I’m going to be speaking to consultants next week on the power of insurance to protect their business and lifestyle. It’s Disability Insurance Awareness month and small business owners and entrepreneurs are apt to insure for things like fire and wind, and bypass insuring what they most contribute to their family…their income.
This is a seven-minute video detailing a consultant who became disabled after a stroke. As you can see, he’s not elderly; and has children in their teens ready to head to college in the future.
If you are a CEO, President, consultant, entrepreneur, or business owner, you need to protect your income. Call me for a discussion at my cost. I’m happy to help you find solutions.
© 2019 Toro Consulting, Inc. All Rights Reserved
The 100 days between Memorial and Labor Days are the deadliest on American highways. You likely know the reasons: more cars, more drinking, more impatience, more rage, more distractions.
As a risk management expert, I promise you that the greatest risk you take daily is getting in your car and driving. As your public service announcement (and because I care), please don’t drive distracted meaning: texting, intoxicated, angry, eating, stupid, medicated, with a dog on your lap, shaving, putting on makeup, dialing or answering your phone, or complacent.
I have plenty of reasons to avoid doing any of these, and these are two of the biggest ones.
Nothing is so important that the risk is worthy it. Be safe out there this summer.
© 2018 Toro Consulting, Inc. All Rights Reserved
As we begin a new calendar year, businesses and organizations are fervently putting together and starting to implement plans for success. Metrics and mileposts have been set, and hopes are high for a better year in 2018, regardless of how 2017 turned out. The problem is, the majority of businesses and organizations (especially non-profit) fail to take into account one thing…how to respond when the bad thing happens. And then what to do when Plan B doesn’t work. Let’s discuss…
Most every business has plans for growth over the next 12 months. The savvy ones have strong metrics to keep track of the growth based on sales, marketing, and performance objectives. The most sophisticated companies also take time to figure out what obstacles stand in the way. To that end, they figure out a Plan B if Plan A doesn’t work. And then they figure out a Plan C and often a Plan D. Redundancy in strategic crisis planning is crucial to resilience and business continuity.
What are common obstacles your business might face to hamper your biggest dreams for this year?
A physical loss (e.g. fire) that forces your from your building. A cyber attack that compromises your data and reputation. The loss of a key employee or owner. Loss of business knowledge through lack of pre-planning and documentation. A new competitor emerges in you territory. A weather-related calamity that causes you to stop operations for an extended period of time.
While insurance may reimburse you for some of these, it’s negligent not to have a plan to immediately stay open for business to reduce the financial and emotional impact. Too much damage can result that is not protected by insurance. It’s incumbent on you to make sure your plan to mitigate the damage and reduce financial risk to protect your property, people, and profit. The consequences of not doing so will result in loss of profit, damage to people, and going out of business.
Bottom line, I believe you’re resilient. That’s part of the makeup of an entrepreneur and business leader. The problem is that if you’re a “brawler,” you might win the game but come out battered, bruised, and bloodied (bleeding profits). If you fight like a boxer – with a planned strategy that includes obstacles to success – then you’ll come out of the next calamity (and they will happen) moving full speed ahead toward higher profits and business wealth.
P.S. This concept applies to your personal life, too. What are the obstacles that can derail your personal goals, dreams, and lifestyle? You need to create contingencies for your family to assure that your personal hopes and dreams all come true both now and in the future.
© 2018 Toro Consulting, Inc. All Rights Reserved
Join me and my guest Kip Boyle for a FREE webinar on improving your cyber security. Kip is a nationally recognized expert on the topic and will share ways you can dramatically improve your protection to avoid and mitigate cyber attacks.
Time: TODAY at 11:00 am PST / 2:00 PM EST
Duration: 30 minutes
All registrants can join live and/or get the recording.
Kip Boyle is a 20-year information security expert and is the founder and CEO of Cyber Risk Opportunities. He is a former Chief Information Security Officer for both technology and financial services companies and was a cyber-security consultant at Stanford Research Institute (SRI). Kip led the global IT risk management program for a $9 billion logistics company and was the Wide Area Network Security Director for the F-22 Raptor program. He has participated in several cyber security war game exercises and has worked closely with various government agencies including the FBI.
Kip is a retired US Air Force officer and serves on the board of directors of the Domestic Abuse Women’s Network (DAWN). He’s been quoted in Entrepreneur magazine and Chief Executive magazine. Kip is the co-author of Chapter 68, Outsourcing Security Functions, in The Computer Security Handbook. He earned his BS in Computer Information Systems from the University of Tampa and MS in Management from Troy State University and a Certificate in Executive Leadership from Seattle University.
© 2017 Toro Consulting, Inc. Al Rights Reserved
Are you a non or for profit board member or trustee? If so, you’ve got tremendous liability for property, people, and growth. Here are 7 questions for Board of Directors or Trustees for any organization:
1. What’s the plan if we have an active shooter at our location or event?
2. What’s the plan if we suffer a cyber attack and personal information of people is compromised or important information lost or stolen?
3. What’s the plan in the event of a sexual harassment or discrimination lawsuit?
4. What’s the plan to evacuate and protect people and property if our building is on fire?
5. What’s the plan if we have a natural disaster that blocks transportation and halts communication?
6. Are we doing everything possible to safeguard our employees, volunteers, and those we serve?
7. Am I willing to accept the liability and financial consequences of not being fully compliant and prepared for a crisis?
I have a longer list of questions that revolve around your fiduciary and leadership responsibility as a broad member for either a non-profit or for-profit board of directors. By completing this exercise, you will learn how your organization grades out.
It doesn’t matter the size of your organization, any one calamity like those listed above can destroy a non-profit and damage your reputation. As you begin strategizing an planning 2018, are you sure that your organization is fully ready and prepared to deal with a crisis?
If you have any doubts or concerns, let’s schedule a time to talk.
© 2017 Toro Consulting, Inc. All Rights Reserved
The sudden firing of popular NBC television personality Matt Lauer yesterday is just the latest in a series of high profile terminations stemming from sexual misconduct and harassment. Charlie Rose and Harvey Weinstein are also on the short list of others that have plummeted from grace in a split second. The main thing these three have in common is that they were all promptly terminated from their jobs because the allegations came from co-workers where they wielded power and authority over their victims. That’s where your concern should come in…
It’s easy to be lulled into thinking that this is a big media, high profile, social media fueled phenomenon. The sad truth is that bad behavior, discrimination, harassment, and bullying occurs every day in small and medium-sized businesses and flies under the radar to the detriment of the employees that are victims. That is until you get a lawsuit dropped on your desk.
Employers get sued for a bevvy of discriminatory practices: gender, age, and race are the most prevalent. However you can include wrongful termination, retaliation, unsafe or toxic work environment, and social media bullying as other reasons. With the enormous spotlight being shone on this issue now, more than ever you need to protect your people, your reputation, and your bottom line. Here are three thoughts:
- Commit to taking care of your employees by having a zero tolerance for inappropriate behavior. It’s easy to say that you do, but how are you validating it? Do you have annual training; do people in leadership positions confront issues promptly; are there written guidelines and policies communicated to all employees; and is everyone subject to the same disciplinary actions? Talk is cheap; are to taking actions to protect all your employees?
- Watch out for water cooler jokes and language. This goes for BOTH genders! If you allow “locker room talk” to become water cooler talk, then you’re setting yourself up for a fall. You know it happens. This is more than political correctness. The issue is creating a work environment that is welcoming to everyone and creates a culture where people want to work for you. You’ll also be dramatically reducing the likelihood of a lawsuit.
- Protect your profit by purchasing Employment Practices Liability insurance. Even by doing everything right, employees may still sue you. Don’t tell me you have a “family environment.” Families fight, disagree, and are dysfunctional. If they aren’t really your family, you’ll get sued. The average cost for damages is $150,000 and attorney costs will triple that. If you don’t want to have a catastrophic bill then transfer the financial risk to an insurance company. Just like with cyber insurance, you’re more likely to be sued by an employee than have your building catch on fire. Protect your company wealth.
Take care of your people and you’ll be rewarded with higher performance, productivity, and profits. Finance the risk of being sued through Employment Practices Liability insurance and protect your company valuation and wealth from something you can’t control. If you have questions on your current company culture, practices, and/or insurance, let’s talk. Make sure that you’re heading into 2018 doing the right things for your people and your business.
I’m an expert in resilience, insurance, and crisis planning. I have a proprietary scorecard to assess where you are today when it comes to protecting your most important assets and your bottom line. If these are important to you, then call and let’s talk. I can also buy Employment Practices Liability insurance for you to adequately protect your profit and business. Call or email me at 360-271-1592 to schedule a meeting.
Harvey Weinstein. Fired by his own company’s board of directors for allegations of sexual assault on many women – his employees – with whom he had power over their careers in his hands.
Cam Newton. Lambasted over social media for his callous comments to a female beat writer for his employer, suggesting it was “funny” that she was asking football questions of football players. His embarrassed employer, the Carolina Panthers spent the next couple of days trying to put out that fire.
These are two high profile situations this past week around the topic of discrimination. While the former is certainly more heinous and likely criminal, they both speak to responsibility employers have when dealing with employees and the potential consequences. These two cases made the headlines; the vast majority of them end up hidden inside the walls of small and medium-sized business around the country. These employees damaged by discrimination, harassment and bad behavior don’t get the same press, yet deal with the consequences of it.
Here’s the deal: Discrimination and liability for actions happens to all genders, to all races, to all religions, and to all ages. What your employees say and how they behave around each other is your concern as a leader. I’ve seen situations where lawsuits came up out of the blue and employers literally had no idea because they didn’t see the signs, or even because they were the problem.
Disaster recovery is often thought of as the steps taken by an organization after a devastating fire or natural disaster. Just as deadly to your company’s brand, reputation, and bottom line is a bad culture that doesn’t recognize the rights and respect of its employees. How your company treats, respects, hires, promotes, and manages conflict with your employees is paramount to your ultimate success. For starters, it’s the right thing to do. After that, it’s going to be those companies that create growth and prosperity for themselves and their employees.
Quote of the Week:
”Go after what you really love and find a way to make that work for you, and then you’ll be a happy person.”
~ Tom Petty
I’m so glad Tom Petty took that advice and made music for the last four decades. We never met, yet his music holds a large segment of the soundtrack of my life. Thanks for running down your dream, Mr. Petty…
© 2017 Toro Consulting, Inc. All Rights Reserved
Do you need help creating an emergency crisis plan for your business or family? Call me and let’s schedule a meeting to talk. The time to act is before you need it. Email me