Tag: revenue

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 170: 1 Billion Dollar Revenue (Encore)

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What’s the biggest mistake you’ve made over the past year, or year and a half?  I was in a room with entrepreneurs who generate over $1 billion in annual revenue and that question was one of the most important when it came to learning how to take your business to the next level.  Join me as I share the answer to this question and the stories behind them.

Highlights:

  • Severance packages are the cost of poor leadership
  • Never take your foot off the pedal on a prospect
  • Be careful of who you are hiring
  • Just one person can affect the culture of a company and not always in a good way
  • How you personally lead will make or break the success of your team and over the business
  • The opportunity costs due to lack of action
  • Make sure you have deep conversations with the people you want to promote as sometimes they are already in the right position for them
  • Always be recruiting. Ensure you have the team members to handle the opportunities as they arise
  • When it comes to launching, ensure you have the framework fully developed before doing so
  • Keep your eye on the marketplace
  • Balance your priorities
  • Have a cyber plan and cyber insurance program
  • Hire great people, give them authority and get out of their way

 

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 21 : Money, Money, MONEY

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Are You Watching Your Money?

We are so quick to say in our businesses that we are here to “serve our customers,” but at the end of the day, we are also all in business because we need to earn money.

One of my favorite quotes from Earl Nightingale’s inspirational book, The Strangest Secret, is, “The only people who make money work in the mint. The rest of us have to earn it.”

We all have to earn the money; it’s what we do with that money after we earn it that defines our level of financial security and, ultimately, the amount of freedom we enjoy in our lives and in our businesses.

As a business owner you MUST keep your finger on the pulse at all times.  Thanks to Internet and mobile banking, our financial picture is at our fingertips 24/7/365.  The more often you manage your financials, the more you strive to understand exactly what every line on the balance sheet means and the better you will become at handling your money and making every dollar count.

Once you have mastered this step, you will have a clear view of your financial picture, allowing you to reach as high as you want to reach in your agency business.  You will be in control of your financial future and you will have more freedom to live life on your terms.

After all we just want you to make your MONEY…


Now go out and make a difference, be unstoppable and leave no regrets!

Gratefully,

 

Mike Stromsoe

The Unstoppable Profit Producer

P: 800-770-9984

E: [email protected]

Episode 14 : Client Segmentation

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Where Is Your Revenue Coming From?

Today I’m discussing something that I find to be one of the most important systems in ANY business, including insurance agency businesses – Client Segmentation.

In the 1800’s a gentleman by the name of Pareto came up with a principle called the 80/20 rule. What it means is that in many cases 80 percent of your revenue is generated by the top 20 percent of your existing clients. I have been in business for a long time, and I have done the math time and time again and have found that this principle is pretty accurate.

  • So, does your team know who your top clients are?
  • Are you on the phone with them often?
  • Do you they get preferential treatment when they call in?

…or is your team spending all of their time on the bottom 20 percent of your clients that are always complaining about something and constantly have problems paying their bills on time?

If so, then it is time to put our Client Segmentation system in place. I warn you – this is NOT an easy task. It takes a lot of time and effort, preferably done by someone that is highly detail oriented and talented enough to understand the mindset and to go through your entire book of business.

The opportunities are endless. Are you ready to take charge of your agency today? If you would like to learn more strategies that you can immediately unleash in your agency to explode your profits, join us at the BeUnstoppable Bootcamp November 8-10, 2018 in beautiful San Diego, CA!  Visit www.beunstoppablebootcamp.com today to reserve your seat before we sell out!

To your massive success,

Mike Stromsoe, Creator of the
Unstoppable Profit Producer Program™

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