Are you an Insurance Agent OR are you Insurance Agency Owner? Did you know there is even a difference? If you did not know there is a difference than there is a good chance I know which of those two buckets you fit in!!
In today’s message I discuss the distinct differences between an Insurance Agent and a TRUE Agency Business Owner, what I believe to be the Top 5 differences. And let me just begin with clarifying Insurance Agent can be the title you choose BUT Agency Business Owner is the mindset YOU LIVE BY!
- Targets Vs. Goals
- Revenue Vs. Sales
- Vision Plan Vs. Peddling Products
- Team Vs. Solo Operator
- Investment Vs. Expense
- Targets Vs. Goals- Insurance Agents set goals for Sales, Phone Calls, Appointments etc. Nothing wrong with that YET there is a distinct difference between targets and goals. Targets are attainable and goals are actionable. Agency Business Owners set attainable targets daily, weekly, monthly, quarterly and annually that lead to accomplishments of goals. Insurance Agents set goals with no attainable measurement tools to course correct or modify the progress and THEN WONDER WHY THEY AND THEIR TEAM OFTENTIMES FALL SHORT!
- Revenue Vs. Sales-Insurance Agents measure sales results and can probably tell me when asked how many Sales they made that day, week and/or month. Whereas Agency Business Owners not only know what Sales their Agency made but ultimately what Revenue it’s activities generated. I.E. I made 30 Renters Insurance Sales (Insurance Agent) vs our Agency sold 30 Renters Insurance policies which generated a net negative revenue of $1000!
- Vision Plan Vs. Product Peddler-Agency Business Owners have a solid Vision Plan, a living document for their Agency that measures Marketing, Advertising, Sales, Return on Investment, Staffing, Compensation and Accountability and they SOLVE AGENCY PROBLEMS with modifications to the Vision Plan (course corrections). Insurance Agents SOLVE THEIR PROBLEMS by just selling more products, more policies, peddling more Insurance. The Agency Business Owner knows the success of themselves as a Business Owner resides in a solid foundation based on a plan, not on an ongoing need to just PEDDLE more products!
- Team Vs. Solo Operator-You can own an Insurance Agency as a sole proprietor and have no Team yet the distinct difference between an Agency Business Owner and an Insurance Agent is they see the value in duplicating their time and processes by building a Team and see that the success of their Agency Business depends on the ability it can be sustained without their presence.
- Investment Vs. Expense-this category is a BIG one. Agency Business Owners with a solid vision plan look at Marketing, Advertising, Operations and Staffing as Investments in their business, the only TRUE way that they can grow their business. Insurance Agents see these as EXPENSES. You will hear the Insurance Agent state, “I cannot afford to hire them, I don’t make enough to hire someone, when I make more I will hire them.” The Agency Business Owner states, “I cannot afford NOT to hire them, I need to invest in a Team to grow my revenue, I will hire someone now so I can make more now from the systems, vision and plan I have in place!
John Lucero, is a successful business owner with over 20 years of experience in multi-line insurance agency operations for several major National Brands. With an expertise in Recruiting, Educating, Coaching, Developing and Product Knowledge, his passion and drive to ELEVATE Insurance Agencies to higher levels of success is what keeps him inspired about the future and motivated about making a difference.
