It’s always difficult to admit not being good at something — especially when you are the agency owner and leader of an insurance agency. But knowing a person’s weaknesses is extremely important. Leaders who understand their own weaknesses can find employees to fill that talent void. Humans are best when they specialize. Look no furtherContinue reading "How to Create & Reward Exceptional Agency Leaders"
Using Agency Employees to Improve Leadership
By: Catherine Oak In today’s business climate innovations in technology and systems have upended communication, payroll and record keeping. Even with these drastic changes one aspect of a business has yet to change, the CEO. Every company big and small has a CEO and their decision-making ability is key to successful growth. A truly greatContinue reading "Using Agency Employees to Improve Leadership"
Producer Compensation – What’s New Today?
By: Catherine Oak Designing a good and motivating producer compensation does not need to be a mystery. The bottom line is – pay what can you afford to pay, for what you are providing the producers and be in line with the important competition. Total compensation for any agency is always the largest expense category.Continue reading "Producer Compensation – What’s New Today?"
Strategic Planning Basics
A strategic business plan is very important to make sure that the business is successful. So why is it that only 15% of small businesses actually have a plan! It may seem like a daunting task to write out the firm’s strategic business plan but after reading this blog it will be understood why theContinue reading "Strategic Planning Basics"
Create a Sales Playbook
Imagine that you are the head coach of an NFL team and you are in the playoffs. Your team is down by nine points in the beginning of the fourth quarter. What is your next move? Will you be creative and come up with some new plays? Or, will you go to your playbook andContinue reading "Create a Sales Playbook"
To Improve Profitability and Sales, ‘Fire’ Your Small Commercial Accounts
By Catherine Oak and Bill Schoeffler We all know about the Pareto Principle, the 80/20 rule. It also applies when analyzing the profitability and the work required for an agency’s book of business. Roughly 20% of the accounts generate 80% of the revenue, and 20% of the accounts take 80% of the staff’s time to service them. ProblemsContinue reading "To Improve Profitability and Sales, ‘Fire’ Your Small Commercial Accounts"
Internal Perpetuation Versus Sale of the Agency
By Catherine Oak and William Schoeffler Jr. Death and taxes are as inevitable as life itself. Yet most fail to plan for the inevitable. An ounce of early preparation is worth a pound of last-minute maneuvering. Thinking through the eventual exit ahead of time allows you to build the systems and people equation that takes time. Investors lookContinue reading "Internal Perpetuation Versus Sale of the Agency"
Industry Trends to Exploit for 2025
By Catherine Oak, CRM, CIC & Bill Schoeffler Minding Your Business Agency owners must observe and learn about significant new trends in the insurance industry. The following are the critical industry trends insurance agencies should track for 2025. 2025 M&A Activity & Pricing The field of buyers has shifted. The pace of acquisitions has slowedContinue reading "Industry Trends to Exploit for 2025"
M&A State of the Industry
The merger and acquisition arena has never been this busy! All deals currently on the table and many more sellers now appearing or being thrown into this process want and need to close their transactions by year-end. Private equity (“PE”) investors are pouring more and more money into the regional and national brokers. Agency ownersContinue reading "M&A State of the Industry"
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