Tag: Know Your Numbers

Episode 190: Your Numbers Tell the Truth

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All we want is your higher achievement, your massive success and without knowing your numbers you cannot reach the heights that you deserve.  In this episode, I am going to take you through the importance of getting your numbers together consistency and making them part of your daily habits.  If you don’t know these 8 KPIs of your business, you cannot truly measure its success.

 

Highlights:

  • Have a historical trail of what your revenue and your premiums has been for the last three to five years. These are two very different numbers.
  • Know your number of in-force clients; live clients that have at least one in-force policy with your agency.
  • There are two ways to measure your retention; retention percentage by client or retention percentage by policy.
  • Your best source of new business is referrals.
  • Be aware of the percentage of commercial insurance versus personal insurance versus health insurance (individual or group) versus life insurance.
  • You should have a reconciled profit and loss statement and balance sheet available at your fingertips within the end of the month for the last 60 days.

 

Until next time, get out there and make a difference, be unstoppable, and leave no regrets!

Mike Stromsoe
The Unstoppable Profit Producer
Call 800-770-9984
Website: http://unstoppableprofitproducer.com/

Virtual Events: http://www.uppfaststart.com/

Email [email protected]

Podcast: http://unstoppableprofitpodcast.com

Virtual Training: http://uppfaststart.com

In Person Training: http://beunstoppablebootcamp.com

Episode 177: The ONE THING You Must know to Win

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Episode partner, Joel McKinley, joins me today.  I have had several requests to bring Joel on and you can only get it if you ask.  Those who work with us, know Joel and if you don’t, well you are going to learn more about him and what he does as we get into a conversation about what’s going on in the trenches in UPP as we are helping the top 3% of agents nationally. Learn what is happening in the industry to help everybody grow and become more.

Highlights:

  • The reason that people are not achieving what they want, is they’re not writing it down and continuing to look at it every single day
  • Look at your goals daily or at the very least the day before your weekly planning meeting.
  • That one big idea that could change everything, if you are not present, physically or mentally, you cannot get that gold nugget.
  • You need to be checking your numbers at the bare minimum on a monthly basis but know that the high achievers are checking more often than the bare minimum.
  • Make sure you share your goals with the team, especially when they change

Until next time, get out there and make a difference, be unstoppable, and leave no regrets!

 

Mike Stromsoe
The Unstoppable Profit Producer
Call 800-770-9984

Episode 163: True Profitability

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How close attention do you pay to your numbers? You cannot understand your true profitability if you don’t know your numbers.

In this episode, I am going to take you through some of our most profitable years, looking specifically at marketing, technology, and payroll numbers. Through reviewing how we were profitable you will be able to learn the key areas to look for within your own agency’s finances.  I also take you through the KPIs that you must be aware of all the time.

Key Takeaways:

  • Ensure you are monitoring your profit-loss statements at least once a month and that your reconciliations are completed each month
  • 20 to 30% range of gross income should be your net profit
  • Depending on your needs and strategy, an average of 11.5% of gross revenue is a respectable amount.
  • Don’t spend an exorbitant amount on technology, around 3% of your gross revenue
  • Payroll will always be your highest expense and on average around 35-40% of revenue, not including the CEO or owner’s compensation.
  • Monitor your online bank accounts so that you can fix anything that is off immediately
  • Know your number of enforce policies, always know those KPIs or have quick access to them
  • Time Premium Retention is not a good gauge of true growth and profitability
  • Do you know the top five sources of new business getting written within your agency?
  • Determine your revenue per employee.
  • Know your breakdown of commercial versus personal versus life and health insurance.

 

Until next time, get out there and make a difference, be unstoppable, and leave no regrets!

 

Mike Stromsoe
The Unstoppable Profit Producer
Call 800-770-9984
Email [email protected]

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