Does your business have 2020 vision?
As a brokerage owner, it’s good to take a step back from the daily hustle and review your strategies to determine what’s worth keeping, what’s worth adding, and what needs to go.
Think about the gains you could make over the course of the year by simply swapping out an ineffective activity and replacing it with something more productive.
The bulk of your time is best spent on supporting your clients and growing your business, but, like all SME’s, your business will be limited in resources. Things such as day-to-day admin, accounts, compliance and IT requirements can take more and more of your time without adding any value to your business.
The role your network or principal plays is crucial in helping to reduce the burden. A good network will provide a level of support which frees you from time-consuming back-office tasks to focus on what matters most.
Try something new
Understand where your value comes from. Analyse your book in terms of work v income and develop a clear understanding of your ideal client profile – demographics, buying style, risk factors etc.
Make networking work. Most people find networking a bit daunting – but it needn’t be. Some of our broker partners generate a substantial portion of their business from formal and informal networking. With the right guidance and support, networking can pay dividends.
Start asking for referrals. Referrals are your most cost-effective method of bringing in new business, but do you have a structured referral strategy in place?
Embrace social media. Your clients are there, using it, engaging with it and getting their information from it.
Take a holiday. Nearly 1 in 10 SME business owners have not had a holiday since 2014. In a recent survey* 62% of them cited a loss of earnings as the main reason for them not taking time off. Taking a break to avoid burnout is vital and with the right support behind you, a well-earned break doesn’t have to impact your business.
Set clear objectives for the year ahead
If results aren’t where you had hoped, consider the changes you will need to make. Simple changes, seen through fully, can make a big difference.
Momentum can help you achieve your ambitions. The vast majority of our broker partners have achieved growth levels multiple times higher than the industry average year-on-year. Not only do we provide a broking and back-office team which frees you up to concentrate on cultivating your client relationships and win new business, but we also offer comprehensive support with marketing and business development to help make your business a success.
If you’d like a fresh perspective on your small independent brokerage or appointed representative business, let’s talk!
* Simply Business survey in August 2019.