Small Efficiencies: How Changing Your Sourcing Can Change Your Business
How can you transform your business? Sometimes business transformation happens due to an innovative insurance marketing strategy or a new product, but it also occurs because of multiple small changes that you create for your business. According to Fortune, you should "constantly check in with yourself to assess if what you are doing is productive." How can small efficiencies like changing your suppliers and shipping methods make your insurance agency better?
Reevaluate Your Shipping
If you're sending mail to clients and you're doing this all by hand, look into a service that will allow you to automate parts of your shipping. You can also make your shipping much faster by choosing a service such as UPS. UPS can provide you with the ability to create professional-looking packages, and by working through an insurance association you can save on shipping as well.
Work With Others
You want to get the best deal on insurance. You realize that some products such as E&O insurance are essential to the security of your business, while others such as disability insurance add value for your employees. If you're shopping around for the best E&O insurance rates or for the ideal disability insurance for your employees, take a look at what your insurance association has to offer. The value of working with an insurance association comes because many smaller agencies are able to get together and get exceptional rates for their insurance products.
Choose Your Risks
If shortages of paper or other basic supplies are making your business life less efficient, it's time to evaluate your relationships with your suppliers and the relability of each one. According to the Business Development Bank, you should work with suppliers who have a tolerable level of risk for your company. You can reduce your risk of having your supply chain interrupted "by moving the risks to the suppliers who are best able to manage it. Or it can be done through diversification of supply."
Use Technology and Seek Support
When you're looking for business supplies, some of those supplies are digital, not physical. For instance, you likely work with some sort of CRM system to help you manage your many different clients. Are you using those technologies to their fullest? Evaluate what technologies you are using and whether they are the right fit for your business. If they are a poor fit, it could be worth the time to transition to a new system that suits your needs. Ensure that any technological solution you are using is one that has excellent training and support, especially during a time of transition to that new system.
Delegate Your Work
Do you have the right system set up to delegate your work to trusted employees? Determine what support you and your employees need, and figure out how to get it. This might involve strategic hiring, adding consultants and contractors to your team, or finding new software products that act as a virtual staff person, making your life easier by doing many of the data entry tasks that you had to do yourself in the past.
By connecting with an insurance association, you can receive discounts on many of the products and services that your business relies on. Talk with American Agents Alliance today and learn how you can access our many membership benefits.