, accounts receivable and inventory.
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If someone owes your business money, pursue it through negotiation to improve your company’s cash flow.
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The government has the ability to do ‘quantitative easing,’ which is buying back bonds to print more money.
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Look for business grants and small business loans to reduce your outflow of cash.
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Offload inventory with discounts and sales to get lean.
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Start networking to see who you can acquire as new staff and new customers.
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Find struggling businesses and help them in exchange for equity.
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Ketamine Academy and IV Therapy Academy are offering courses at 50% discount (see links below).
3 Key Points:
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The stock market is just a measure of perception, public sentiment, fear, and greed.
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Cash is found in three main areas for businesses: accounts receivable accounts payable and in inventory.
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If you own taxes for your business, take advantage of the July extension to file and pay.
Tweetable Quotes:
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“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
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“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
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“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:
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Jason’s Website: JasonDuprat.com
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Jason’s Socials:
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LinkedIn: https://www.linkedin.com/in/jasonduprat
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Facebook: https://www.facebook.com/jasonaduprat
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Healthcare Entrepreneur Academy Facebook Group: https://www.jasonduprat.com/group
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Ketamine Academy Website: ketamineacademy.com
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Ketamine Academy Free Training Presentation: ketamineacademy.com/presentation
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Ketamine Academy Course at 50% discount: ketamineprofessionals.com/virus
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IV Therapy Academy Nutritional Therapy Course at 50% discount (Code: VIRUS): ivtherapyacademy.com
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