Extra Points: Are You Prepared to Get Paid Fast?

Dan_Weedin_022On the most recent podcast of The Shrimp Tank (see link to listen and view below), our guest Pat Larson discussed his business of being an accountant for those investors who dabble in cryptocurrency. Most people know the more popular cryptocurrency brand, Bitcoin; but there are many others. It’s an emerging method of investing and ultimately paying for services.

JP Morgan made news this past week as they announced they will be offering their own private cryptocurrency. It will be fascinating to see how this accelerates the process. Bottom line, you need to be prepared to one day be asked if you accept cryptocurrency as a method of payment.

Consideration for services or products has changed drastically over the past decades. From cash or check only; to credit cards; to Square and ApplePay and Venmo. I just purchased my groceries today with my mobile device (not really a phone, is it?) on ApplePay. Still there are business owners that don’t accept American Express and in some cases, no plastic at all. These are savvy business owners that don’t want to pay extra fees.

Here’s my opinion: You as a business should never get in the way of being paid. Instead of being an obstacle, be an open road. While fees exist today (and they are a cost of doing business), those may be going the way of the dinosaur as there are now growing ways to bank and to send money with no fees.

So where does cryptocurrency come into play?

Listen to the podcast and hear Pat explain that one day there will be a way through some function (e.g. Quick Response or QR codes) will rapidly deposit cryptocurrency into your account, which you can then as quickly transfer into cash. He accepts it as a form of payment. Will you one day do the same?

We are in a rapidly changing world of commerce. Don’t get stuck in the tar pits because you didn’t want to accept a form of payment because I guarantee your competitors will. You be the leader and become a gateway to business and profitability.

Listen to podcast

Quote of the Day:

“It isn’t the mountains ahead to climb that wear you out; it’s the pebble in your shoe.”

~ Muhammad Ali

© 2019 Toro Consulting, Inc. All Rights Reserved

Extra Points: The Flash

Dan_Weedin_022As a kid, I loved comic books, and some of my favorites were of super-heroes. I was mostly into DC Comics which featured Superman, Batman, and Wonder Woman. My favorite was a guy who had the super power I most wanted. The Flash. The fastest human on earth wearing a cool red suit with a lightning logo on his chest. I wanted to be fast and The Flash was the guy.

Speed is a great super power for a super hero like Barry Allen (aka The Flash). It’s also a super power for those heroes called entrepreneurs. If you’re a CEO or President of an organization of any size (including just you), then you should be striving to wear that lightning bolt on your chest. Because in business, speed is everything.

  • Speed to market gets you to your target market first, so you can optimize your brand and value proposition. If you’re there faster and with more fury, you become the thought and brand leader.
  • Speed to cash in the bank is crucial to cash flow management. I’m always amazed when a business eschews taking credit cards (or charges the fee). Getting money in your bank account fast is more important than ever to surviving and thriving.
  • Speed to respond is often curiously undervalued by entrepreneurs. The “I will call you back at my earliest convenience” line is time-worn and transmitter-biased. With today’s technology, if one can’t respond to a voice mail within half a day, or an email within 24 hours, then they either are time management challenged or don’t care. Current and potential clients care.
  • Speed to recover means the speed to bounce back from a crisis. I’m talking to two potential new clients this week about creating or improving business continuity plans because they want to be able to reduce their “recovery time objectives.” The per minute improvement can result in tens of thousands of dollars…per minute. That’s real money.
  • Speed to human recovery. Yeah, this is different. Bad stuff happens to us all the time. Personally, we have to recover to crises both professionally and personally. How do you respond? The faster you can find your emotional and mental “sweet spot,” the sooner you return to peak performance. This is critical to how your business and company perform.

Here’s your challenge for the week. Pick one of these “speed,” or find one of your own. Then become The Flash. Work to accelerate your speed to improve your business, your profitability, and your lifestyle.

Quote of the Day:

“Kites rise highest against the wind – not with it.”

~ Winston Churchill

© 2019 Toro Consulting, Inc. All Rights Reserved

Extra Points: Workarounds

Dan_Weedin_022This past week, I attempted to purchase a business license for a new LLC we formed as part of our insurance brokerage practice. I thought it would be pretty simple. I was wrong.

First, I was forced to wait two weeks because the state doesn’t allow me to get a business license on an LLC prior to it’s formation date (although they were happy to take my money and form the LLC in advance). Seemed odd, but I played along.

On January 2nd (LLC formed effective January 1), I went online to finalize the business license. To my frustration, the system still didn’t recognize the UBI number and wouldn’t allow me to proceed. I called and spoke to someone in the Department of Revenue to get help. She determined that it was a system glitch and would call me back, which she did promptly. She told me that the only way to fix the situation was through a workaround. Those of you familiar with workarounds know this is a secondary method or process to use (often in technology) when the primary way has an issue.

The workaround suggested was using paper. That’s right, paper. She wanted me to print out an application, fill it out, stick it in an envelope, mail it, and then wait for six weeks for approval (online applications take a few days). This isn’t a workaround; it’s a failure. Ultimately, we were able to contact someone that was able to help me deal with this more mercurially. But the point was made…

I had knowledge of the process, as I’ve done it before. I feel bad for those who are attempting it for the first time and don’t know who to ask, or merely succumb to a failed workaround.

Primary methods and processes will fail; sometimes for reasons outside of your control. How effective are your workarounds? If they are as bad as the one I shared, then you have a problem. Your employees will waste time and effort, and consequently lead to lost profits; your clients and customers will become frustrated and ultimately may leave; your brand and reputation will be tarnished as others might think you’re ability to deal with crisis as ineffective, undisciplined, or antiquated.

Here’s the deal – crises happen. They may not seem enormous but when a calamity that impacts your operations in some way rears its ugly head, you’d better be prepared with a good workaround. Regardless of whether its related to technology, employees, or any other critical business factor, your ability to manage workarounds is crucial to your success and viability.

Quote of the Day:

“The art of being happy lies in the power of extracting happiness from common things.”

~ Henry Ward Beecher

© 2019 Toro Consulting, Inc. All Rights Reserved

Extra Points: What’s That You Say?

Dan Weedin Unleashed-40As the Youth Exchange Officer for my Rotary Club, I get the honor of helping to pick up our inbound exchange student every summer. This student will stay a year with families from our club and have an exciting time. This year, we have a young man from Thailand.

I was speaking to my colleague in the club who is hosting our student to see how his first week went. He said things were great, and that the young man’s English was very good. As with all languages, we have idioms and slang that don’t translate very well. He laughed when he said, “I had to teach him what ‘I’m just messing with you’ means!” I’m sure this learning curve will continue as the young man starts school next week. 

There’s a language to business, both holistically and by industry. While one may have studied the language of business, they may may get stumped with the acronyms, slang, colloquialisms, and insider humor that is prevalent in all businesses and vocations. It’s as if someone were messing with them.

This is actually quite simple to fix; keep it simple.

Never assume someone else knows shortcuts and acronyms; avoid making things more complicated than they need to be; be pithy and clear; use strong vocabulary to clarify and define. In other words, make it easy to do business with others.

We are now a global economy and must be able to quickly communicate ideas and concepts with each other, whether it be with clients and customers next door or halfway around the world. The better you are able to accomplish this, the more rapidly you’ll be able to leverage success and build relationships.

And I’m not messing with you…

Quote of the Week:

”We cannot forever hide the truth about ourselves from ourselves.”

~ John McCain

© 2018 Toro Consulting, Inc. All Rights Reserved

The key to personal and professional improvement is accountability. My mentoring and coaching program has availability. Contact me at dan@danweedin.com or (360) 271-1592 to apply.

The 100 Deadliest Days

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.

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© 2018 Toro Consulting, Inc. All Rights Reserved

Extra Points: Plan B…C…and D

Dan Weedin Unleashed-40As 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

7 Questions Non-Profit Directors & Trustees Need to Be Able to Answer

58842029-Dan+Weedin+Unleashed-43 copyAre 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

Lauer and Rose and Weinstein, Oh Boy.

LauerThe 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:

  1. 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?
  2. 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.
  3. 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.

Extra Points: Culture Club

Dan Weedin Unleashed-40I spoke last week to a group of business owners and professionals on the topic of creating a strong company culture. We began by defining the term “culture.” It’s not an easy term to define; you can’t really quantify it and everyone has a different take on what it looks and feels like. The one constant is that everyone wants a good one!

A strong company culture is not defined by constant happiness, joy, and smiling faces. In fact, there will be many times where employees will – and should – disagree, get upset, challenge others, fight for agendas, and go home unhappy at an outcome. In my definition, culture is all about respect and resilience.

Let’s face it, every day in business and life poses challenges to overcome. Being part of a “team” means being able to rebound from shared defeat, keep your eyes on the goals, and be able to collaboratively work together respectfully for those goals even in the face of adversity (and occasional shouting matches). A strong leader is one that can model and create that behavior. A robust company culture needs adversity and struggle to grow. The measurement for you to keep an eye on is how quickly that rebound occurs.

Final thought: Company culture is a business continuity factor. A poor culture is far worse than a fire or cyber attack because it’s tough to reverse bad momentum. The best CEOs and business owners know how to stay on top of company culture to assure enhanced performance, productivity, and profit. How is your culture club?

Quote of the Week:

“The best preparation for tomorrow is doing your best today.”

~ H. Jackson Browne, Jr. American Author

© 2017 Toro Consulting, Inc. All Rights Reserved

I can help you get your company culture stronger and more robust. Contact me to discuss how you can better and more quickly reach the results you want. Contact me at dan@danweedin.com or (360) 271-1592.

Extra Points: Respect Is Your Responsibility

Dan Weedin Unleashed-40Harvey 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