In today's uncertain business environment, it is easy to become pessimistic. You can fall victim to a "sky is falling" mentality, or you can rise to the occasion and run your business with vigor. Even in these challenging times, top-performing agents and brokers drive their businesses forward with a simple formula: 4P + 4C = 10.
The number 10 is synonymous with perfection. Bo Derek personified the connotation in the 1979 movie "10." Unlike Hollywood, no organization is perfect, but striving to become perfect is one of the main virtues held by the best agents and brokers.
We know the basic principles of a solid business plan include the four Ps of business: product, place, price and promotion. These are taught in business classes from high school through graduate studies. Besides the four Ps, what really drives successful firms and helps them achieve a 10 are the four Cs: community, credibility, compassion and culture. These are the support columns of the four Ps, and I have seen first hand the power they wield.
Community: Successful agents and brokers are not only active in their communities, but also are go-to persons who form part of the fundamental underpinning of their communities. I am not just referring to the millions of dollars the industry donates to worthy charities, but the thousands of hours of volunteering and paying it forward to others. The term "community" also refers to the overall insurance industry. Supporting and encouraging young people to pursue an education and career in insurance, along with active engagement in industry associations, such as the Big I, PIA and the CIAB, are crucial.
Credibility: Successful agents and brokers carry through with promises to clients, staff and the markets or carriers they represent. This C is simple: Do what you say you are going to do. Circumstances along the trail of execution can change, but when that happens, come forward and address the compromise. Broken promises are always remembered.
Compassion: This C is the cornerstone of being connected to your staff and clients by sharing good times and providing support in bad times. It is important to be socially connected in all aspects of what we do. Insurance provides many opportunities to display compassion by providing repair and financial assistance in times of loss. Yet being compassionate also requires empathy to provide immediate assistance when others are in need.
Culture: The origin of culture is derived from Latin—cultural, stemming from colere, meaning "to cultivate." The culture that exists within successful businesses is striving to be better today than you were yesterday, thus fostering an environment that challenges employees to become better as well. Successful agents and brokers constantly improve their skills and challenge their staffs to do the same with continuing education, tuition reimbursement and supporting active participation in professional organizations.
So how does 4P + 4C = 10? The secret ingredient is hidden in the equals sign, which represents hard work. As Thomas Alva Edison said, "There is no substitute for hard work," no shortcuts to becoming a "10." Only when it is added can the formula be successful.
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