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4 Places your Independent Agency can Improve in the New Year

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With the end of the year coming up quickly, it’s that cliché time to reflect on how your agency did over the last 12 months. Maybe the year went a lot better than expected, maybe not so much. Either way, understanding where you came from, is a great way to plan where you’re going.

 

We all make those personal “resolutions” and have high hopes for the next year. But are you making those same goals for your business?

 

This can be a mountain of a task with so many facets of the business weighing on your shoulders. So, what areas do you focus on?

 

Here are some ideas to get the juices flowing:

 

  1. Create or review your business plan – believe it or not, a lot of agents haven’t made a business plan. This would be a great start to the new year. Set out your mission, your goals and approach to your business. It will get you focused and motivated to improve!

 

  1. Track your data – record and pay attention to the details of what exactly the business has accomplished. Recognizing trends in your data can lead to big improvements in your business. Some key analytics to pay attention:

 

  • Renewals
  • Business Matrix and make-up of book of business
  • Retention and cancellation rates
  • Cross-sell % and mono-line policy numbers

[Related: Big Data: Isn’t just for Carriers]

 

big data analytics and tracking for small business and insurance agencies

 

  1. Start or improve your marketing approach – many insurance agencies don’t have a great marketing presence (or one at all). Living in the digital realm is imperative to success in today’s world…whether you like it or not. If it’s not your thing, hire a professional to come in and help you out. You don’t have to spend a lot of money to make a difference in this area. Here are some basic tips from CIO for small business owners.

 

  1. Understand your financials – everyone has a goal of how much money they want to take home, but do you know how much you have to sell to achieve that number? Start by figuring out how much an average premium is in your state and then add up how many policies you need to write each day and month, minus costs.

 

calculation on financials for small business and insurance agents

 

As you begin to approach one (or more) of these, be in the right state of mind and be positive about the outlook of where you and your business are going. Don’t be afraid to ask for help or look to businesses you admire as an example!

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