Without question, firms that drive organic growth have the top principal engaged. He or she is not afraid of change and is driving growth strategies through every aspect of the organization. These principals are redefining their mission statements. In the past, these organizations placed and serviced insurance. Today, they have evolved into SALES organizations that happen to sell and service insurance. It is an enormous difference and a game-changer.
Brokerage principals are more critical than ever to the future of a brokerage. They must be prepared to:
- Redefine their mission statement
- Demand accountability from salespeople
- Demand accountability from account managers to not lose money on accounts
- Implement training to make people world class
- Use financial benchmarks to make corrective measures
- Institute pipeline management and a sales process
- Spend time truly understanding their brand differentiation
- Collect and analyze sales statistics like closing ratios and stalled opportunities
The list goes on and on. With our volatile economy and the growth of carrier direct purchasing over the internet, these are dynamic times and the book has not been written yet on how to succeed. Thomas Edison once said, “Hell there are no rules here, we are just trying to accomplish something!” Many firms will put their head in the sand and continue to do things the old way. Brokers who want to make money will soon leave those firms creating a death spiral. Many brokerages are already selling at discounts. Many will simply not make it. But for the firms that do, I can guarantee that you will be able to look back and see it was the brokerage leadership that made it happen. The focus on organic growth starts at the top.
If you are at the top and want great ideas on how to get started, just look through the Zywave.com site. We continue to peruse the industry for great ideas and forward thinkers and post their information on our site.
We will never profess to have all the answers, however as we continually learn what is working, we remain committed to providing you with the most up-to-date information.