Ever since the election in November, I’ve been talking to business people about the results. Regardless of party affiliation or candidate preference in the election, one thing has been coming through loudly and clearly: excitement!
Like the coming of spring when the clouds depart and the sun shines, business people seem to be full of enthusiasm for the future in ways I haven’t heard in a long time. Almost every business owner I have spoken to is thinking about how they plan to increase investment to take advantage of what they see as an improved climate for business.
Obviously, we insurance agency owners are probably also excited by and large. I know that I am. As I’ve thought about what I hear about lower taxes, perhaps the end of the death tax, less regulation, etc., I’ve also thought about how we as agents can leverage this optimism to grow our businesses. Here are just a few ideas:
Now is the time to review with business customers their plans for increased sales, payrolls, and property values so we can make policy adjustments early. This helps our customers plan better, may increase premiums and commissions, but certainly cements the idea that we are valuable advisors.
- Optimism will lead business owners to purchase coverage, like higher auto limits, excess liability policies, and increased employee benefits that they may have dropped in recent years.
- For consumers, whose measured confidence is increasing, we need to be doing coverage reviews to make sure our policies are keeping up with their spending.
- For personal lines customers, now is the time to suggest an umbrella policy, additional life insurance, or other products that they may have been putting off until now.
It also appears that increased expensing allowances and reduced taxes are going to set up an opportunity for business owners (like you!) to make additional investments in your business with new technology or other needed items. This news coming at Profit Sharing time means that you have the means and the motivation to consider how to invest in your business to grow even faster this year.
What do you think? How can you leverage the new political climate and the optimism it is engendering to grow your business?