Sep 7, 2021
OVERVIEW:
Jason A. Duprat, Entrepreneur, Healthcare Practitioner, and Host of the Healthcare Entrepreneur Academy podcast talks about the importance of risk mitigation as you plan for the future of your business. He shares practical advice for navigating risks such as industry changes, new competition, and emerging innovations. Be sure to listen to the end of the episode to learn about the upcoming HEA raffle Jason will host on Facebook.
EPISODE HIGHLIGHTS:
- Business constantly evolves. You have to think through potential risks and “what ifs” to survive anything that comes your way.
- As the founder of your business, you must guide it into the future to not only survive but thrive! Be aware of trends and make plans to pivot and solve problems.
- Jason identifies some of the things that may impact your business—innovation, macro and microeconomics, federal and state tax regulations, and shifts in adjacent industries.
- Every few months, play devil’s advocate or the “what if” game to plan for the short-term, which is three to seven years. Top military leaders do this and it’s called wargaming.
- Use Google Trends to track shifts in different industries over time. Look at keywords related to your business. Monitor the fluctuations and don’t ride a super flat or declining keyword trend.
- Avoid diversifying your business until you have six to nine months of cash reserves in your business bank account to cover payroll and rent.
- At the same time, don’t keep too much money in your reserves. The FDIC only insures up to $250,000 of business income in a bank account.
- Jason is launching a raffle for participants who rate and review the HEA podcast. The raffle will run 9/13-9/23 with a grand prize drawing on 9/24. Prizes will include Amazon gift cards, FitBits, HEA swag bags, course access, and a pair of AirPods. Jason will post a video with all of the details in the Healthcare Digital Business Group on Facebook. You must join the group to participate - jasonduprat.com/raffle.
3 KEY POINTS:
- Risk mitigation and planning are key for a business to thrive and grow in the future.
- Entrepreneurs should stay updated on current events and trends in their industry and adjacent industries.
- Once your business has grown and you have saved enough cash reserves, use the additional money to reinvest or diversify.
TWEETABLE QUOTES:
“You can come up with plans to mitigate risks - pivot certain areas of your business.” - Jason Duprat
“Solutions are not going to happen overnight. You need to plan for those ahead of time.” - Jason Duprat
CONNECT WITH JASON DUPRAT:
LinkedIn | Facebook | Instagram | Youtube | Facebook Group
RESOURCES:
- Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
- Have a healthcare business question? Text me at 386-284-4955, and I’ll add you to my contacts. Occasionally, I’ll share important announcements and answer your questions as well.
- Do you enjoy our podcast? Leave a rating and review: https://lovethepodcast.com/hea