How do you really grow an insurance agency? Some may say acquisition, some may say blind luck and some may say with insurance robots. The truth is it is easier to grow an insurance agency than we all think. Too many times we over think it, accept our current state of affairs or quite frankly just don’t want to put in the extra effort needed to push to the next level. Growth takes two core values:
- Consistency
- Passion
If you don’t have these 2 items ready to go then you need to rethink what you are trying to accomplish. Let’s be honest. Everyone wants to grow but few really want to do what it takes to grow. For example, I’d love to be a bikini model but short of a magic Genie giving me three wishes I’m not willing to put that kind of effort into it. Don’t get me wrong, I will work out and I will eat turkey burgers but don’t ask me to give up wine or vodka. I’m just not interested. It’s the time of year where everyone sets goals. But don’t set goals you are not willing to be consistent with or have a big passion for. I was recently at an agency and goals were picked out of the sky and one partner didn’t care of them. I could tell. Rather than find goals he wanted he went along with his business partner. We would have had an automatic recipe for failure. Get fired up about your goals, if they don’t fire you up they won’t fire the team up.
Once you find your goals make two of them; yes two goals. Your “This would be great goal” and “This is your BHAG (Big Hairy Audacious Goal)”. Something that would be extraordinary to hit and maintain. Shock yourself. It’s amazing what happens when you physically write down what you want to happen. Your growth goal should include:
- Total Revenue
- Target Revenue Retention
- Target New Business
- 4 Quarterly projects that help fuel efficiency or effectiveness
- Bonus – break these goals between service and sales to hold each team accountable
Now it’s time to put your money where your mouth is. Build a kick butt incentive plan. Warning – you must know your team. Not everyone is motivated by money, but I warn you stay away from time off. It becomes a nightmare to track, and then before you know it people are out more than they are in. Get your team’s involvement. Get them engaged. You also need to put your money where your mouth is from a marketing perspective and training perspective. We need to push people outside of their general comfort zone to see real results. This includes spending money on marketing and training your team on how to be the best. Training should include a strategy to evoke immediately.
If you come out with your plan of attack and your team is not enthused, keep pushing but you may also have to look for new team members. If your agents don’t want to work for a growing agency that may be what you have to do. You need to commit to your goals no matter who is stopping you.
