Most of us are happy to close the door on 2020, a year with multiple challenges from different fronts. While 2021 may not come in carrying a magic wand that will end the pandemic and the economic struggles of small business owners, it carries hope for a stronger future.
Insurance brokers can follow these six steps to get the new year started right.
Make a Plan for 2021
Three years ago, I had a vision to grow The DBL Center, expand our online presence, and introduce Software-as-a-Service for our insurance brokers that would replace my father’s pen-and-paper ledger with a streamlined way to track commissions, cancellations, and renewals.
Last year, we purchased another insurance wholesaler in the area to grow our business. We expanded our website to serve as a resource for insurance brokers across the Northeast, and we now provide regular content to help insurance companies expand, too. We have a network of more than 40,000 people on LinkedIn and other social media platforms.
We’ve achieved our goals, so far, and I continue to work with my team weekly to solidify plans for future growth.
Set SMART Goals
My actions for the past three years were driven by solid, tangible goals. Goals should be:
Do your goals for 2021 fit this criteria?
Build a Strong Team to Help You Meet Your Goals
If 2020 taught us anything, it’s the power of cooperation. We need to continue to work together to stop the spread of coronavirus, with everyone doing their part. But we also learned the crucial role collaboration plays in the workplace. When we couldn’t work side by side, we used Zoom meetings to fill the void.
It takes a lot of work to create a cohesive remote workforce. The DBL Center stayed strong and continued to grow through a reliable team of in-house employees and contractors who are all experts in their fields. With an organization of less than 50 people, we are accomplishing things that many companies much larger haven’t done.
What roles do you need to fill in your organization for 2021 to help you meet your goals?
Maximize Your Space for More Video Conferences
The pandemic also emphasized the need for work-at-home technologies. A survey from Upwork revealed that 36 million of the U.S. workforce will be working from home by 2025 – a drop from the numbers we saw in April 2020, but higher than pre-pandemic numbers.
With this in mind, we have to admit those Zoom meetings aren’t going away any time soon. Take a look around your office space to optimize your background and lighting for video conferencing.
Here at The DBL Center, we took some time when we first started our video series two years ago to determine the best angle and lighting to shoot in my office. During the pandemic, many of us have been holding video calls from home. Set up a quiet space that projects your brand and how you want to be seen.
Find Ways to Diversify Beyond New York and New Jersey
The pandemic, sadly, also shut down many small businesses in New York and New Jersey – especially Main Street mom and pop shops, restaurants, bars, and entertainment venues. This has affected many insurance brokers in the tri-state area, particularly those in New York City’s boroughs.
At the same time, Massachusetts and Connecticut have introduced Paid Family Leave laws that could prove very profitable for P&C insurance brokers selling statutory benefits. Let The DBL Center help you branch out as more states begin to offer statutory Paid Family and Medical Leave benefits. By helping business owners privatize these benefits, you can diversify your business for increased growth and profitability!
Leverage Technology to Manage Your Accounts
So much has changed in the past year. One thing that hasn’t changed, but has increased, is our reliance on technology to run a successful business. If you are a DBL Center broker and still haven’t signed up for our Broker Dashboard: Net Revenue Tracker, you’re missing out on an important tool to help you track your direct billed policies to increase profits by delivering a higher level of customer service and retaining more of your customers.