Posted by Mark Taub on June 28, 2011

Cyber Risky Business

Just reviewing my notes from ADNET Technologies' WorkSmart Technology Summit.  Michelle Syc, our own Ethical Hacker, delivered a presentation raising the eyebrows of even the most sophisticated IT professionals.  She reported that since January 1, 2011, there have been more that 22,000,000 records breached in the United States.  Of those breaches, more than 96% would have been avoidable through the implementation of simple or intermediate controls.  She advised the audience to think like a criminal when building an IT security platform and shared a couple inside "ehtical hacker" secrets she uses when testing the security of her clients' systems.       

Posted by Mark Taub on May 20, 2011

Creating an Effective Non-Profit Mission Statement

This is a must-read post for non-profit leaders and those who provide professional services to the non-profit industry.  Published by the Harvard Business Review and Written by Francis Pandolfi, former CEO of Times Mirror Magazines and COO of the US Forest Service.  Not only will clarity of mission help direct the operations of a non-profit organization, it will lead to increased efficiencies and a stronger financial position.

Posted by John Turgeon on April 11, 2011

What Put the UCONN Huskies' Men's Basketball Team Over the Top?

I’m sure I’m not the only one who was surprised by the late season run by the men’s basketball team at the University of Connecticut.  Eleven tournament wins in 28 days with all of them occurring against very good opponents in a “win or go home” setting. After somewhat of a roller-coaster season, “amazing” only begins to describe their story.  And, what was it that happened during their championship run that brought them such success?  In a word, it was “adjustments.”

Posted by Lawrence Marziale on April 01, 2011

Largest Trade Secrets Verdict

Hired by the plaintiff's attorneys, I recently offered expert testimony where the defendant was unjustly enriched from a product line they acquired through corporate espionage. My team and I worked closely with the lawyers, painstakingly calculated damages with reasonable certainty and testified before judge and jury.  The result?  A $50 million verdict--Connecticut's largest trade secrets verdict. 

Posted by John Turgeon on March 08, 2011

The Four Questions You Should Ask Yourself About Your Business

I recently attended a terrific program titled "Five New Conversations on Change" presented by the Connecticut Business & Industry Association.   One of my many takeaways from the event were the four questions we should ask ourselves periodically with respect to our business.

  • What's currently working and making a difference?
  • What's currently not working and, therefore, not making a difference?
  • What's missing that, if provided, would make a difference?
  • What's currently working, but not making a difference at all?

No business can expect to remain unchanged and yet stay competitive.  We must continually identify those processes and practices that are making real contributions to our business and eliminate those that are not.  While there are likely to be many others, these four simple questions are sure to get you thinking in the right direction. 

Posted by Joseph Centofanti on March 04, 2011

Fraud Reporting On The Rise

Based upon the results of the fourth quarter 2010 Quarterly Corporate Fraud Index, reported incidents of fraud are on the rise.  The report is a comprehensive examination of reported fraud incidents from 12 million employees worldwide.

The report indicates that the statistical measurement named "Fraud Reporting Percentage" increased by 1.9% to 19.6%.  This is the first increase in this statistics since the second quarter of 2009.  What's the reason for such a dramatic increase?  And why now?  Simply a product of a challenging economic environment coupled with a reduction in internal controls?  Share your thoughts.

Posted by John Turgeon on March 02, 2011

Building More Positive and Productive Employees

What organization wouldn’t want to surround itself with more positive and productive employees? The real question is: is it willing to do what it takes to help its people feel that way?

As with most organizations, your business is likely to require some form of regular employee review of its people.  Whether those discussions happen quarterly, semi-annually or once a year, the need for “mandatory reviews” can send chills through the managers and supervisors who must write them – if they do them at all.  The fact is many people dislike the process so much that they procrastinate rather than use them in such a way that can create great benefits for the person being evaluated, as well as that person’s organization.

As leaders, we shouldn't overlook the opportunity to affect the positive change that comes with having regular meaningful dialogue with our teams. Workers today, especially those in Generation Y (i.e. the Millennials), not only want the conversation, they are demanding it. They want to feel engaged with you. Furthermore, because some people may be unaware of their own successes and shortfalls, we can help them enhance their good habits and work to eliminate the bad by calling attention to both.

Posted by Brian Newman on February 11, 2011

IRS Announces Second Offshore Voluntary Disclosure Initiative

IRS Commissioner Douglas H. Shulman announced on February 8, 2011 that the Internal Revenue Service has begun a second offshore voluntary compliance initiative ("OVCI").  This program is similar to the 2009 program whereby the IRS is offering taxpayers the opportunity to fully disclose all unreported offshore accounts in exchange for reduced penalties. 

A taxpayer complying with this initiative will be required to amend federal and state income tax returns from 2003 forward and will be required to pay interest and  penalties.  The interest is calculated at IRs published rates, and penalties are assessed at a rate of up to 25% of the highest balance in the account during that time period. 

The initiative is open to individuals and entities, such as corporations, trusts and partnerships.  Individuals currently under examination, or under criminal investigation cannot participate.

Posted by Joseph Centofanti on February 10, 2011

Three Ways to Reduce Wire Transfer Fraud

Wire-transfer fraud presents a risk to an organization’s most liquid asset---cash. Like check fraud, the most effective way to prevent wire-transfer fraud is with proper internal controls.  Some of the key controls that all businesses should have in place are:

  1. Written wire transfer procedures, which include who is authorized to initiate the transfer, who is authorized to verify the transfer, and the types of transactions that are authorized (list of vendors, banks, etc.),
  2. Required verifications for all wire transfer orders placed with a person independent of the employee requesting the transfer, and
  3. Prompt review and reconciliation by someone independent of those who request transfers.

Note that wire transfer information should never be provided to anyone via a telephone request. The organization should require the bank to receive actual verbal confirmation/verification of transfers requested. Faxed instructions and/or authorized signatures should not be adequate authorization for the bank to initiate a transfer. For additional security, a code word or password should be required by the bank to verify the identity of the employee authorized to verify transfer requests.

Posted by Mark Taub on February 03, 2011

Removing Emotion Will Help Win Your Next Proposal

Too often, professional service firms just can’t help submitting a proposal in response to an RFP.  They behave in much the same way as an addict behaves when given access to his or her chosen vice.  On go the blinders.  Reality is replaced by emotion.  Resources are assembled and redirected.   What’s worse is that professional service firms will lose almost all of these “blind” proposals.  But they just can’t help themselves.  For some reason, they feel compelled to respond.

You can win more proposals by implementing some of these ideas--

  • Identify a process for responding to RFPs in your firm.  Stick to the process.
  • Before responding to any RFP identify those organizations you’d like as clients.
  • Start to build relationships with the leaders and influencers within those organizations.
  • Respond only to those RFPs from organizations with which you’ve developed relationships.
  • Once you receive an RFP from an organization with which you’ve developed a relationship, request a personal meeting to discuss the RFP and ask questions.
  • Do some research.  With all the resources available today, there is no excuse for not doing your homework.
  • Make it known throughout your firm that you’ve received the RFP and are in the process of writing the proposal.
  • Think like the organization issuing the RFP.  Would you hire your firm?  Why?  What makes you so special?   What can you say that your competition can’t?  What is your depth of experience serving like organizations or providing like services?
  • Write and articulate your value propositions.
  • Write a proposal that reflects the needs of the prospective client.  Remember, it’s more about them and less about you.
  • Create a proposal that is visually appealing, easy to read, and that accurately reflects the quality of your firm and the quality of work that you will produce.
  • Submit your proposal several days in advance.  If you submit several minutes in advance of the deadline, the prospect may assume that’s the way you’ll complete your work.

Is it possible to actually win an engagement as a result of submitting a “blind” proposal?  The chances are slim, but I guess so.  Listen, somebody has to win the lottery too.

My opinion?  Be a good scout and prepare.  Develop solid relationships.  Do your research.  Get ready.   Be selective.  Adopt a proactive strategy when responding to an RFP.

I’d be interested in learning about marketing strategies that work for your firm.  Share them here.