Congratulations on Your Boring Agency

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Many businesses that do extremely well and endure the years and decades are boring.  

I don’t mean this as an insult; in fact, it’s a high compliment. I had a mentor who said, “Easy is okay!”  

We don’t need to make things more exciting or dramatic to make them work better. We don’t need to conjure up difficulties or drama to make things seem more substantial. We don’t need to create side hustles to earn extra cash.  

We need to double down on our steady Eddie businesses and make them hum.  

Oftentimes, extra drama is created for personal entertainment. There are people who like to have some kerfuffle going on around them to “feel alive.” I mean, you can, but why would you intentionally want drama in your business? You could just avoid it at work and find another outlet for your energy. Take up a new sport and get an adrenaline rush from the physical activity rather than the business.  

Your team doesn’t want the drama.  

Your clients don’t want the drama.  

Your retirement years will be much happier with full coffers. 

My boring agency  

I joined a multi-lines agency a couple of years after they joined a network to help improve agency operations. The agency leadership was just like our ideal Goose client: People who recognized they needed to make changes, were willing to make the tough decisions, and were more than willing to put in the work to get it done.  

Thinking I was accepting a fairly boring job, I soon realized that I had walked into a crash course in taking an agency from doing well as a small business to being a finely run operation that eventually commanded an excellent retirement for many. 

Through the coaching we received, we created a vision for the company and systematically changed the organization to align with our goals of creating a high-performing operation that could function without micromanagement.  

Sales are everything 

We created producer commission structures to incentivize selling and encouraged producers to develop specialized roles, niches, and deep relationships.  

We ran book of business reports quarterly and reviewed them one-on-one with producers. At the end of each year, we ran planning sessions that rolled up into the agency plan.  

Part of year-end planning included handing down accounts to a newer producer or our small business unit because they were no longer appropriate for the growing book the producer was managing.  

We had minimum account sizes for which we paid commissions. It started low so people could get used to the new system, and we raised the bar consecutively until we reached the level of client size the team specialized in.  

Power in specialization 

We created a small business unit primarily managed by account managers, with a dedicated producer focused on small accounts. This was much more efficient for the agency and provided better service for clients who just needed questions answered in a timely manner.  

We reorganized the personal lines department, so it was a pool of agents – again, so clients could get their questions answered immediately. There were some exceptions, such as having an agent dedicated to managing our business owner and high net-worth clients.  

Operations run the show 

We rigorously changed how our service team operated, moving from a paper-based operation to a completely digital organization (this was a long time ago, y’all!).  

Like with most multi-lines agencies, we ran the organization on P&C agency management software. As the benefits department grew into a legitimate department rather than an afterthought, we added software and processes dedicated to managing benefits accounts. 

Leadership is key 

We ran our financial key performance indicators (KPIs) quarterly, studied them, and managed operations according to the numbers.  

We held annual off-site leadership planning sessions. We then followed that up throughout the year with project tracking and monthly and quarterly meetings to ensure we did what we said we were going to do.  

As we progressed through the major change items, we brought the whole team together for regular meetings to inform, update, gather feedback, and celebrate. We kicked off company-wide bonuses and decided to hand out the money as cash to drive the idea that we work together and win together.  

Figuring out the logistics of the payment became an accounting exercise and a chaperoned trip to the bank, but it was so worth the time! Who wouldn’t want to receive a stack of hundred-dollar bills at your company meeting? 🤑 

Boring is okay 

When you look at lists of the most profitable businesses, many may not catch your attention as interesting, exciting, or something you can’t wait to own. But the alternative of running around crazy, starting new ventures, and getting involved in side projects is an exhausting way to run a business.  

It’s also one of the key issues that leads to burnout and prematurely selling your company.  

The agency I worked in successfully made all those changes because we had a plan. We started with a vision of how we wanted to organize the company and systematically worked our way there, step by step. It was not dramatic. We just followed the plan day after day and didn’t let the bright and shiny ideas pull us off course.  

Insurance and employee benefits agencies are not often “exciting” places to work. But the ones that are well run do so on planning, processes, and intentional execution. The team reaps the rewards of a stable company with the flexibility to have fun and be generous with their time and money. If you’re always running around crazy, there is no time or budget for either.  

When you think about the legacy you want to retire with, does it involve helping hundreds or thousands of people lead better lives? Or is it more about your accomplishments and ego?  

Either answer is okay. Just be clear and honest with yourself and your team so everyone knows why you’re in it and what you want to get out of it.  

We help you create this type of stable organization 

Goose is built on all the principles outlined here—helping your agency create a stable foundation and growing revenue, processes, and team engagement. See how Goose may be a good fit for your employee benefits business.