Insurance agents and owners never have enough time.
Never, in all of my years of speaking with insurance agents have I heard the phrase, “I have way too much extra time right now, what should I do?”
There is a good chance you are stressed, overworked, and under constant time pressure. There is one vital question you must ask every day: What is my time worth every hour?
Seriously. That’s it. Have you ever actually calculated the number?
To do this you must have first set some sales and income goals. I know some insurance agents are struggling to make a profit and this exercise may show why. For example, ask yourself:
- What do you want make this year?
- What would be a great year for your business?
Determine that number. You got it? Good, now we can move forward.
Take this income figure and divide it by 12 to get your monthly income goal. Now, take the number of hours you desire to work each week. Yes, I know this may seem like a pipe dream to those of you pulling 100 hour work weeks, but how many hours could you work and still enjoy a high quality of life.
Let me give a quick example for illustration purposes: If I want to make $120,000 this year that would be $10,000 monthly (I like easy math.) If I want to work 50 hours per week that would mean that my hourly rate is $50/hour. Want to make $60,000/year at 50 hours/week that would be $25/hour. You get the point.
So what now?
Once you determine your hourly goal wage, you will be forced to start prioritizing, delegating or automating some of the activities you do each day.
Your current situation will determine which route you need to take, but the point is that you need to value what you are worth each hour.
Are you spending multiple hours doing a $10/hour task when you should be working on the $50/hour task? Could you automate or delegate some of the lower income producing activities?
- Make a list of the routine tasks and activities you do each week.
- Determine the value to your business of each one.
- Prioritize the tasks by hourly worth and figure out a way you can slowly delegate or automate the others.
To determine this, ask yourself:
- What are your principle activities that are priorities for your business?
- What can you do that no one else can do?
- What can you delegate to someone else or could you set up technology systems to complete these lower level tasks?
Insurance agents are indeed extremely busy, but busy does not mean productive.
How can you gain traction in your small business? Prioritize and implement activities that bring the most value to your business and your customers. Delegate or automate the rest.
You may be thinking, “But I can’t afford to delegate or automate some of these activities?” I would argue that you probably can’t afford not to.