Many agents and advisors wait until the beginning of the year arrives to create their business plan.
I completely disagree with this approach.
I firmly believe you should work through the process now, so you are prepared to hit the ground running when January 1st hits. If you don’t plan ahead, your year will be off to a slow start causing yourself to constantly feel behind and experience unnecessary stress.
These six principles should be a priority in your 2016 plan:
1. Identify your niche. Who is your target audience or ideal client? If you have not sat down and thought about who and/or what your niche is, then you need to figure it out now. The success of your business depends on it.
2. Determine which products best fit those within your niche. It’s imperative to know which products will be of most value to your niche so you start studying. Do some research and/or contact your IMO/FMO to make you’re contracted with the most competitive carriers for those particular product types. Then, become an expert on them so you’re ready to take off with full force come January 1.
3. Develop a prospecting strategy. This is almost a sub-business plan to your business plan. What prospecting strategies will you employ in the coming year? Host educational workshops? Participate in community events? Purchase lead lists? Send direct response mailers? Something else? All of the above? While making these decisions, always consider the cost of each method, how often you will do each, and how much of your budget you can invest in prospecting. If you feel overwhelmed and are unsure where to start, give us a call at 877-512-9287.
4. Set realistic sales and revenue goals. How much money do you realistically want to earn in 2016? Based on your current sales and revenue, identify how much money you will aim to earn in the coming year. Then, to determine if it is feasible, work backwards. What is your current average premium per sale, and what is your closing ratio? Once you have that information, calculate how many people you will need to see and how many presentations you need to conduct throughout the year to reach your revenue goal. Next, break it down even further by computing how many appointments you need to hold per month, week, and day.
If your income is based 100% on your personal production, you need to take this very seriously. Measure it every single week, and review it at least once per quarter to ensure you’re on track. If you are not, first try to adjust your game plan. If that is not reasonable, then adjust your expectations.
5. Study your competition. What are they doing to be successful? It’s important to know what your competition is doing, so you can develop a business plan that will help you dominate your market. Don’t just be a competitor in the game; be a winner. With that being said, do not fixate on your competition because it can be a distraction very easily. Instead pay just enough attention so that you’re not blindsided by an enormous growth or something else that could hurt your practice.
6. Devise an execution strategy. How will you accomplish your new business plan? Who, if anyone, will help you? What tools and/or training do you need to achieve success?
You can insure your own success for 2016! If you need help with any of these areas, don’t hesitate to call 877-512-9287 to talk to one of our team’s experts. This really can be your best year ever!
Submitted by: Dennis M. Postema, President & CEO of Postema Marketing Group, LLC
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