- October 15, 2020
- Posted by: Hannah Johnston
- Category: Business Stategy, leadership
Are you thinking about how to scale your business? No? Why not?
Help me understand why so many brokers seem to have made 5% growth acceptable.
I know the standard responses to that question:
- We’re making lots of money now.
- Why upset the applecart?
- It’s too hard to find good producers.
- There aren’t that many great accounts around.
- And so on, and so on.
And if you are thinking about scaling, you may feel like you’re out there on the stage all by yourself.
But here’s my case for why you should consider scaling your business:
- The traditional insurance distribution system is being disrupted, and a lot of your competitors have taken their eye off the client’s ball.
- Many brokers are boomers and are about to retire, leaving good clients seeking a new relationship.
- We’re experiencing a strategically hard market. Clients are ticked off about big premium increases, and they’re open to hearing a new approach.
For some or all of these reasons, we believe there’s a lot of good business in play, so this is a great time to grab market share!
To further support my case, a major US insurer reported that their 240 fastest growing large agencies grew at an average of 26%! And wait till you hear this – the 240 fastest-growing small-to-medium agencies grew at an astounding 83%!
OK, you may buy this, but you say you’re not ready to jump in the game? Don’t know where to start?
Well, remember that what we think determines what we do, so I suggest you start with some FRESH THINKING.
Step outside the insurance box for a day and hear from some entrepreneurs who have really scaled their businesses.
For more fresh thinking and new ideas, check out our company page on LinkedIn! We’re constantly sharing articles and ideas that we think you’ll find helpful.