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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:

  1. The stock market is just a measure of perception, public sentiment, fear, and greed.  
  2. Cash is found in three main areas for businesses: accounts receivable accounts payable and in inventory. 
  3. 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:

#HealthcareEntrepreneurAcademy #HealthcareBoss #healthcare #entrepreneur #entrepreneurship #recession #bearmarket #cashflow #COVID19 #coronavirus #ketamineacademy #ivtherapyacademy