The Wedge Group - January 2019

(214) 446-3209 www.thewedge.net

THEWEDGE REPORT

JANUARY 2019

BREAK THROUGH THE COMPLACENCY AND HOLD YOUR PRODUCERS ACCOUNTABLE

Many agencies employ salespeople who maintain a small, but relatively consistent book of business. This is a strategy of complacency. Neither the salesperson nor the agency will grow with this strategy. At the same time, because this complacent sales person isn’t costing the firm any money, the agency owner is likely to leave them alone with no — or very few — questions. There’s no accountability. If you own an asset like stock or a rental property, you buy into that asset expecting it to grow over time. That’s why you brought that asset into your portfolio. No one buys property for the sake of buying property, so why would you hire someone to just “be there?” The answer is you wouldn’t. No agency owner sets out to hire someone to maintain the status quo. They’re looking for a performer — someone who brings their talent and drive to the table and can help the agency meet or exceed goals. For a lot of agency owners who are stuck in this “old-world” way of thinking, they have to change their attitude. If they have a complacent performer, the owner has to ask, “How do we improve this person’s performance? What motivates this person?” If you have a mediocre performer who’s

flying under your radar, it’s time to bring them into your sights and take steps to change their outlook. The “new-world” way of thinking is driving each member of your team to become the best versions of themselves. This means you need to know what their motivation is. Is it money? Recognition? When you ask, you have a starting point. A lot of the time, it’s money. The reality is, a lot of people aren’t saving nearly enough money for the future, but they may not have fully realized this, or they’re underestimating what they need for their future. When you and your producer understand that money is the motivating factor, you can coach your producer with this in mind. You can use it to help them set goals, personal and professional, and get out of the rut of complacency. In this instance, they may want to put their kids through college. To achieve that goal, they need to build a larger book of business. As an agency owner, you can help your producers get organized and develop a plan of action. If might involve helping them set appointments or calls to get the ball rolling. Once that happens, it’s on them for the follow-through.

As part of the goal-setting process, establish a timeline with something like “accomplish x by this date.” Then, meet with your producer on certain dates to go over benchmarks with them. Check in, see if they’re on track, and offer praise for their accomplishments. Watch how they respond to coaching and feedback. If they have the aspiration and they’re motivated, they’ll take advantage of the coaching to grow and become better producers. Now, not every producer who sets goals is going to meet them. They may simply not be motivated. It might be time to go in a different direction. If it’s clear a producer isn’t going to bring in the revenue you expect, you may have to hand the book over to someone who will. Have questions about coaching your producers and getting them motivated, or don’t know where to start? You don’t have to go it alone. The iWin Agency Growth System has tools to lay that foundation and help you turn mediocre producers into motivated performers. It just takes one call at (214) 446-3209.

– Randy Schwantz

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