If you are seeking to build the profitability of your agency or brokerage, you may already be missing your biggest opportunity for 2013. It isn’t an issue of sales or strategy or training, or renewals or taxes or systems. Rather, it comes of a long-held industry culture of looking outward for growth.
Most management teams underestimate the profits and growth that can come from within their own operations. For those who see the potential, there’s a competitive advantage and profit aplenty to harvest.
For many agency principals, increasing organic growth and profitability requires hiring more producers, deepening relationships with insurers and pumping up sales performance. Where organic growth is anemic, there’s always the option of acquiring a book of business or other agencies. Though these activities all have an important time and place, they are often pursued to the neglect of far less costly and far more efficient means of delivering profitable growth.
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