- Hire a business consultant. Hire someone from the outside to analyze your business looking for gaps and inefficiencies. The engagement should include a verbal discussion, an analysis of operations, and a written plan outlining inefficiencies along with recommended changes. The analysis should cover your book of business, agency processes, use of time, role of leadership. Continue your education by reading business books to learn management and leadership fundamentals to successfully execute on the recommended strategies.
- Learn what your state regulations are for charging fees. Can you charge fees within your current structure or do you need to make adjustments? Perhaps you need to start a separate consulting business? Do your own research and consult with an attorney to determine your plan for being a consultant who charges fees for your intellectual property and contributions. Know the rules for combining fees and commissions because this is how revenue is going to flow from now on.
- Document your business strategy. Describe your business today and outline the future of your business, and then use this as your guide for all business decisions. Create detailed plans for making changes to your organizational structure and processes to meet the future vision. Meet with your leadership/implementation team at least twice a month for accountability on progress made toward your changes. Don’t know how to write up the necessary plan? Send me an email and I’ll share our Business Strategy Workbook with you.
- Document your client development plans. Create a value proposition that expands beyond products and includes your team’s ideas, insight and advice. Determine fee levels for what that insight would be worth to your clients (you will likely need to make adjustments to this over time). Promote this value by creating and delivering a three-year plan for each prospect at plan presentation. Include your analysis of their situation (2-3 paragraphs) and follow it with your recommended actions and timeframe for each. Review with your client at least once each year. (Sound similar to the business consultant ideas above?)
- Join a group to constantly push your thinking. Without new ideas, you’re simply doing what you’ve always done. Push yourself and get comfortable with discomfort and accountability. Gather a small group of agencies (local or national) and hold monthly discussion sessions. Each agency should report on progress made, share one idea, and pose one question for the group at each meeting. Everything should be open for discussion, challenging, and accountability to make everyone and their ideas better.
Benefits Think 5 things you need to do to save your independent agency
Published
8 Min Read
Wendy Keneipp
Partner
Keneipp is a partner and coach at Q4intelligence, driving agency transformation.
