Abram Interstate Insurance Services, Inc., CMGA

Helping Independent Insurance Agents Since 1996

5 Tips to thrive in Insurance |Business Tips for Insurance Agents

Published on May 26, 2016

As an Independent Insurance Agent at your own agency, you’re a business owner. Whether you have only yourself, yourself plus someone to help you with clerical tasks, or a team of people working with and for you, you most likely are a small business owner.

That’s a beautiful thing, and you’re not alone.

Did you know…

  • In 2011, in the U.S. there were 28.2 mil. small businesses and only 17,700 firms with 500 employees or more. In fact, small businesses make up 99.7% of U.S. places of employment.

Starting a small business is hard work — that’s always true — whether that business is an insurance agency or a pool store. Keeping a business going is even harder sometimes. According to the U.S. Small Business Administration, approximately half of all businesses survive 5 years or more, and about one third of them stay in business more than 10 years.

At Abram Interstate, we value our independent agents and we want to be a helpful resource to you in our markets we offer as well as our education and resources. And we want you to be in business for as long as you want to be. So here are 5 tips from New York Life to help small businesses owners thrive.

  1. Create a plan and follow it. Creating a business plan can help you determine your business’s vision, mission, objectives and goals – as well as help you develop a strategic roadmap to help you reach those goals.Where to start: The U.S. Small Business Administration has terrific resources. Check them out HERE at SBA.gov  You can also find local resources – including mentoring and counseling – right in your area when you click on “Local Assistance” at the top of their webpage
  2. Manage your time efficiently. The many roles and responsibilities of a business owner means there’s usually never enough time to get everything done. Make the most of every minute of your day by learning to manage time better and becoming more productive. It takes discipline, but you can ensure time is on your side.Where to start: Caron Beesley, of the U.S. SBA advises, “Good prioritization skills and a formal schedule will help you keep an eye on the future needs of your business, your clients, inventory, and the inevitable variables that arise. Chart out important tasks such as client deliverables, tax deadlines, and billing cycles in blocks of time. Set aside uninterrupted time to focus on tasks that demand it. If priorities shift or urgent tasks sideline you, revisit the schedule at the end of the day and make adjustments.”
  3. Learn the art of delegation. When you have too much on your plate, it’s time to delegate. With the right support, you can improve your productivity and reach – or exceed – your business goals.Where to start: Find the right allies – whether it’s employees, subcontractors, or perhaps even family. Creating a supportive and trusting team through training and shared goals. Be sure to consult the SBA’s online resource for hiring and retaining employees. Check out the SBA’s page on how to Hire and Retain employees HERE.
  4. Focus on marketing. Effective marketing can help your business grow, so take time to get the word out. Even if you have a limited marketing budget, you can boost your marketing efforts for little or no money.
    Where to start: First… Start off with our blog series on how to boost your SEO for free and in easy steps. Find those posts HERE. Then go ahead and get your creative juices flowing with any of these ideas.

    • Create a marketing plan that you can edit, update, and share with your team.
    • Explore social media sites such as Twitter, Facebook, and LinkedIn
    • Start a blog related to your customer base.
    • Collect e-mail addresses and harness the power of e-mail marketing.
    • Promote your business through your web site or online advertising.
    • Support a local charity or sponsor a sports team.
    • Become a local expert: Host seminars or how-to workshops for members of the community.
  5.  Make time for balance. We know you wear many hats, but don’t forget to make time for you. Staying healthy and knowing when it’s time to take a time-out is one the keys to success.
    Where to start: Find a mentor or take time to share ideas with a trusted advisor, take a daily hike with your dog, get out of town for a few days and attend a conference. Whatever you do to recharge, you’ll return to your business energized, invigorated, and ready to take on the world.
And of course, use the resources that we at Abram provide for you, like our Online Quoting Systems HERE for your Wholesale Commercial Lines Insurance, Wholesale Personal Lines Insurance, and Wholesale Agribusiness Insurance needs. Check back on this blog every Tuesday and Thursday for product highlights and business tips. And keep an eye out for our webinars. We want to help make you successful in your insurance business.

Abram Interstate Insurance Services, Inc. is a California wholesale insurance broker (CMGA) that has licensing and expertise to place business in both admitted and non-admitted markets for personal lines insurance and commercial lines insurance in California and surrounding areas.

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