Episode 132: If I Had To Do It Over

Welcome to the Unstoppable Profit podcast. Wherever you are today, if you're starting with nothing or are well on your way to the success you desire, with the right people, processes and promotions in place, you will be unstoppable. And now I'd like to introduce your host, Mike Stromso. Greetings, friends. Welcome to the next episode of the Unstoppable Profit podcast. I am excited to bring you this one. It is a very special podcast because what we are going to share today was just born at our most recent Be Unstoppable boot camp. It happened at the very end of our three day event. Somebody asked me during the open Q and A session at the very end where anybody can say anything they want, they can ask any question they want, there is never anything out of bounds and a very high performing agent said this and I'm going to bring you the complete answer, well, mostly complete answer to this question, because I invested quite a bit of time to think through what the answer would have been. Have you ever done something and then you reflected back on it two, three, four days later, or weeks or months later and you think about it again, you say, wow, if I had that to do all over again, I would have done this differently. This differently, this differently. It's exactly what we're talking about here. The question this particular agent asked was if you were starting your agency all over again.

What would the agency look like based on your 30, almost 36 years of experience at the helm of an agency? That's a great question. And so when I answer that question at boot camp, I went through a lot of things, but there are some things that I missed. And today, before we recorded this podcast, I went through and really digested it at a deeper level what that would look like. And I am going to share it with you right now. Now, at the end of the day, there are always going to be some other things, but I want to give you the meat and potatoes of everything that I have come up with. I strongly recommend you get something to write with and. And right on. Because I am going to give it all to you right here, right now. In addition to that, if you need to go back through this again and again and again, please do. Because ultimately, at the end of the day, if you are looking at me visually on YouTube, we just want to help everybody live the upplife. So the question, just to set the tone again, was if you were starting all over again.

What would your agency look like based on what you know? So if I start all over again, took the 35 plus years of experience that I've got in my head, my heart and everything else and used it to start all over again. It would look like this. I break it down into three quadrants. Personal lines, commercial lines, and then LH life and health. At the end of the day I would be about 80% commercial, about.

10% personal lines, 10% complementary. Only group benefits. I always want to keep that toe in the water in case I want to explode it. In our UPB coaching circles we have some dedicated group benefits agents who are extremely successful. It is a huge opportunity. That's how I begin to position it to start out with and what I want to grow into. It's not quite as volatile. It has not become as commoditized as personal lines. Don't get me wrong, there's good money in personal lines, but at the end of the day there's greater opportunity with the great potential to really get to crazy money by playing in commercial lines in game program business. And we teach about that in our million dollar sales producer boot camps. More on that later. The next thing I would do, once I designed that facet, I would begin to build agency standards under all of those quadrants. And the agency standards are exactly what we have set as how we're going to do business. We are going to teach the consumer public how our agency does business. These are the standards we've set. We'll take a simple example such as auto insurance. So for auto and auto insurance, Our agency standard is 2,5500 100. Okay. Now if somebody wants to buy below that, as long as it's not the minimum and everything else is good, we may accept that. But they're going to sign off on our agency standard. Could be we only write package, business, auto, home, umbrella only. You've got to decide what it is that you want to do. But the other thing is if you decide to alter from your agency standards in any way, sign off, sign off, sign off. It's pretty simple. And I will take that same example for auto, home, umbrella, boat, motorcycle as an example over to commercial. We'll just take a simple example. Business owners, workers, comp, business, auto, epli, cyber, you build all the standards for your agency and what you believe are proper coverage and the expectations on how people should properly protect themselves. And then you build your agency up into that, okay. And every time that it doesn't meet your recommended coverages and your quote agency standards, they sign off on, it goes into the file, you have a countersigned copy and that's it. It's really that simple. So ultimately, at the end of the day, then you build in accountability and discipline to enforce and reinforce your agency standards. There's one person within the agency who quote, owns that process to support the agency standards. So the agency standards are at the top below the agency standards. We begin to build framework below the agency standards. The framework are the operations and the operational pieces on how you will reach a marketplace really built around the three Ps, the people, the processes and the promotion. And you will have all that operating in unison based on the framework that you set up. Now keep in mind, this is a lot of effort to put all this together. But if, you know, Ben Franklin said, if you're failing to plan, you're planning to fail. If you do the plan and you invest the time to create the plan, simply all you get to do is execute. Okay, so build the framework around the people, the processes and promotion. Put that in place before going too far operationally. Okay, so the people, you know, what kind of team members do you want? What's your expectation as far as your team members? How is it going to play out? Ultimately, at the end of the day in your org chart, there's so much to it, and that's the kind of stuff that we teach in UPP is how to get all of this organized. What about all of your processes? How are they going to be documented? Where are they going to be documented? What's your IT infrastructure look like, etcetera, etcetera. I mean there's so much there. In addition to that, once you have excellent people, world class processes and promotions in place, you simply promote the heck out of it. I will share with you one thing that we seem to be saying a lot at Be Unstoppable boot camp this year was a conversation that I had with a great friend of mine. His name is Fred. And I ran into him in my personal world a few weeks ago and I hadn't seen him in a while. Very successful guy, retired. You can tell that he did quite well in business. And I said to him, I said, hey, where you been, Fred? He goes, oh, we've been on vacation and doing this and that. I said, how are things going? And he said, this is what stopped me in my tracks. He said, things are good, never perfect. And I said, holy, what did you say? He said, things are good, never perfect or good enough is good enough. Now I'm not suggesting that good enough is good enough for things are good, never perfect. When writing a policy and the coverages What I'm talking about here is operational functions. I mean, you can go to analysis paralysis and try to get it to that. You're going to drive yourself crazy and nothing's ever going to get done. So with regard to the processes, it's always a work in progress. Okay, next, you need a clear understanding, a clear understanding of your financial KPIs, exactly what each of those mean. And that's on our numbers don't lie sheet in our UPP circles. And you need to understand the metrics of your financial KPIs and the budget that you're going to build to be able to scale and grow. Okay? So it becomes your, the foundation, your financial foundation of your agency. You've got to have that in place from the get go. And you want to start documenting everything that you do from day one on a month by month by month to year by year by year basis. I am thinking of extremely successful, high performing, nationally known agent in our UPP coaching programs who has been doing this for a number of years. The numbers like that are at this agent's fingertips all of the time. Super, super proud. But that's what you want to do. You want to build that historical data so you have it available all the time. But it's really all about getting the template done to be able to do that. You know, thinking back to our bind hit ratio sheets that we use in our programs, you know, how many people did you quote per, per month as an example? How many did you close per month? How many are still prospects? That gives you your buying hit ratio and tells you those that are still prospects that you can still pursue. And then it folds over and gives you a monthly goal. Monthly goal, monthly goal. This is what we hit. This is what we hit. And you've got accurate data at your fingertips the entire time. Number two, on that same KPI, you want to pay close attention to your retention. Super, super important. You don't want to be doing the hamster wheel effect, throwing so much money at the promotion and it's going right out the back door. Get really, really clear on how important that is and make sure that you're paying attention to that right off the get go. The next thing that I would do as soon as I could financially, I would invest in two different coaches. Personally in my world have three, but I would invest in two different coaches for two different functions and in which I want to grow. I have learned the minute my turning point in the agency evolution was way back when I was sitting in a learning event and I said, oh my gosh, these people got it all figured out. I'm simply going to become a massive implementer. And that was my turning point. I implemented like crazy and I haven't stopped since. So there is going to be wins, there's, there's going to be lessons, but at the end of the day, simply become a massive implementer. So, and these coaches will guide me and they can see things that I can't see. Super, super important, my friends. That's the basics. I mean, there's so much more to it. The agency standards, the framework, everything concerning the people, the processes and promotion, clear understanding, the financials, the budget, the matrix for all that. So much to it can't get into to the podcast, but I want to give you the, you know, the upper level bullet points that you need to be paying attention to. The other thing that I did is I put together a list of key points and some of these may cross over into what I just talked about. But I've got 10 key points that I want to point out which came to my mind and you need to be thinking about these all of the time. 1. Whatever your goals are, read them every single day. Read your goals every single day. Set yourself up for success. What do I do? I scan them. They're on my desktop and I have them in paper form as well. Regardless of where I'm at, whether I'm traveling, et cetera, et cetera, goals are at my fingertips. And put them somewhere visually where your entire team can see them as well. Super, super important. Knowing your destination is all you need to get there. What you're doing is you're training your mind to be focused on those particular goals.

The goal is pun intended, to not only get to the goals, but exceed them. And it's what you become through achieve in pursuit of those goals that makes you who you become. Okay, two. Accountability partner. Accountability partner. Yes, accountability partner. I've got one, I've had one for a number of years. Super, super important in the evolution of business growth because of the fact that, you know, they hold me accountable. I get to show up every Friday morning at 6am for my accountability session. Whether I like it or not, I show up. And that's the key. But that accountability has become absolutely critical to my discipline, my consistency, my focus, and ultimately taking control of what I choose to do with my time. I hope you caught all those four key things. Let me repeat that. It is really, really important. Discipline, consistency, focus. What you choose to do with your time, all of those. If you don't have those under control and you're out there just doing busy work and not being productive. You're missing a ton of opportunity and you're going to get run over, Will Rogers said. If you just sit there, going to get run over and we don't want that to happen. Okay, next, clearly identify and be consistent in reviewing of what your ideal client, your prospects and your ideal teammates look like. Okay? So clearly identify in writing and be consistent in your review of and sharing with your team. Ultimately, if you have one, what your ideal client or clients look like, your ideal prospects and your ideal teammate, you got to be crystal clear. And speaking of teammate, you must always, always, always be recruiting. And your recruiting and interviewing arsenal must be set up and ready to fire all of the time, whether you need somebody else or not. Recently had a one on one coaching session yesterday with a high performing UPP agent and super, super excited for this agent because this agent has two people waiting in the wings, doesn't really have a need yet, but still going through the interviewing process, that's the best time to be able to do it. Not when you're under the gun. Next, niche, niche, commercial lines. Niches to riches has been said. So the commercial lines business that I'd be writing would be niche driven. Am I going to say that I'll never write a generalist piece of commercial lines business? No, I'm not going to say that. But it's going to fit the makeup of my ideal commercial insurance prospect and I'm going to make sure that they are in alignment with somebody that I want to do business with. You know, no hot headed prospects, anybody that steps out of line through the interviewing process. If it's not somebody I want to do business with, pass. In addition to that, if you're going to have that kind of operating procedure which I recommend, have two or three other agents out there that you can refer other business to if it's warranted and there's just some reason you don't want to write it. Of course, if they're a hothead, I would never pass that on to another agent. Life's too short. Okay, in addition to niches, niches, niches, you must next.

Understand how to do your marketplace research.

Complete your client profile map, understand the client avatar for those ideal niche prospects, and really fully understand the 3M's Marketplace message and media on how you're going to penetrate that particular marketplace. What I just said, I could go on for about an hour and a half fully explaining that not enough time in this podcast Happy to do it. Otherwise, Marketplace Research and I will suggest somewhere in the historical log of our podcast there's something concerning Marketplace research. So go check it out, find it and take another study of that. Super super super important. In fact, today I was working with a UPP platinum coaching client who is moving into the niches. Gave him the full array of everything that he needed concerning marketplace research, client profile, map, client avatar and how to fully prepare himself to attack and pursue this particular marketplace. Next, I want to build rock solid processes to support the agency standards. And here's something that I've learned as a big lesson and have each even better.

Have an even better plan to keep them up to date. Let me repeat that. I'm going to build rock solid processes in in the agency to support the agency standards that anybody can plug and play or jump into a chair and operate as long as they can read and follow directions with a good attitude and good communication skills and all that. Build rock solid processes to support the agency standards and have an even better plan to keep them up to date. That was a lesson I learned in my own journey. We created them out of the gate. All of a sudden we had 500 documented processes and wasn't aware that I needed to have somebody own the chair of keeping them up to date. Super super important. We learned the lesson, we fixed it and moved on. But looking back, I would make sure that there's one person, one person that has the right skills, talent and everything else surrounding that. That is the person that will own keeping those up to date. They'll do a spot check in once a month, et cetera, et cetera, and keep them up to date. Next. This is a mindset because your mindset is your skill set. And if you are not consistently training your mind, you are missing opportunity. You know, my goal is to digest two or three books a month, whether it be audio and or the physical book or both. And you have got to continue to train your mind. Ok, ultimately what I wrote down was you have to get comfortable being uncomfortable. You get to be comfortable being uncomfortable. Get comfortable being uncomfortable. It is critical. If you don't, you are going to grow. You are never going to grow. You are never going to grow. If you are in your comfort zone, get comfortable being uncomfortable. Complacency kills. Never act like you have arrived and never be settled. Super super important. Next, within the commercial lines realm, I will endeavor not to write any ENS business unless I need to. Okay, when would I might need to? Well, if it's a referral from A very solid referral source. And everything else about it makes sense. I might do it then. If it's a big enough account, I might do it then. But ultimately, at the end of the day, I'm going to be very particular about the ENS business that I write. Okay? Excess and surplus MGAs, wholesale brokers. That's what I'm talking about. Okay? I remember back in the early days, man, I was so. I'm still hungry, don't get me wrong. But I'm wise hungry now. Back then, I was not so wise and very, very hungry. $500 minimum premium ENS policy, premium financed. Yeah, super intelligent, right? But I didn't know any better. And then I used to call people and they didn't pay their bill. So I had a $500 ENS policy, 50 bucks in commission, right? $500 ENS policy, premium financed. And the people didn't pay their bill every month, so I'd call them. That was not a good use of my time. Okay? And I think back to those days. This is where I'm coming up with some of this information. So I was involved in young agents groups and all that kind of thing back then. And I remember making friends with an agent at a conference that I went to and we connected afterwards, and he followed up and said, hey, Mike, how you doing? I said, I'm doing good. Hey, did you pick up anything from the conference that you implemented? He goes, I did. I said, what do you got? He goes, you know that thing they were talking about, the niches? I said, yeah. He said, I'm going to focus on two niches in commercial insurance, and that's all I'm going to focus on. And I'm going forward my career. I said, that's a good idea. He goes, you should do the same thing, Mike.

Guess what? I didn't. But there are wins and there are lessons. Not to say that I am not extremely blessed, fortunate and grateful I am because I am still created a very successful agency that has high value. I just chose not to listen at that moment. That is part of the reason that I bring this to you. So if you are just starting out or you are in a position you want to further develop your agency, I hope you take all of this and more and start implementing. It starts with two things, my friends. A decision in action. A decision in action. It is really that simple. It will lead to the next win or the next lesson. But at the end of the day, decision in action. And the last thing that I wrote down for you is Also, mindset, you've got to have the until mindset. And that was really born as I got to know Kevin Eastman at one of the be unstoppable boot camps in the last couple years. He came and spoke with our unstoppable audience, and he was awesome. In getting to know Kevin, he told the story. Kevin was an NBA champion coach. Part of his sweet spot was college and high school coaching as well. He's the coach, right? Great guy. So he tells the story of he was at a McDonald's All America High school basketball.

Event, and it was all of the high school basketball players from all over the nation, the best of the best were at this event. And Kobe Bryant was at the event as well. You know, mentoring, helping kids out with whatever strategies they need. During that event, one of the high school basketball players did a move and Kobe was watching it, and he said, hey, do that again. And he watched the move. Kobe had never seen that before. He goes, great move, et cetera, et cetera. So, you know, Kobe observed that. And they finished the day. And Kevin said to Kobe goes, kobe, what are you going to be doing later? He goes, well, I'm going to grab some dinner and then I got some other things to do. And Kevin goes, all right.

Later that night, Kevin went to the gym because he wanted to work on some stuff at the gym. And who's in the gym? It's Kobe. Kobe is in the gym practicing. And Kevin says, colby, what are you doing? What are you working on? He goes, I picked up a move today that I'd never seen before, so I'm working on it and building it into my game. He and Kevin said, kobe, you've got all the moves that anybody would ever want. You're a multiple time NBA champion, multiple time mvp. Do you need more? When are you going to stop, Kobe, when are you going to stop moving to get better, to keep adding on? When's it going to stop? And Kobe stopped, paused, turn around, looked at Kevin and said, until.

Until. And Kevin said, until what?

Kobe said, I'll stop when I'm done and until.

I won't. That's my great encouragement. Don't ever stop. The day you stop learning is the day you stop growing. The day you stop learning is the day you stop earning more. If we want to have more, we get to become more because we will attract exactly what we are and who we have become. And don't stop until. I hope this has helped you today again. This is all of the stuff that we teach in our UPP Platinum coaching circles. We teach in great detail exactly how anybody can implement it in their agency. All based on a philosophy called a proven simple three step blueprint called the Three Ps People, Processes and Promotion. My friends, thank you and if this is your first time joining the podcast, my name is Mike Strompso. I'm widely recognized as a leading author, speaker and coach for the independent insurance agency business. You can find me@unstoppableprofitproducer.com if you're interested in attending a virtual or live event to learn to grow your business, create wealth and have more freedom to live life on your own terms, please visit upbfaststart.com that's uppfaststart.com if you're interested in attending one of our live events, just Simply go to beunstoppablebootcamp.com beunstoppablebootcamp.Com Both events are designed to share with you some of my best money making strategies proven over 35 years of research in your industry to help you grow your business and create wealth so you too can have more freedom to live life on your own terms. And again, if this is your first time or you haven't yet, please go To Unstoppable Profit podcast.com subscribe so you won't miss one episode in the series the Unstoppable Profit Podcast. And we're out there on all the channels as well. Google, Apple, Stitcher and everything beyond that. We're on all the podcast channels so we can't wait to help you. We can't wait to teach you and we want to keep your learning very, very sharp because we want you to continue to be in the top 3% of agents out there. And the only competition, my friends, is that that you make for yourselves. So don't make any competition for yourselves in your own mind. Just keep learning. Just keep growing and consistency, focus.

Proper use of your time and in the words of the late John Wooden, discipline yourself so no one else needs to. Until next time, get out there and be unstoppable so you can live the upblife. We'll talk to you on the next episode. Thank you for listening. If you would like to listen to more episodes or share this podcast with someone you care about, please please visit www.unstoppableprofitpodcast.com now go out and make a difference. Be unstoppable and leave no regrets.