Extra Points: COVID-19 Resources

Risk Vs Reward Pyramid Balls Return on Investment

This week, I sent out my weekly missive with a ton of information on business and personal resources. To make it easy for you to find them, please visit the special COVID-19 Resource center on this blog:

LINK

My new website is almost done. We were hoping to launch this week but as you can imagine are a bit behind. It will include this section. Until then, please come here to stay updated.

Be safe and well.

© 2020 Toro Consulting, Inc. All Rights Reserved

 

 

Safeguarding the Financial Future For Your Loved Ones and Business

Risk Vs Reward Pyramid Balls Return on Investment

Life insurance has been a leading search term since the Coronavirus crisis began. The reason is simple; that mortality confidence is dramatically reduced for ALL age groups as we continue to see more cases and deaths both nationally and globally.

The need for life insurance to protect and safeguard the financial ability of loved ones and business debt for business owners has never been higher. Investment accounts are under great volatility and will be for the next 12-24 months.

Key Facts:

  • About 40% of people in the United States are not covered by any life insurance.
  • Among those with life insurance, about 1 in 5 say that they do not have enough.
  • Consumers overestimate the cost of life insurance, especially younger generations; 44 percent of Millennials overestimate the cost at five times the actual amount.
  • Half of all consumers say they are more likely to purchase life insurance if priced without a physical examination.

(Research by LIMRA: a worldwide research, consulting, and professional development organization)

In this COVID-19 world we live in, exams, labs, bloodwork and Physician Statements aren’t possible. And, life insurance is more important than ever.

I do have a solution. One of our life insurance partners, Ameritas Life, has just created a no exam, no bloodwork application for a policy. Basically, it goes from the broker to the underwriter and can be issued rapidly. There are limitations based on age and current health. However for many between 18 and 60 years of age in good health, this is a way to do the following:

  • Assure your loved ones have enough money available to them in the case of your death (from COVID-19 or any other tragic event). This benefit is TAX-FREE. At this time, investments and bank accounts can’t be trusted to be available. Life insurance can.
  • Assure business owners that your business debt will be covered in the event of your death. Debt doesn’t disappear with death; in this turbulent time, this is more important than ever.
  • Insure your loved ones, especially those that are young and healthy. Everyone is susceptible to this virus.

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Keep this in mind. There is an estimate that between 60-70% of us will get the virus over the next many months. If you haven’t yet caught it, you are still eligible to get this life insurance. Once you’ve caught it, you won’t be eligible until some time after you’ve recovered, if at all.

Final thought. This is a high stress and anxiety time. As a consequence, other health issues will develop even after this crisis ends: depression, high blood pressure, etc.

Please call or email me to discuss. No obligation. The turnaround is fast. The cost of a term policy is less than what you might think. There is really no downside. It might end up being the most important investment for the financial health and survival for your family and your business.

Call me at (360) 271-1592 or email at danw@firstunderwriters.com.

Other areas to help:

As a LegalShield associate, I can help with one of the other most searched items: Legal services that include:

  1. Wills – so many have outdated or no wills in place. This is critical because you don’t want your state to dictate your final wishes.
  2. Legal help with scams from the crisis.
  3. Legal help for small businesses that have questions regarding employees and other legal issues.

Bottom line: Let’s talk. This isn’t going to be over for awhile. Protect your most valued assets for your family and business: their financial capacity and ability.

Contact me to discuss:

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Note: I’m a licensed broker in the states of Washington State, Oregon, and Alaska. If you are interested in this life insurance program, please contact me. I have colleagues around the country and will find you someone to talk to.

 

© 2020 All Rights Reserved

Projections and Predictions

Dan_Weedin_034As we begin to move into a new period of “normalcy,” we all need to understand that this means a ton of uncertainty and volatility. Everyone in business is impacted, and we all must fight during this time to survive and recover. To that end, we must begin making educated assumptions built around data from medical professionals and scientists.
To help you be prepared to not only survive, but be in the starting blocks when recovery starts happening, here are my predictions and projections based on my 30+ experience as a risk strategist and crisis management expert:
Predictions:
  1. The Coronavirus will be around for the next 1-2 years. What we are attempting to do is “flatten the curve” to avoid overwhelming our hospitals. ALL experts agree that what finally does it in is when enough people (60-70%) gain immunity and/or a vaccine is developed (8-12 months at best). This virus will be a factor for the next 18-24 months in some way, so prepare for that.
  2. Our Stay Home situation will last another 3-4 weeks at best. I know everyone reading this missive isn’t in that situation, but most of you are. Expect business to stay in its current condition for another month. That means you need to find a way to keep generating revenue as you operate today.
  3. Governors hold the power locally. The Federal Government cannot overturn state mandates, based on laws created after the Spanish Flu a century ago. Focus on what is happening locally and statewide to assess where you are in the crisis curve.
  4. While the Feds just agreed to distribute $2 Trillion dollars to boost the economy, there is still uncertainty of what that means for small business owners and entrepreneurs. You can’t count on any of that money; you must plan on creating your own path. While I do believe we will all see the individual payments per person and family distributed quickly through the IRS system, the business part will take longer. Please educate yourself, complete and return applications for assistance, but plan on fighting this yourself. You are the one the bet on and your best bet.
  5. While things may open up slowly after another month, life and business as we know it will changed. There will continue to be strict rules on social distancing. Events and conferences may still not be allowed. Sports and other events will likely go on with little to no spectators. And, if we don’t do this right, there could be another outbreak in the Fall. That’s why the recovery phase is so crucial.
Projections to Recover:
  1. You can’t get stuck stretching or in the locker room when the recovery gun is fired. You need to be poised in the blocks. How do you do that? Strategy created today. While you have more time and might even be isolated, invest in using your own predictions to be ready to roll in a new physically distanced world. This will be different based on your industry. You must be poised to add cash flow.
  2. Start thinking now about how your employee situation will look. Will you need to add more? Will you need to stand pat? How will training or development impact it? If you have to hire, will you keep your standard hiring practices, or will you simply need warm bodies?
  3. What about technology? If you’ve had virtual workers, will you keep them at home working? What are you doing to protect from cyber crimes? What will your IT look like when the starting gun to recovery goes off?
  4. What will your clients and customers need? Will there be increased confidence or will there still be anxiety? What can you offer to help them today?
  5. What about your supply chain? Will you have lost any key partners? Will they be as prepared as you are? Importantly, what happens if they are not? You must contact all key supply chain partners to make sure they have a plan that matches yours so you can succeed together.
Here’s the deal, my friends. I once thought 9-11 was the crisis of my lifetime. THIS is the crisis of our lifetimes and the entire planet is sharing in it. The best way to maintain and grow our businesses is to create products and services that help and improve the conditions of our clients and customers. That way, we can employ people and help the economy be sustainable for everyone.
We are only a short way into this marathon. Small business and entrepreneurs like all of you and your employers are critical to us as a planet making it through this without a recession or depression. The answer is to gear up and be ready to go now and in the next month. That takes strategic planning. The time to start that is now.
Be unleashed.
Quote of the Day:
“Never put off until tomorrow what you can do the day after tomorrow.”
~ Mark Twain (we always can use a little Mark Twain, especially now)
I can help you with strategic planning and implementation. I’ve got plans and programs that offer monthly and deferred payments during this time. I can help you make decisions to increase your ability to generate revenue and enhance protection for your business and loved ones. Call me at (360) 271-1592 or email me. Let’s just talk. No obligation. This is my area of expertise. I am ready to help…
© 2020 Toro Consulting, Inc. All Rights Reserved
Unleashed is the registered trademark of Toro Consulting, Inc.

Issue 1: Crisis Management for Small Business

He is ready to fight for success

Vol 1 Issue 1 Crisis Management for Small Medium Enterprises final

In conjunction with a team of leading global small and medium business advisors, we have prepared this special report to help small/medium enterprises and their leaders to not only survive–but thrive–in these interesting and challenging times.

The contributing authors include: Gary Furr, Art Koch, Oriol Lopez, Dean Robinson, and Phil Symchych, and Dan Weedin.

CRISIS MANAGEMENT FOR SMALL & MEDIUM ENTERPRISES

Certified Global SME Advisors(R)

Volume 1, Issue 1

March 2020

© 2020 Toro Consulting, Inc. All Rights Reserved

 

Extra Points: The Oxygen Mask

58842029-Dan+Weedin+Unleashed-43 copyHow are you doing?
Even the most positive-minded of us will have moments. Moments of uncertainty; moments of fear and anxiety; moments of sheer fright. It can be demoralizing and debilitating mentally, physically, and emotionally. I’d be lying to you if I told you I’ve not experienced many of these moments – more than once – over the past week and a half. It seems like a year ago we were simply asking everyone to elbow bump and stay six feet away.
I’m going to ask again. How are you doing?
I’m not going to pretend that I’m a mental health expert. But what I am sure of is that a crisis like this can harm each one of us, if we aren’t careful. To that end, I want to offer some ideas on helping each one of you personally.
You’ve all heard that you must put your oxygen mask on first before helping others. Here are some ways to help you do that:
  • Get fresh air. Here in my area, we’ve enjoyed 60 degree days. Get outside and take a walk (and Captain Jack expects you to take your dog. Don’t have a dog? Why?). Go for a run. Sit on the porch with your favorite beverage. Mow the lawn (I did today). Garden. Just get some fresh air, even if it’s cold and raining where you are.
  • Exercise: If you’re stuck in your house or apartment, you can go stir crazy physically. Walk, run, hit golf balls into a net, ride a bicycle, hit a heavy or speed bag, do jumping jacks, ride a horse. Do something. Move for both your physical and mental health.
  • Listen to music. Right now as I write this, I’m listening to a 33 LP of The Eagles Greatest Hits on my record player (today called a turntable, we always just said record player). Music is therapeutic. It’s easier than ever to find what you like.
  • Enjoy your family. Work on a puzzle. Watch a movie. Or – get this – just talk. We watched Frozen last night. I’d never seen it (I know, I know). My granddaughters love it, so I considered it research.
  • Re-discover old favorites. It might be cooking; sewing, puzzles, or gardening. These are all healthy and vital. Re-connect with a hobby that time hasn’t allowed you to focus on.
Final thing. Please practice physical distancing. One of my colleagues Richard Citrin wrote that we are really only physically distancing; we can and must still be social. Physical distancing will accelerate the recovery process. There’s no side of the political or social sides that disagree with this. Protect yourselves and your loved ones.
Finally, I want to invite all of you to a fun, virtual event. While many of you I know personally, there are many of you I don’t, and most of us are scattered all over the planet. Since this is a global crisis, you are all invited to my Virtual Happy Hour on Friday, March 27th at 5:30 PM Pacific Time (USA).
Here’s the deal: I’m partnering with my client High Spirits in Poulsbo, WA. Expert mixologist Evan will show me (and you) how to make a signature cocktail. Bring your own filled glass of spirits, wine, beer, cider, mocktail, soda pop, coffee, tea, or water. I don’t care; join us for a chance to mix and mingle from the safety of our own home. No designated drivers needed! And you will have a chance to win an autographed copy of my book.
It’s free, but you must register as its limited to 100 people on my Zoom. I’d love to meet some of you, answer questions, and simply have fun. I will be holding these every Friday until this crazy is over.
Let’s take care of each other during this time. Let’s all reach out to family and friends this week and ask one simple question…
How are you doing?
Be unleashed.
Quote of the Day:
“You exist only in what you do”
~ Federico Fellini (20th Century Italian Director)
© 2020 Toro Consulting, Inc. All Rights Reserved
Unleashed is the registered trademark of Toro Consulting, Inc.

Unleashed® Biz Meetup: On COVID-19

ExtraP_Dan Weedin Unleashed-5_1024
Unleashed Biz Meetup on COVID-19 Crisis:
Tuesday at 10 am PT / 1 pm ET
FREE chance to talk with me to ask questions around crisis response, business challenges, and anything else you are concerned about.
Join your peers to find out how you can help your business, you employees, and your supply chain partners. No obligation. Juts register and join us. I will be answering your questions for 45 minutes on this Zoom video event.
FREE, but must REGISTER
© 2020 Toro Consulting, Inc. All Rights Reserved

Extra Points: Resolve, Not Panic

Dan_Weedin_022If you spend any amount of time on social media, you will likely have read many of the same things I have: “Don’t panic; It’s mainstream media fearmongering; it’s just the flu; we are over-reacting; I don’t know anyone that has it; where is the toilet paper?”
Here is what we know based on science and facts: The Coronavirus pandemic is a global crisis. Because of the way it’s spread, the exponential spread could be catastrophic. The best way to slow the virus is through social distancing. And while healthy people may not get sick, lack of social distancing could effect the ones they love or others they bumped into at the market who are at risk. This is real; it’s serious; and it already has had massive repercussions in business of all sizes.
Read this science-based, no political agenda article. Educate through science.
But it’s not time to panic. It’s time to have resolve.
While there will always be a percentage of people that either don’t believe, don’t care, or prefer to remain oblivious, you have the chance to be a hero. We need boots on the ground people at every level to show resolve and leadership. And I can’t think of a better group of people to do that than entrepreneurs and professional business people. Like every one of you reading this.
So let’s cut to the chase since we don’t have time to waste…
Having resolve means understanding the obstacle and respecting its power. It means choosing to find ways to innovate and create for the betterment of all. It means caring about others that could get caught in the crossfire and showing empathy to those that are fearful and need support. It means being willing to listen to those that are smarter than us to combat a silent and invisible foe. And in this case, we as a world are all on the same team.
How do we show resolve? By dealing with it one thing at a time. The first step is to deal with this week. My recommendation to all CEOs, business owners, and leaders is this: Take the time to educate yourself on this foe. Create a game plan for your employees and clients for this next week. What can you do to keep them safer, provide valuable service to your customers, and keep revenues coming in?
To that end, I’m offering several resources that are all either free or dramatically discounted. We can no longer prevent the crisis, and we aren’t going to be in recovery mode for the foreseeable future. Resolve begins now by making decisions that will impact you, your company, your people, and your loved ones. I want to help.
I have a FREE Zoom videocast today at 10 am PT for business owners. We will discuss the issue at hand, what to do today, and how to create a plan for the next three months and beyond. It’s free. All you have to do is REGISTER.
Beginning today at 9:00 am PT, I will be doing a  daily Facebook Live chat. This will be a brief update on things you should know that are happening with COVID-19, and ideas for you to grow and safeguard your assets during a crisis. It’s free. All you have to do is LIKE my Facebook page and tune into “Videos” on the page at 9 am or watch it later.
I have started a COVID-19 Hotline for CEOs and and business owners and leaders. This will provide fast access to me by either email or phone to answer questions, get advice, get a second opinion, or even just to vent! This means you don’t have to do this alone. I have 30+ years of expertise on this. I can help you. This program is reduced by as much as 75% of what a normal investment would be. To learn more, CLICK HERE.
I have a COVID-19 Unleashed® Response and Recovery Plan for CEOs. It’s a written plan with next steps that includes access to me for six months. If you don’t have a specific plan in place, then we will have one for you quickly so you can better respond to your employees, clients, customers, supply chain, and community. I’m offering this at a reduced starting investment with deferred payment options. Email or call me (+1-360-271-1592) to learn more.
It’s game time, my friends. As I’ve been writing for the past three weeks (which now seems like a year ago), this is the real thing, although even back then I didn’t understand how much. Let’s all work together, take care of each other, fight this together with educated decisions and actions, and assure that our businesses come out strong on the other end of it.
Let’s show resolve.
Be unleashed.
Quote of the Day:
“In the end, it will be impossible to know if we overreacted or did too much, but it will be QUITE apparent if we under reacted or did too little.”
~ West Grand Superintendent (Washington State) Darrin Peppard
P.S. I don’t know this gentleman, but I saw this attributed to him on Twitter, researched it, and saw it was his statement. It’s brilliant. I’m glad he’s a leader in one of the school districts in my state.
© 2020 Toro Consulting, Inc. All Rights Reserved
Unleashed is the registered trademark of Toro Consulting, Inc.

Daily LIVE Updates on COVID-19 ad Your Business

He is ready to fight for success
Starting tomorrow, I will be providing a Facebook Live streaming update for business owners dealing with the COVID-19 crisis. It will air live at 9 am PT daily until the crisis is over. My goal is to give you daily updates and things to do to immediately help your business during these challenging times.
 
All you have to do is LIKE my FB page: Join by clicking on videos.
This brief update will remain recorded on this page. I will also be adding several other free and reduced resources to help all business owners continue to grow and safeguard their people and business bottom line.
 
Again, starting tomorrow, I will be broadcasting LIVE at 9 am PT on my business FB page a brief update with things to do each day to help you not only survive but thrive coming out of this. I hope you join me. Together, we will prevail.

COVID-19 and Your Business FREE Video Event

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The past 48 hours have been like nothing I’ve seen in my over five decades of life. The disruption of business and the potential and likely lingering effect through 2020 is a Business Continuity challenge. For many businesses, it might be a survival challenge.
I’m offering a FREE video event for anyone that has questions and concerns for their business and the future. In this 45-minute Zoom event, I will:
  • Offer recommendations on strategy to implement right now. Today. Immediately.
  • Discuss the three critical areas of concern: Employees, Process, & Supply Chain
  • Give suggestions on what to do during the leveling and recovery process.
  • Provide time for questions from participants
For every cancellation that has happened – from sporting events to festivals to Broadway plays – there is a domino effect that threatens small business. While we can’t control the virus, we can take steps to help our business overcome adverse times and come out better than before.
I’m happy to offer this event to you at no cost. You just need to register because space is limited to 100 people.
Please join us and/or share this with clients, colleagues, and peers. It will take all of us to get through this challenge. On Monday, I will help you get started. I hope you’ll join us.
After registering, you will receive a confirmation email containing information about joining the meeting.

The Coronavirus Crisis and You

Dan_Weedin_022
In the past two weeks, I’ve written extensively on the Coronavirus COVID-19 and the consequential impact on business and industry. I’d like to send my thoughts and comments now to you personally.
As you are likely aware, I live in Washington State and we have been the hardest hit state in the Union. Our governor, joined by the Mayor of Seattle and King County Executive, outlined a response that includes banning gatherings of 250 people or more. The press conference also detailed the potential impact on all of us from both a business and personal perspective. To that end, my wife Barb and I began updated our own personal crisis plan. I’m sharing this with you, so you can create your own.
We laid out our plan based on a two-week isolation. What would we need to make sure we have accessible if we simply couldn’t leave. Here is our list of priorities:
Prescriptions: We’ve become lax in our urgency to update prescriptions early because they are normally very easy and fast to obtain. Check out what you take regularly, including over-the-counter. Make sure you have a two-week supply in the house.
Do you have pets that also need prescription medications or special dietary food? Don’t forget them…Captain Jack would be mad!
Food: Sounds like a no-brainer, right? If you’re anything like me, you have to run out regularly to get important items that you might run out of easily. Coffee and wine were on the top of our list!
This is the time to make sure you have healthy food readily available; including frozen and canned. While having these non-perishable are important, I encourage you to stay as healthy as possible in your diet because that will help you stay healthy and energized working from home.
Supplies: Toilet paper, right? Figure out how much TP you really need based on your household! Make sure you include things like dish soap, detergent, cleaning supplies, batteries, and anything else that you believe is important to your household.
Children and Pets: Captain Jack and Bella are basically our “kids” for now. I know many of you readers certainly have children at home. What unique needs do they have for school, exercise, health, and food. Double down to make sure you have two weeks in the household “bank.”
Cash: While we are now able to use technology and credit cards for almost anything, having $200 of cash hanging around the house could come in handy. You never know.
Postal Service: We get items like dog food and razor blades delivered on a monthly basis. I’m sure many of you have access to that subscriber-model so that all you have to do is go outside your door. Unless you’re like us and have a post office box!
The answer is to have a backup person that could pick up your post office box keys (disinfected, of course) and pick up your mail for you to be dropped off on your porch.
All of our bills are paid either automatically or through inline banking. It’s a great time ti add that possibility for you, if you can’t get out to the post office due to being quarantined.
Work: Employees: If you have the ability to work from home, set up now with your employer so it can be easily transitioned. Employers: Identify how you can help employees to continue to work if they can’t come in.
P.S. If you are feeling sick, do not go into work to tell your boss or supervisor. Now everyone is exposed. Employers, how about putting sick request documentation (including information specific to COVID-19) on your website where employees can easily access and email in?
Health & Wellness: You might be isolated and asymptomatic; or not even sick. Your mental and physical well-being are still important. What do you require in your home for two weeks of isolation (other than Netflix)? Pull out that treadmill or other exercise-related equipment. Identify books or other resources you can access to help with the boredom or anxiety. Keep your perspective and sense of humor through this all.
Bottom line: There is an age-old axiom that says, “Hope for the best, plan for the worst.” That’s what it’s time to do. My worst-case scenario for us is a two-week isolation in our home. While I know the dogs would dig that, it’s not an ideal scenario, so we prepare for it hoping it will not occur.
Be safe and healthy.
© 2020 Toro Consulting, Inc. All Rights Reserved