As you are watching this vlog, the COVID-19 crisis is well underway in the United States. More than likely, you are operating your business from a remote location or you have dramatically altered your workflows and routines. Political leaders are beginning to discuss how to end “social distancing”.
But the crisis is far from over.
Virtually every medical authority agrees that we are going to be in for months of modified behavior. This will clearly impact the insurance agency business.
The same medical authorities warn that a high likelihood exists for a second or third wave of COVID-19, which would require a return to the draconian distancing we’ve been experiencing.
Economists warn of impending economic damage which may rival the “Great Depression”.
And, it is clear to virtually everyone, that the way business is done must change for the foreseeable future and in some respects permanently.
How should the insurance agency owner react to all of this? I have cowritten a book called “CovidProof Your Agency” with Matt Masiello, CEO of the world’s largest agency network “SIAA”, and my fellow SIAA master agency colleague, Eric Blew. In our short book, or resource guide, we’ve discussed best practices for:
- How to take your agency virtual. Though you may have done this already, the book is a checklist for everything you can do and opportunities you may want to take advantage of.
- How to plan, prepare, and manage your agency to minimize disruption, avoid loss of income, and prepare for the future during this crisis.
- How to prepare a SWOT analysis for your business for the next 3, 6, 9, and 18 months (SWOT stands for Strengths, Weaknesses, Opportunities, and Threats).
- Questions to ask and strategies to implement, to improve your agency and accelerate your growth.
We have also built a small website where you can not only download the book for free, but you can also find a variety of checklists and planning tools to assist you in thinking through your new future in a new normal.
We believe that there is no question that insurance agencies face significant challenges in the days and months ahead. Getting in front of these is possible – and very important.
We also believe that there are tremendous opportunities for agents who are prepared and aggressive. Just as there will unfortunately be agency bankruptcies, there will be tremendous expansion for some.
Dan Sullivan, founder of The Strategic Coach program for entrepreneurs, says that in surveying his clients after the 2008 financial crisis, he learned that many had their best quarter and year when the crisis was over.
These clients all had something in common. They were prepared!
And that is why I hope you will invest 30 to 45 minutes to read our little book. We want you to be prepared and we’ve gathered the resources you need to get started.
Rahm Emmanuel, former Mayor of Chicago and longtime politician, said “never let a serious crisis go to waste”. While he was referring to politics, what he said applies in business as well. Regardless of how long or how bad this current crisis is, there will be opportunities amid the danger and destruction.
Will you be prepared? Will you and your business come out the other side stronger, bigger, and better? I hope so!