MY LAST column (“Have a Quantifiable Plan to Sell New Business in 2004,” January 2004) created quite a response. A number of producers asked, “How do you put together a personal marketing and business plan?” Let's review the basics. Remember, it's never too late to go back and formalize a plan.
1. Begin with sales activity and time management. Go back through your calendar. Look at each day of the year to determine what you did with your time. How many days were spent on vacation, illness, continuing education, servicing your existing clients, visiting carriers, agency meetings and trips? Don't forget to take out holidays and weekends. As amazing as it may sound, many producers find as few as 55 days left for actual selling to new prospects.
2. Make a list of your accounts by commission income. You'll probably find that 80% of your income is generated by 20% of your accounts. Draw a line at that 80/20 threshold and ask yourself these questions:
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