08: Finding Opportunities In Light Of The Pandemic with Bryan Dewhurst and Phillip Ramsey
We are in an unprecedented time. Coronavirus is here and everything is uncertain.
If you don't have the mental tools to stay afloat during this period, it can suck you into the "doom loop".
That's why it is so vital right now to have a trusted network and advisers that you can go to in times of trouble. They can help you stay focused on opportunity, productivity, and growth.
And in my network, it's Bryan Dewhurst and Phillip Ramsey of Uncommon Wealth Partners.
They're also the hosts of The Uncommon Life Project where they guide you to asking different questions, considering different paths and building a life that fits your unique definition of what your uncommon life might be.
We went unscripted and shared our perspectives on the whole coronavirus situation, especially how you can get through this.
[06:58] What's our current situation
- Many people are calling our situation as "The Great Depression Of Our Era".
- For the US it's positive because its election year and the government moved pretty quick with the stimulus.
- So much of the growth we had out of the last financial crisis was fueled by debt, making a lot of the companies will be in a cash flow crunch.
[09:35] Corporate Share Buyback Loop In a Nutshell
- Basically, companies can take a portion of their cash and profits and buy their own stocks. This reduces the amount of stock in the public market.
- The corporate executives and board of directors have the ability to authorize compensation packages and it can include the award of stock.
- It's becoming an enrichment scheme for corporate executives using corporate money to buy corporate stock.
[14:40] Effects of the pandemic to small business owners
- There's a package where you can apply to a direct SBA loan at a low-interest rate to have access to cheap capital.
- Have a strategy for organizing your capital and staying liquid.
- Having digital products to sell and strategy is crucial.
For small business owners, this is the opportunity of the lifetime if you positioned your firm well and is sitting in cash
[17:26] How to respond in light of this pandemic
- Prioritize what's important to you and do what it takes to be intentional on that list.
- You can either respond with fear or opportunity. It will dictate your results in the future.
- You need to be creative in how you conduct business in the coming months ahead.
Business as usual is now out of the door
[23:00] Creative ways that business owners can do to build and grow their business
- The uncommon response right now is to amp up your marketing. This is the best time to get in front of people.
- The people who are starting to see the opportunities in this pandemic are doubling down on what they know best.
- The people who take ownership of the things that they're responsible for and start choosing a path that feels right to them are the ones who'll thrive.
[32:43] How can someone who lost everything move forward
- This is the time to see what you're made of.
- Get a mentor to help your leapfrog out of your situation.
- Now is the time to experiment with things like marketing.