X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

A few years ago we started focusing on our break-even number. We identified that number as the amount of new/new revenue we would need on a daily basis to hit our growth goal. We anticipated our residual income would be flat, but factored in the loss of any large accounts that occurred on a weekly basis. We tracked this daily and every person in the company knew if we were hitting goal. 

So how do you determine your break-even number? First, analyze your revenues. Are you a $1.2 million revenue firm? Excellent: your monthly number is $100,000, your weekly is $25,000, and your daily number is $5,000.  Tracking your daily orders or transactions using most software solutions is an easy task these days. Set up a procedure that at 3:30 p.m. each day sends the “number” to everybody in the company to know how your company is doing. 

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.