Posted by: Billy R. Williams Ph.D. | March 11, 2013

Common business problems for insurance agencies! 4 week blog series

Common business problems for insurance agencies! 4 week blog series

Over the next 4 weeks I am writing and posting a blog series that will help you to identify common business problems for insurance agencies, of course I will also show you some of the solutions we have discovered to fix the problems.

I will post the blog each Tuesday morning starting 3/12/2013

For our members my intent is to re-engage you with many of the solutions, forms, tools, and job aids that we make available to you as a part of our membership.

For non-members my intent is to offer some mentoring tips that you can use in your agency, and let you see first-hand the value of becoming an Inspire a Nation member.

Beyond my business reasons for doing the blog series, this is a way of sharing some of the wisdom and blessings that this industry has given to me

You can access this blog series several ways:

  1. On our website – www.inspireanation.org
  2. On our Facebook page – http://inspireanation.org/contact
  3. On our WordPress blog – https://agentsuccessteam.wordpress.com/
  4. On our LinkedIn Page – http://www.linkedin.com/in/billyrwilliams
  5. Our E-Newsletter – http://inspireanation.org/contact

 You can connect with us or register to receive our newsletter on the contact us page of our website – http://inspireanation.org/contact

Below is an excerpt from our first installment: 75% of most business problems are really math problems!

2nd installment: Hunters, Gatherers, and Keepers, what is the core personality of your agency?

3rd installment: Green Time tasks in your agency. Learn where to spend your agency’s time and resources

4th installment: Training in the agency – 10 minutes a week can make all of the difference if you do it right.

 

Excerpt from 75% of most business problems are really math problems

Many business leaders never track their business processes enough to understand the math,

 Others, usually they ignore the math and hope things will work themselves out, (Hope is not a money making process, but it is the #1 leadership tool used by weak leaders. How often do you hear or say this statement: “I was hoping that my staff would do what I needed them to do, but so far they have not.”)

A small percentage understands and uses the math to run their business.

What are you tracking in your agency? Answering the following questions can help you determine if you are using effective tracking tools and processes in your agency. This short list is by no means comprehensive enough to build a business plan around, but it will give you a good idea of tracking based weaknesses within your agency. You see each question tells you something about the efficiency of the staff person, as well as pointing out training weaknesses within your agency.

  1. How many outbound prospecting calls occur daily in your agency?
  2. How many outbound prospecting emails go out daily in your agency?
  3. How many quotes does each staff person perform daily?
  4. How many sales does each staff person make per quote (Quote to close ratio)?
  5. What is the average premium per sale for each staff person?
  6. What lead sources produce the greatest volume of sales?
  7. How many up-sells and cross-sells occur per endorsement?

Let’s look at each question and some of the information you get from the numbers

  1. How many outbound prospecting calls occur daily in your agency?
  2. Let’s you know if the agency and/or staff is focused on prospecting tasks (hunter) or a reactive tasks (Gatherer or keeper)
  3. Identifies if the agency truly has dedicated Green Time (money making time)

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