Making the Best of the Highs and Lows In Your Insurance Agency
Whatever business you run, you have your highs and you have your lows. You're probably not uniformly busy all year round. If your business is booming, you might see these quieter times as a welcome relief. If your business is struggling, you want to cultivate more busy times to help you get through the leaner months. How can you use the ebbs and flows of your business year to your advantage?
A Different Annual Calendar
When you're planning your year, you likely set specific goals for yourself and plan around specific annual events. Take some time to look at your year in a different way. Think about the busy times and the quiet times over the last few years, and pinpoint these. Be strategic about your workflow as you do annual or monthly planning. Plan to focus hard on immediate tasks during the busy months and concentrate on long-term business in the quieter months.
Hone Your Processes
During the low months, you can work on building processes that will keep your business running smoothly in the busier months. For example, if you conduct annual employee reviews at a certain time of the year, use the quieter months before that to evaluate your review processes. Do they feel onerous or easy? Are they getting you the information you need? Do they result in higher-quality work and longer-lasting employees? Whatever your process or policy, the quieter times of the year are good for revisiting these to make sure that they work for your business.
Make Sure You're Covered
The quieter times of the year are also a good time to review your business coverage. Does your E&O insurance still cover your needs? Are there any concerns about or changes required to your benefits plans? Make sure that your growing business doesn't outgrow the coverage you have.
Invest in Infrastructure
How does your computer and web infrastructure work for you? If you're constantly getting frustrated by your phone system or your website is old and needs to be revisited, the low-traffic times of the year are the best times to embark on an infrastructure makeover. Make sure that you can manage data and attract new customers with systems that work for you.
Maintain Your Networks
There may be times of the year when you have no time to spend on anything that's not directly related to the tasks at hand. You need to get things done, and you need to get them done quickly. At these times, your business network can support you as you work to find the solutions that you need. At the quieter times of the year, focus on developing your business network by attending events, working on joint projects, and reaching out directly to others in your field. Develop your social networks as well, placing a focus on building a strong presence on social media sites that you can maintain during the rest of the year.
Work on Projects
Is there a nagging task that would make your business run much more smoothly, if only you could get around to it? The quieter times of the month or the year are the best time to check items off your to-do list or work on ongoing projects that will make your business life easier during the busy times. This could be as simple as developing a new method of filing customer paperwork, but if it makes your life easier during the rest of the year, it's a project to consider.
Whether you're looking for E&O insurance, industry support and manuals, or affinity and professional designation discounts, the American Agents Alliance can support your insurance business. Contact us today to see how we can help your business develop the infrastructure and networks that you need to thrive.