860 How To Ensure This Economic Uncertainty Never Happens To You Again Jason Medley
\nThe first thing to realize is that there are no answers. Now that we have that out of the way, let\u2019s focus on the things you can actually do to prepare your business to survive during this economic uncertainty. I talk with Jason Medley from Collective Genius, one of the best real estate masterminds in the country, about the advice he gives to all of his investors.\nIt\u2019s like we\u2019re a bike that\u2019s shifting gears, and right now the gears are grinding and haven\u2019t caught yet. They\u2019re making a terrible sound, and everything feels uncertain, and we\u2019re waiting for them to catch so that we can take off again. We\u2019re in the gap right now.\nEverything in real estate is paused or waiting. Buyers are pulling out, trying to sit out for a better deal. Sellers don\u2019t want to admit that they can\u2019t make as much money now as they could a few months ago. And you can\u2019t buy. We\u2019re all just waiting for everything to catch and go together again so we can shift into a different gear.\nWhile you\u2019re waiting for the gears of the economy to catch, Jason says you need to:\n \u2014Manage your costs and expenses.\n \u2014Manage your liquidity and cash.\n \u2014Communicate at a level you\u2019ve never communicated at before.\n \u2014Be planning and stabilizing the ship.\nJason explains the profit-first model of revenue minus profit equals expenses, and how it makes a difference for a business during lean times. The PNL statement is going to be your key in helping you make some of those tough decisions coming at you. Jason walks through what that might look like for you.\nThe virus is not the problem. The virus is only revealing the problems in your business that have been neglected prior to its showing.\n What\u2019s Inside:\n \u2014Scaling responsibly will turn your business into a cash cow.\n \u2014How money and liquidity aren\u2019t the same, but still both matter for your profitability.\n \u2014Why you absolutely have to have a PNL, and utilize it.\n \u2014Going through and figuring out what you need to let go before you need to do it will free up a lot of your mental headspace.\n \u2014Why now is the absolute worst time to quit your mastermind.
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