Many small businesses do not have well thought-out long-term plans outlining what to do to go from where they are now to where they want to be in the future.
That’s because typical agency and marketing organization owners have excellent sales skills, but often don’t have the general business background to develop a long-term strategic plan. Not only that, insurance agencies and marketing organizations operate in an extremely competitive industry and can be hesitant to bring in peers to provide feedback on their long-term plans.
However, those that thrive and stay relevant in the industry, overcome this hesitation and map out the steps to get from point A (where they are now) to point B (where they want to be) as well as outline what will happen when they leave the business by creating a succession plan — an often overlooked aspect of a long-term strategy.
Whether your objective is to continue earning profits, transition the company to a family member or key employee, or monetize the value of the business, you must identify the steps that will position your company for this future event.
The leaders of Partners Advantage built their own financially strong agencies from the ground up, merged the two and eventually sold the company. This wouldn’t have been possible without a solid strategy in place and it’s because of this that we’re able to provide key insights around what to do as well as what not to do.
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