Stringer Planning Solutions

Stringer Planning Solutions More coming soon!

03/25/2021

Happy to be working with Hagerty Consulting again, this time in support of mass vaccination for the State of Maryland. We have a really good crew represented by state, federal, local and private industry.

07/20/2020

Using Insurances for Business Continuity Mitigation
Small businesses can mitigate some of their risks through some nontraditional insurances. Everyone is familiar with medical insurance, auto insurance and property insurance. Most businesses maintain insurance to protect against general or professional liability. Some insurances to consider in developing your business continuity mitigation strategy may include, Business Interruption insurance, Partner or Entity insurance and Key Employee insurance.
Business interruption (BI) protects against income loss by a company resulting from a covered natural or manmade disaster that prevents the business from producing income. Most BI policies cover losses of income equal to that income that would have been produced during the time the business is not producing. Generally, this coverage is intended to restore the insured to the financial position it would have had in the absence of the occurrence of such disruption of commercial activities. Manmade disaster normally includes acts by public decisionmakers that impact business such as curfews and closures.
The SARS epidemic in 2004 forced most BI providers to exclude pandemics from covered acts, so it is important to understand clearly what events will be covered by a BO policy.
Many small businesses have small staffs and the loss of certain employees can severely impact a business’ operations. Key employee insurance is a life insurance policy that is owned by a corporation or business on a key employee’s life. The business or corporation purchases the policy and is the beneficiary of the policy in the event of the employee’s death. Key employee insurance protects the company against a loss of income derived from a key employee's death and protects investors' financial interests
Similar to Key Employee insurance are Partner and Entity insurance. The concept of these insurances is to protect a partnership or other company from losing control of the business due to the result of a partner’s death. The insurance is an agreed upon value of each partner’s ownership amount and the insurance pays the dead partner’s heirs that amount preventing the heirs from assuming the dead partner’s role in the company. Partner insurance is usually paid for by one partner on the other and vice versa. Similarly, an Entity plan covers owners’ deaths and the company pays of the coverage rather than the individual partners.
As with any situation, decisions regarding business insurances should be made using a risk versus gain decision model comparing the effectiveness and efficiency of the strategy against or in conjunction with other strategies that can help reduce risk to your company. Know Your Risk.

[Restaurant Operators] Preparing to Serve Post-COVID ShutdownStates have started allowing restaurants and bars to reopen...
05/04/2020

[Restaurant Operators]
Preparing to Serve Post-COVID Shutdown

States have started allowing restaurants and bars to reopen post-quarantine. A key aspect of every business recovery strategy is the re-opening process, when operators are often too excited to re-launch and errors resulting from in-experienced or "out-of-practice" staff can unfold. To avoid garnering a poor reputation, or the "that place isn't what it used to be" title, bars and restaurants should consider a soft-opening as these first few days are critical for a business' long term survival. This pandemic has had the largest impact within service industries, and many of these businesses want a return to "normalcy" as soon as possible. However, restaurants and bars have always relied heavily on their word-of-mouth reputations and repeat customers. Customers have recently been starved of their "dining out" experience, and will likely be clamoring at the opportunity to eat outside of their own home. For a business operator this is an opportunity for your restaurant or bar to create a new first-impression, but a bad reopening could carry long-term ramifications.

Businesses should treat this time as they would a "Grand Opening," which generally follows a "Soft Opening." Many bars and restaurants maintain customer lists, which include emails and/or cell numbers of their regular patrons. Before reopening to the general public, take this opportunity to provide a "soft opening," reach out to your regular customers and describe the event as an opportunity to get your staff and management up to par with the new requirements imposed post-quarantine. By offering substantial discounts in exchange for feedback, you can get your staff retrained while mitigating the risks associated with a substandard reopening event.

Including your most loyal customers in this process can give them a sense of ownership, which will likely create a more patient clientele for the first few days while your management handles any of the normal errors which tend to occur throughout soft opening. Not to mention, feedback at a time like this is more valuable than ever. Plenty of things can be overlooked, as we're all generally bent on a return to "normalcy," new and hopefully profitable insight can be applied to your process even before your "Grand Reopening."

Were you required to modify your business processes or close? [COVID-19] caught most of America's Small Businesses by su...
04/13/2020

Were you required to modify your business processes or close? [COVID-19] caught most of America's Small Businesses by surprise.

Though it may be too late to prepare for the current pandemic, its not too late to prepare for restarting or returning to normalcy after restrictions are lifted, and, to prepare for the next event that could impact your business. Maintaining contact with customers and keeping them updated on current plans is important. Even if you don’t have a robust business continuity plan, everyone should begin preparing for a return to normalcy.

Looking to the future, this pandemic will not be the last crisis to threaten your business. Threats come from natural, man-made, technological or employee risks. Identifying essential functions, equipment, systems and personnel is a start toward business continuity. Once this phase is complete, mitigation options can be compared to identify best strategies.

We can help with a free 20-minute consultation to see how prepared you are to return to normalcy and how to plan for the next event. These 20-minute conversations add immediate value, even if you do not decide to use us for your business consulting needs.

Stringer Planning Solutions, LLC
(314) 413-1598 | [email protected]

The world is focused on Covid-19. Therefore, the world is focused on social distancing and self-quarantine. This is the ...
03/29/2020

The world is focused on Covid-19. Therefore, the world is focused on social distancing and self-quarantine. This is the right approach for this emergency. However, other emergencies don’t take a holiday because of the virus. It is springtime in the U.S. This means in the Midwest; we are in flood and tornado season. By June the coast will be in hurricane season, and the west coast is always in earthquake season. A common response requirement for all of these issues is mass sheltering. How do we plan for mass sheltering while maintaining a social distancing strategy?

During the gas explosion recovery in Massachusetts in 2018, mass camper trailer parks were set up that supported over 2000 evacuees with each family staying in a single trailer; a trailer neighborhood as it were. The sites were developed in local parks. For that event food was prepared and delivered to food tents where residents would come in and pick up their meals. However, keeping in the spirit of current social distancing efforts, the meals could be delivered from a central location to doorsteps. Because of unknown utility status, these neighborhoods would potentially require generators and mass quantities of bottled water as well.

Coastal communities may not have the needed infrastructure following a hurricane; however, cruise ships could be used for isolating families by cabin. They were used successfully during Katrina. The cruise ships aren’t making voyages now, and they have self-contained power and food preparation.

I’m sure there are other unique strategies for dealing with mass sheltering operations during this crisis. This post is just meant to start the conversation. Though we can hope for a quiet flood, tornado and hurricane season, as the length of the Covid 19 isolation continues, we must be ready to respond to other events without compromising the effort already put into defeating this virus.

Dirk Stringer
Former USCG Captain
Stringer Planning Solutions

03/23/2020

Los Angeles bars must close and restaurants must stop dine-in service in an effort to slow the spread of coronavirus, Mayor Eric Garcetti said Sunday night. Restaurateurs and bar owners fear many establishments might not reopen.

03/23/2020

The reduced tariffs are to take effect next Feb. 14. The move comes after the Trump administration agreed to halve tariffs on about $112 billion in Chinese goods.

03/23/2020

The chief executives of the SWA and the Distilled Spirits Council of the United States (DISCUS) have jointly called on both the UK and US governments to find a solution to the on-going trade disputes.

03/23/2020

More than SARS, the disruption to China Inc. from the outbreak mirrors the impact of fire, floods and earthquakes.

03/23/2020

Aon plc (NYSE:AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, today launches its Weather, Climate & Catastrophe Insight: 2019 Annual Report. This evaluates the impact of global natural disaster events to identify trends, manage vola...

03/23/2020

If you can’t work or have had your hours cut due to COVID-19, here’s what you need to know about unemployment insurance. This post will be updated.

03/20/2020

BOSTON (WHDH) - After 102 years in business, Boston’s Seaport staple the No Name restaurant is no more. The sudden closure of one of the...

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