On 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.
Tag: Risk Management
Extra Points: The Flash
As 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.
Extra Points: Workarounds
This 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.
Extra Points: What’s That You Say?
As 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.
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.
© 2018 Toro Consulting, Inc. All Rights Reserved
Extra Points: Plan B…C…and D
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
7 Questions Non-Profit Directors & Trustees Need to Be Able to Answer
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
Lauer and Rose and Weinstein, Oh Boy.
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…
Extra Points: Culture Club
I 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!
Extra Points: Respect Is Your Responsibility
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.
