There's no such thing as too much advice when it comes to managing an insurance or financial services practice. Whether you are opening a new office or trying to expand your current practice, the most constructive guidance typically comes from those who have successfully traveled the financial services road before you. And who knows more about attaining financial services success than the Million Dollar Round Table?
The Million Dollar Round Table (MDRT), known as "The Premier Association of Financial Professionals(R)," strives to provide its members with the tools necessary to effectively manage a business. Written by a committee of MDRT members, "The MDRT 'How-To' Book: A Practice Management Guide" (Million Dollar Round Table, 2005) offers proven techniques to help MDRT members grow professionally and position their businesses for success.
Taking care of business ... with a business plan
The MDRT committee points out that a clear, effective business plan is essential to the survival of any financial-services practice. "Never in our history has the demand been so great for those in the insurance industry to operate with a very structured business plan, and a clear set of goals and objectives to meet those demands," they say. Although a business plan is essentially a written document that defines your business objectives, it's not enough to simply write a business plan. A business plan also "represents the dynamic process of planning and reviewing your business agenda over time." Your business plan is not an area where you should try to cut corners or save time. After all, the success of your practice relies on constant updating and working to execute this plan.
It takes a village
The most successful insurance and financial professionals are generally those who realize their time is most effectively spent doing what they do best -- selling. These professionals surround themselves with a reliable sales support staff so that they can focus on making sales. Although hiring and managing dependable employees may seem like a grueling task, it will pay off in the long run. "Most MDRT members view a good staff as a necessity, not a luxury," the committee says. "It has been proven that agents with competent staff produce more business." They say that the size of your staff will depend upon your personal needs and the way in which you operate your business.
Time is money
Because time is an extremely valuable business resource, every business professional needs to master the art of time management. To ensure that you are making the most of your and your staff's time, you must analyze, plan, schedule, and control the amount of time spent on each task.
For example, many agents and financial advisors complain that they spend too much time doing paperwork, which takes away from meeting clients and making sales. The MDRT committee suggests applying one of the Four "D's" to each piece of paperwork: If it is important and requires a quick response, DO it. If it can wait, DELAY it. If it's something one of your staff members can handle, DELEGATE it. And if it is not important at all, DESTROY it. You will simplify your life and save precious time if you apply one of these rules to every piece of paperwork that crosses your desk.
These tips offer just a small glimpse into "The MDRT 'How-To' Book." This essential guide offers a wealth of advice to financial and insurance professionals at every level. According to the MDRT committee, this book was published with one goal in mind: "To help financial services professionals everywhere continue to grow professionally by becoming better businesspersons."
Amy Bell is a freelance writer and frequent contributor to the Agent's Sales Journal. Visit her Web site at www.writepunch.com or email her at amy@writepunch.com.
