Agency Growth Culture: Do These 4 Things

Many agency owners describe their culture as a “growth culture”.?However, when you scratch the surface, is there really any structure in the “growth culture”??Yes, structure and culture in the same context. Culture can be viewed as intangible and nebulous, but it’s also a culmination of business structure.?

Does your agency have the following growth culture components:

1.??????Practices embedded in daily workflow

2.??????Programs with specific goals

3.??????Training on product and sales

4.??????Metrics to monitor, adjust, and celebrate

To maximize profit and value, an owner must be deliberate in building a growth culture.?This means layer upon layer of businesses practices that build a culture laser focused on growth.?Results are monitored.?Activities are adjusted as needed for impact.?It’s documented, measured, managed.

An increase in revenues is not evidence of a growth culture on its own.?Obvious agency growth includes New Business, Rate Increases, and Exposure Increases. ?A growth culture is more than participating in the economy.??

A growth culture is beyond high performing producers. Marketing is important but not the sole essence of growth. ?Everyone in the agency needs to participate, contribute, feel the energy, and embrace a growth culture.

If you are thinking of selling, specific growth practices will bring you more value.?Buyers are savvy and look beyond the obvious.?Today’s buyers are drilling down on organic growth and culture more than ever. ??

When an owner discusses growth due to excellent service and ongoing referrals for new business, that’s not enough to differentiate your agency and take your valuation to the next level.?Be ready to provide the specifics behind your growth culture.?

What’s evidence of a Growth Culture??How do we substantiate a Growth Culture??

Evidence of a Growth Culture will impact agency value and purchase price. ?

It’s important to have established and documented daily practices, programs, training, and metrics to verify the growth culture.?Verbal discussion and anecdotes are not enough. ??

Practices that are included in the agency workflow demonstrate growth management. Specific practices that demonstrate an embedded growth culture will position your agency for a maximum sales price.?

·????????Are there documented growth tasks included in communication and workflow??

·????????Do employees know expectations???How is it communicated and monitored?

·????????Are there rewards for wins??

Programs with established goals and objectives can be fun for clients and employees.?

·????????Referral programs designed to engage with your client enhance retention as well.?

·????????Community outreach participation must have metrics.?Choose the high potential community activities and set goals around the desired outcome.?For certain activities, the number of new leads and conversions help make strategic decisions about time, money, and energy. ?Community activities need data to validate the impact on growth.?

·????????Contests among agency staff members to get referrals and referral conversions are great evidence of true growth culture.

Training employees is essential.?Great service employees may need further training on products to be comfortable with cross-selling. ?Everyone may not possess the natural ability to build and sell business. ?Don’t assume employees learn selling skills from observation.?

·????????Product knowledge is at the core of agency growth.?

·????????The ability to converse and engage is critical and can be learned.

·????????Training in service calls, follow-up calls and cross selling is essential.?

·????????Lunch ‘n learns with scripts and role playing (yes, role playing) can help break the ice and staff can feel more comfortable with conversations that spur business opportunities.

Metrics provide evidence efforts are working. Everyone loves the High Five.?Do you High Five at your agency??When and why??It starts with activity.?Activity leads to results.??Acknowledge and reward both activity and results.?If the activities aren’t producing results, a course correction is in order.

·????????Measure the activity by Identifying and measuring key indicators like new contacts, follow-ups, introductory emails.

·????????Monitor the results such as quotes and conversions.

·????????High Five! Celebrate the Wins

Protocol and routine activities that build growth from the ground up become a valuable agency asset.?A bit of structure and monitoring will go a long way in increasing profits and adding value.?Validation of your growth culture will bring more value to your agency upon exit.