OSFBlog

Good reasons to always be acquisition-minded

OSF Staff Writer — Wed, 26 Apr 2017 19:51:30 GMT

You’ve heard it a thousand times….if you fail to plan, you plan to fail. While cliché, it’s proven and still many businesses and even more individuals fail to plan. Planning is not only about defining a destination but planning in business equals results. Results equal cash. Cash equals value. All of which lead to sustainability and wealth for individuals and businesses. Having a direction, a destination aligns people, provides success benchmarks, and provides a sense of accomplishment when targets and goals are achieved. It provides structure and definition and transforms a “happening” into a managed event.

Generate business by generating leads

Rick Dennen — Wed, 09 Nov 2016 16:30:00 GMT

What’s the single biggest factor in your business success? Sure, you have to have the right skills and resources. Great employees go a long way. Having the right products and services is crucial. But the number one factor is customers. If you don’t have people who are willing to buy what you offer, you don’t have a business. The more people who are willing to buy, the more your business can grow.

That’s why attracting and retaining customers is critical. It’s also why it’s beneficial to develop a lead generation strategy that provides access to prospective customers. Sure, you can focus solely on people who just happen to fall into your lap. But if you want to enjoy consistent success in any economic climate, you need to develop and follow a strategy to find and target those leads.

What is keeping you from growing?

OSF Staff Writer — Tue, 30 Aug 2016 15:15:00 GMT

Has your agency reached a plateau? Fortunately, there are ways to reignite your business and regain momentum. Here are some remarkably simple and practical ways to get your agency moving.

Maximizing your credit score

OSF Staff Writer — Tue, 17 May 2016 04:00:00 GMT

Ever wonder why the credit score a lender receives isn’t the same as what you just received from one of the free credit report sites? Do you question why the three main credit reporting agencies never have the same score – and they sometimes vary by as much as a 100 points? Are you looking for ways you can ensure you’re maximizing the key factors that drive the credit reporting agency’s scoring models?

The Bottom Line on Cash Flow

Barry Kehl — Tue, 17 May 2016 04:00:00 GMT

We often hear about the importance of the bottom line. This last line on a financial statement indicates an entity’s profit or loss, so the bottom line is a key focus for most businesses. There’s no doubt that a company’s profitability is critical. Cash flow, however, may be equally important to the health of a business. From an internal perspective, poor cash flow can impact the business’s ability to operate. After looking at thousands of cash flow statements of agencies of all sizes – both independent and captive – I’ve noticed that poor cash flow often is the result of five issues.

It is better to grow fast or slow?

Rick Dennen — Wed, 27 Apr 2016 19:31:00 GMT

One of the most familiar fables is that of the tortoise and the hare. In that story, the tortoise eventually outpaced his foe by taking his route slowly and steadily. Does that mean that an agency owner who has his or her eyes set on growth should take the slow route? As with nearly any debate about agency management, there’s no simple answer.

The approach that’s best for your agency depends on a lot of factors, including the way you manage your day-to-day business, your capacity to handle growth, your goals and the overall nature of the markets you serve. That said, there are some advantages — and drawbacks — with either approach.

Hiring the right agency sales talent

OSF Staff Writer — Wed, 20 Apr 2016 17:27:00 GMT

Interviewing and hiring people can be an unpleasant, even intimidating process. How much of an expert are you when it comes to recruiting employees for your agency? Most business owners like to think that they are excellent judges of character who are very skilled at choosing the right people — but inside, they wonder how accurate their judgment really is and what the consequences may be if it’s not so great.

How to take a new producer from second-string to superstar

OSF Staff Writer — Wed, 20 Apr 2016 04:00:00 GMT

Some of the best quarterbacks in NFL history sat on the bench, virtually unknown for years before they got their start. No one could predict they were destined for the Hall of Fame, but their coaches saw potential. Without Joe Montana and Bill Walsh, what would’ve become of Steve Young, former quarterback for the San Francisco 49ers?

Does running your agency ever keep you up at night?

OSF Staff Writer — Thu, 07 Apr 2016 18:55:00 GMT

If you always sleep soundly, congratulations. Even those who don’t suffer chronic business-driven insomnia often find themselves wide awake in the wee hours, wondering whether they’ll be able to respond to perceived or real threats.

That isn’t paranoia. While insurance agents have always faced situations that threatened their businesses, the pace of the industry and intensity of competition have both accelerated in recent years.

How agency owners can sleep better

OSF Staff Writer — Mon, 15 Feb 2016 15:32:00 GMT

Does running your agency ever keep you up at night? Even owners who don’t suffer chronic business-driven insomnia often find themselves wide awake in the wee hours, wondering whether they’ll be able to respond to threats they perceive. The pace of the industry and intensity of competition have both accelerated in recent years. How do you find and keep peace?

Get the right results from buying leads

OSF Staff Writer — Mon, 15 Feb 2016 15:26:26 GMT

Fitness and wellness experts recommend people put their exercise commitment to a test before purchasing an expensive piece of equipment or joining a costly gym. If agency owners follow this line of reasoning with leads, they will more than likely see the return on investment from purchasing leads they expect. How can you get satisfactory results?

Compete within the busy market of mergers and acquisitions

OSF Staff Writer — Tue, 12 Jan 2016 17:25:00 GMT

Relying solely on organic methods to achieve growth can sometimes prove challenging for the insurance industry on the whole. However, a Deloitte study predicts that activity within the mergers and acquisitions market will continue to stay strong — and even accelerate, capitalizing on the progress already seen in this sector in recent years. Support for these findings includes the currently strengthening state of macroeconomic conditions, unprecedented levels of excess capital, and strong interest across a range of potential buyers. So what does this mean exactly for small to mid-sized agencies and how can you cash in on your piece of the M&A pie while the timing is good?

Insurance Protection for College Tuition

OSF Staff Writer — Tue, 05 Jan 2016 14:00:00 GMT

Consumers think nothing of purchasing policies for automobiles, homes, and other valuables. But they probably have never considered insuring another expensive and valuable asset – college tuition. Allianz Global Assistance has introduced insurance plans for college tuition. In the event a student cannot finish out a semester due to illness or some other unforeseeable incidents, families can recover all or part of the tuition. Allianz has launched the program in nine states with plans to expand to other states in 2016.

Auto Lines Decrease in Profitability, Homeowners Increase

OSF Staff Writer — Tue, 22 Dec 2015 14:00:00 GMT

Premiums from personal and commercial auto lines are projected to grow in 2015 but result in lower profits. A new industry projections report (P&C Insurance Outlook for 2015 through 2019) released by SNL Financial predicts rate increases to auto lines by several large carriers won’t positively impact profitability until 2016. It also states increasing losses in homeowners lines, which have been growing in profitability, could result in auto insurance rate increase for businesses and consumers.