Bill Scuorzo is the President and CEO of BCG Advisors in Secaucus, NJ. He started his insurance firm, BCG Advisors Inc., in 1999 and has been a leader in the field of employee benefits, human resources consulting and commercial insurance.
Bill works with a unique team of experts to bring client-centric advising to businesses to reduce the cost of employee benefits while maximizing their value to employees. He maintains strong relationships with insurance carriers to stay at the forefront of industry knowledge and provide the best client experience.
When Bill isn’t working towards improving healthcare offerings, he can be found golfing, skiing, fishing, and surfing. He also enjoys spending time outdoors with his wife and two children in Little Silver, NJ.
How did you get started in this business? What inspired you to start this business?
I originally had received a BS in Marketing from Scranton University and started my career as a New Business Representative with a major insurance carrier. I worked specifically with large groups with up to 10,000 employees. I saw that the employee healthcare benefits costs were rising out of control and the brokers and consultants Iwas working with weren’t providing the level of service I feel these businesses should be getting. Businesses were having to compromise quality healthcare for affordable healthcare. Our first goal was to reduce employee benefits cost while increasing value to the employees.
How do you make money?
We make money by consulting with businesses to offer unique solutions for human resources and employee benefits plans along with commercial insurance. We put together a custom solution for every business based on their employee’s and business’s needs. We take into account the overall demographics of the employees and what their needs may entail. We have to look at everything from family coverage to age and retirement plans.
How long did it take for you to become profitable?
We were lucky to be profitable very early on and return capital investments. Our original team had a list of existing clients from various fields that we were able to pull on and promote ourselves to. We also leveraged our existing relationships with insurance carriers to provide boutique services and care to businesses that were truly exceptional.
When you were starting out, was there ever a time you doubted it would work? If so, how did you handle that?
I never doubted our overall business strategy. However, I knew that failures were bound to happen along the way. That is where the mystery was. When formulating a business plan, I made sure to factor mistakes and failures into our growth plan at every stage. This is very different from planning failure or self-sabotage. We took setbacks into account and planned for them to prevent any demoralization in the team. We would analyze each failure, mistake or setback at each stage of growth and reassess our plans. Then we would reorient our project to take them into account.
How did you get your first customer?
We spent a good amount of time hunting and pitching to different companies in our area. A company that was familiar to us was our first customer and we model every interaction off of that first customer. We treated their problems as our own, proactively sought out unique solutions and tailored their solution to fit their needs.
What is one marketing strategy (other than referrals) that you’re using that works really well to generate new business?
Our core business mission is to offer to level advisory services to improve cost efficiency and employee experience. However, we also highly value improving the community at large. Being active in our local community through philanthropic works and donations allows us to give back directly to our community but also increase exposure for BCG Advisors Inc.
What is the toughest decision you’ve had to make in the last few months?
One of the most difficult decisions I’ve made recently has been when we needed to add a new specialist to our team. We received a number of highly qualified candidates that were strongly considered. We held off and waited for someone who really meshed with our company culture. This was a really difficult decision to make because we had a list of very qualified professionals who fit our criteria academically and professionally. We ultimately found the perfect fit for our team and company with enthusiasm, attitude, personality, work ethic, and qualifications.
What do you think it is that makes you successful?
There are many factors that made BCG Advisors successful. We were determined to learn from setbacks throughout the startup process. However, in growing our business our work ethic has really set us apart. Our commitment to treating every client like they are our only client. Taking the time to truly understand the needs of the company and employees helps us to fulfill those needs as if they were our own. We try to walk in our client’s shoes so that we can give them the best business experience.
What has been your most satisfying moment in business?
The most satisfying moment as a leader was being able to expand our business and open a Commercial Risk Management Division in 2009. It was incredibly satisfying to open ourselves to new clients. It recaptured some of the excitement of being a new startup and searching for clients.
What does the future hold for your business? What are you most excited about?
The future for BCG Advisor’s is very bright. The need to optimize cost and employee benefits and commercial insurance is growing every day. I’ve seen healthcare costs on a constant upward trend. With our most recent addition of Human Resources Specialist we can offer employee benefits packages but also create infographics and materials to educate employees about their benefits options. We are making Human Resources more effective by helping them to explain and recommend all of the benefits included in their benefits packages. Overall increasing the exposure and understanding of benefits is just as important as offering valuable benefits. I think we are most excited to open new lines of business to expand our boutique services into new markets. Our last expansion was Human Resources consulting in 2012 and we are definitely looking to open another division.
What business books have inspired you?
My favorite book is Think and Grow Rich by Napoleon Hill. I’ve listened to it on Audible while commuting or in spare moments. This book has trained me to make and break personal habits but extends those practices to the workplace. When trying to create a company culture that reflects our goals, we have found that incremental changes have been much better received than sweeping, unilateral changes. It requires more time but provides a much more positive, lasting outcome.
What is a recent purchase you have made that’s helped with your business?
It has to be additional software and IT purchases. Our industry is changing so fast that it is extremely important to stay on the cutting edge of all technology has to offer our firm and our clients.