Many businesses offer "loss leaders" to introduce themselves and their capabilities to new customers. Many agencies do something similar when they agree to write only one line of business for a customer. This can be a great strategy, but only if you can track progress. In a year or two, your tracking should show you've picked up additional lines of business to make the account profitable. (Credit: Blue Planet Studio/Adobe Stock)
I recently met with an agency principal who, after two years in business, had experienced impressive sales growth, built a solid team of professionals, enjoyed strong relationships with his insurance companies due to low loss ratios, but had not yet found a sense of satisfaction, only frustration. The problem? He wasn't making any money despite all his "success."
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