Dear Insurance Agency Owners & Principals,
How much money do you make per working hour?
For example… Let’s say you make $250,000 a year and work 40 hours a week with two weeks of vacation.
$250,000 divided by 50 weeks, divided by 40 hours per week = $125 per working hour
So… you personally earn $125 per hour for every hour you are working, either in the office or outside of the office.
Question… How many working hours per week do you spend teaching or training insurance producers how to sell, developing and leading sales meetings, holding producers accountable for their sales results, etc.?
Many agency owners tell me that — out of a 40 hour work week — they probably spend 5-10 hours each week doing these activities.
So, using the above stats, at 5 hours it is costing one agency owner $625 per week, or $2,500 per month, based on four weeks in a month.
At 10 hours, the cost to you is $1,250 per week, or $5,000 per month.
THAT’S A LOT OF MONEY!
Now… I wonder how you would calculate the cost of the LOST PRODUCTIVITY when it comes to soliciting new business and bringing on new clients to your agency?
Let’s figure it out, shall we?
If you personally average writing $100,000 of new business commission per year, working 40 hours per week for 50 weeks, that equals to $50 of new business revenue…each hour…that you’ve LOST babysitting your producers.
$50 out of your own pocket, per hour — gone!
So… if you spend 5 hours a week (or 20 per month) handling sales issues for your producers, you have spent $2,500 of your current monthly income doing this chore yourself, and you forfeited another $1,000 in lost new business commission written.
That’s another $3,500 gone.
Are you writing this down? You should.
Moreover, if you’re up to 10 hours per week babysitting producers, that’s $5,000 of your current income and an additional $1,000 of forfeited new business commission.
$6,000 EACH AND EVERY MONTH!
$72,000 per YEAR — gone!
Why? Because you’re trying to do it all yourself.
THERE IS A BETTER WAY
QUESTION: If there was a cost-effective solution available for teaching, training, coaching, and mentoring every producer throughout the agency — helping them build a $1,000,000 or more Book of Business — would you be interested in learning more?
And what if it only cost around $1,000 per month to hire me to do it all for you? Would it be worth it?
Of course it would. You’d be stupid not to!
(PS: I’m not calling you stupid. I’m just doing mathematics here.)
If this makes sense to you, then you need to hire me…and fast!