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Business Unusual with Barbara Corcoran

89: Time For A Change Up

Business Unusual with Barbara Corcoran

Barbara Corcoran

Entrepreneurship, Careers, Business

4.81K Ratings

🗓️ 28 July 2020

⏱️ 11 minutes

🧾️ Download transcript

Summary

How do you know when the time is right to change up your business model? And when you do pivot, how do you stay authentic to your brand? This week I’m answering your questions on pivoting, making up for lost business, and my thoughts on the new normal. Plus, I share my advice on how to stretch your dollar when times are tough. Listen in. Got a question? I’m here to help. Call me at 888-Barbara and I might just answer on a future episode. Subscribe to Business Unusual with Barbara Corcoran on Apple Podcasts, Spotify, or wherever you listen.

Transcript

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0:00.0

Hey, this is Barbara Corker, and you are now tuned in to business unusual.

0:06.4

And everything you ever learned about business, throw it out the window.

0:09.5

I'm going to tell you the real deal, listening.

0:11.8

Today I'm going to answer all your burning questions about work, life,

0:16.2

starting a company, getting on track and much, much more. Be sure to call into the business

0:21.6

unusual hotline with your question at 888 Barbara.

0:25.8

That's 888 B-A-R-B-A-R-A. But first...

0:45.2

Lots of people are asking me, how do you stretch your dollar right now with the end of the pandemic, not very clear as to how long is going to be going on and so I gave that a little thought here are my tips first so if there is no magic bullet it's always tough to

0:50.3

stretch money when you don't have enough to pay all of your expenses.

0:53.7

It's stressful. And so I wish I had a magic answer, but I would suggest that you first off

1:00.1

negotiate all of your fixed expenses.

1:02.8

For most of us, our fixed expenses are about two-thirds of everything we need to pay for.

1:08.2

Those include mostly rental mortgage, insurance, loan payments, and utility bills. You should pick up the phone with each of those

1:16.4

suppliers and tell them that you want to negotiate to a lower payment, a lesser amount, pay a little less now, pay more later, whatever terms

1:27.0

you can work out. And the reason for that is because people are going to listen right now.

1:31.3

Suppliers are very accustomed to get phone calls and if you are sincere in your

1:36.9

presentation and can well express that you really have a need they will

1:41.0

listen and you'll be able to reduce those payments substantially.

1:45.4

The next section of what we all spend money on is called discretionary spending, and that's

1:50.7

only about a third of what we typically spend.

1:53.0

But make a list of everything you spend money on with the odd things, the many little things.

1:58.0

Because if you actually make a list and sit down and look at the list,

...

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