How to Pivot Your Business During Economic Uncertainty

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Investing, Business, Careers

4.8 • 5.2K Ratings

🗓️ 27 March 2020

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

Your spouse cutting your hair could save hundreds annually — and during economic uncertainty, small pivots like this compound into real financial resilience. Jonathan and Brad explore how businesses and individuals are adapting their models, from gyms offering virtual classes to music teachers moving lessons online. They break down practical ways to reduce core expenses like insurance and home maintenance, then shift to community action — blood donations and mask contributions — as collective responses to immediate needs. Introduction [00:00:00] Overview of financial resilience and adapting to current challenges. Personal Updates [00:00:08] Jonathan and Brad share personal anecdotes about handling the changing landscape, including Brad's first at-home haircut experience. The Art of the Pivot [00:04:01] Definition and importance of adapting business strategies in response to market changes. Examples from the community on how individuals and businesses pivoted effectively. Financial Resilience and Core Expenses [00:10:58] Exploring ways to analyze and reduce core expenses to strengthen financial health. Discussion on finding better insurance rates and optimizing expenses. Review your yearly expenses and insurance policies to identify potential savings [00:12:47]. Community Initiatives [00:21:35] Encouragement for listeners to engage in community supports, like blood donations. Highlight of the need for mask contributions for healthcare professionals. Consider donating blood or supporting local health initiatives [00:23:15]. Closing Remarks [00:24:40] Summary of key takeaways and call for action to support community needs. Key Insights "Every day brings new challenges." [00:00:27] "Seize the moment to take actionable steps now." [00:12:08] "We aim to provide valuable resources for the community." [00:16:39] "Step up and support your community when it's needed most." [00:22:19] "Crucial call for blood donations across the nation." [00:23:15] Related Resources ChooseFI Financial Resilience Toolkit [00:16:39] Blood Donation Resource [00:23:40]

Transcript

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0:00.0	Hello, everyone. Welcome back to our continuing coverage, basically taking a look at what's
0:12.7	going on in current times through the lens of someone on the path to financial independence.
0:16.4	And maybe someone that's been kicked back on their heels and is kind of just thinking
0:19.6	about things through the lens of financial resilience. Appreciate you joining us today
0:24.0	to help us with this. I have my co-host Brad here with me. How you doing, buddy?
0:27.6	Hey, Jonathan, I'm doing quite well. Yeah, it's obviously every day, it's a whole new world
0:33.3	and you're thinking about things you haven't thought of before. So I know Danny, your wife,
0:39.0	Danny, has cut your hair for quite some time, right? And obviously we've talked before on
0:45.2	the podcast about this being a big money saver because frankly, even for men's haircuts,
0:49.6	at least here in Richmond, it's like $17 or $18 plus tips. So it's not inexpensive. And I actually
0:56.2	am having Laura cut my hair for the first time sometime this weekend. So it's so you're not
1:02.6	telling me this is not this is not retrospective. Hey, look how I went surprisingly well. This is,
1:08.0	oh, it's coming. This is yes, it's it's coming. You'll see it on the podcast video feed next week.
1:14.6	And yeah, I just placed an order at Amazon. I think it was like a $30 haircutting kit with,
1:22.1	you know, all these different clip lengths and such. So I mean, frankly, like it'll pay for
1:26.7	itself after two haircuts. So from a money perspective, this could be good. And yeah, we'll see.
1:32.4	I'm I'm cautiously optimistic. I think cutting Jason's hair for years and he still looks great. So
1:40.1	nice. It's easy to do. You find a few YouTube videos and it just works. Okay. Cool. And guys
1:45.4	are short. It grows out fast. So don't worry about it. That is very true. Yeah, I can vouch
1:49.7	Jason's hair looks good. And I know Jonathan's hair looks good. So we'll see if Laura's up to the
1:53.8	task. So okay, what's going on in your world? Well, we officially have received our stay at home
1:59.9	order, which is pretty easy for us to handle right now because we've been staying at home.
	...

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