Building for the future: How agencies can prepare for growth and achieve their goals
Written By: Becca Parks, Product Marketing Manager
Set a Foundation for Success
It’s important to spend time preparing to build a strong foundation for the future of your business. Independent agents that are competing in today’s commoditized market can greatly benefit from taking the time to establish their agency goals and business objectives, as well as the tactics that will help them achieve those goals. Unfortunately, according to Forbes, more than 80% of small business owners confessed that they did not track their company goals. But research shows that setting concrete goals, documenting them, and reviewing them periodically can increase your chances of success by up to 95%.
Once you have goals and objectives outlined, you need to consider your technology and systems – do you have the right technology in place? Is it time to look for new systems that can support your agency goals? Does your staff have the tools they need to be productive and hit their goals? According to IT firm Samanage, U.S. businesses are losing as much as $1.8 trillion annually due to software issues. Having technology in place helps support your agency as you strive to achieve your goals, so it’s important to select the right technology, implement it quickly and correctly, and ensure your staff is prepared to utilize the technology.
Finally, do you have the staff you need to achieve your goals? Are you planning to bring in new employees in order to meet your goals? When you consider bringing in new staff, it’s important to understand the cost associated with new hires – both the overall cost as well as the time it will take to get them fully up to speed and prepared to be productive and successful. Research from Human Capital Manager Practices suggests that it takes at least five months for the average new hire to reach full productivity. So, when you bring on new staff to help you hit your goals, it’s important to remember that you are building a foundation and making an investment for your future success.
What to Focus on When Building Your Foundation
These are some of the many questions you might be asking yourself as you focus on setting goals and preparing for the future of your business. Once you’ve had time to consider your goals and foundational plans, it’s time to focus on how to prepare your agency to hit the goals. Let’s look at three basic ways you’ll be able to quickly make an impact.
Customer Retention, Acquisition, & Communication
When thinking about how to build a foundation for future growth and success, we recommend three areas that can make a big difference: improving customer retention, increasing customer acquisition, and communicating with customers in a personalized manner.
These three areas are critical to future growth – improving your customer retention will ensure you have a steady revenue flow and renewed business every year. Increasing customer acquisition will open the door to new growth and new lines of business, and communicating with customers in a personalized manner will help ensure you provide exceptional customer service and can set yourself apart from your competition.
Have you had a chance to lay out your goals and put in place the plans for your success, both for this year and beyond? Setting a strong foundation now can ensure you’re successful well into the future. Let us partner with you to ensure you have the right technology and tools to build a foundation for your success.