So the word around insurance is commission cuts… they are coming, they are happening and it’s not what anyone wants to hear. However when you get the news you literally have 3 options:
- Crawl into a hole and hide
- Complain to everyone you know
- Own it and be an insurance bad a$$
Which one are you going to choose? I can’t control carrier commissions, neither can you. You can make a plan for success! You can join an aggregator as they are often the last to take commission cuts. You can open a finance company to help bring additional revenue to the agency. You can invest harder in marketing and sales to grow. Or you can do all of the above.
What you can’t do is hide or complain because this is a new challenge and your business will learn to overcome. As the business leader you need to learn how to build a better mousetrap. It’s your responsibility to build a plan and succeed!
When times are tough it’s the best time to invest rather than pull back. You need to spend more on marketing and advertising as your competition retreats. When times get tight people tend to get conservative. I’m telling you to invest in producers and sales, as you have to grow to reduce fixed overhead.
Don’t run away scared. Instead embrace the suck and find a better way (or call us for help!).
