November means facing our January renewals, turkey and stuffing, vetting gift lists thinking about snow shovels and heavy jackets — and Strategic Planning!
If you haven’t yet begun the Strategic Planning cycle that will give you a MUCH better chance of growing and making the profit you desire in your agency, now’s the time to begin. Click HERE to get our ‘Primer’ on Strategic Planning.
If you are already a “Planning” agency, this is the template we use to prepare our clients and their staffs for the Planning Cycle. Please feel free to adapt it to your needs and make sure you give everyone enough time to meet and evaluate their successes and failures for the current year while projecting their Objectives and Action Plans for the next year:
2014-2018 Strategic Planning Session
ABC INSURANCE AGENCY
Each year we advance our expectations and our preparations for the Planning Process. We learn more about our capabilities, our capacity and our limitations and we take corrective action to avoid under-setting or over-setting goals for which we don’t have physical or financial assets or for which we don’t have ROAM (Realistic, Objective, Achievable and Measurable) Action Plans. We don’t dream about what MAY happen. We project that which we MAKE happen.
The Plan will only be as valuable as the quality and quantity of time used by the managers in its creation. I strongly urge you to plan several short meetings with your teams instead of one long one and create a setting in which the team understands where the department stands, what the assets and challenges are and aids in the creation of ROAM Objectives for next year.
BETWEEN NOW AND THE PLAN MEETING:
Each manager meets with his/her staff sufficiently to evaluate the 2013 Objectives vs. Results and Project 2014 Objectives, Action Plans and Benchmarks. This will get the staff involved in the successes and failures of the Plan in 2013 to better determine how to pose ROAM Objectives and Action Plans for 2014.
Each manager meets with the Agency President to discuss the results of their Goal Setting Meetings to avoid under-achieving or over-achieving expectations at the Planning Session. If necessary, they meet again with their staffs to re-iterate the Objectives and Action Plans.
Financial Manager does all projections for 2013 and 2014. Project revenues and expenses for total year and for next year.
Preliminary Day: (Al to visit with individuals one-on-one)
Review of Year-End Budget Projection and 2014 Preliminary Budget
Financial Manager to take Actual Year-To-Date revenues and expenses and project November and December based on trends and prior year’s similar months to project as accurately as possible 2013 Year End results for GIA.
Financial Manager to create trended Expense budgets based on 2013 Projections, historical data and known arising expenses.
Financial Manager and President to project contingency income for 2014 (received in 2014 based on 2013 results) based on current YTD results for each carrier.
Visit with each Manager to review their Year End Projections for each Objective and their efforts with their teams to create 2014 Retention and New Business expectations and any expense needs for 2014 not present in 2013.
Visit with President regarding other projects (i.e. Incentive Compensation for 2014, Prod Comp and Validation, Acquisition Marketing, target markets) to include in 2014 Tactical Plan.
Day One:
President, Managers, and any key players desired by President, for Mission and Vision Statement re-caps and/or recreation and Strategy Development
Recap each Objective and Action Plan and the expected results to goal for each.
Administration/Marketing and other Non-Operations Objectives for agency in 2014.
Day Two:
A.M. Sales – Compilation of projected NB sales goals for each producer into an overall Sales Department Objective for 2014.
A.M. Commercial Lines –
Recap 2013 with evaluation of successful and unsuccessful Objectives and Action Plans
Objectives for Retention of Premium, Commission, Customers for 2014 based on expected 2013 results in each category (to be updated one time after 12/31 for accurate year-end data).
Other Objectives desired by department for 2014.
P.M. Personal Lines – Objectives for Retention of Premium, Commission, Customers for 2014 based on expected 2013 results in each category (to be updated one time after 12/31 for accurate year-end data).
Other Objectives desired by department for 2014
DAY THREE:
A.M. Sales Department – Present Action Plans and Benchmarks that will result in achievement of 2014 Objectives
Commercial Lines Departments – Present Action Plans and Benchmarks that will result in achievement of 2014 Objectives
Admin/Marketing/Agency – Present Action Plans and Benchmarks for 2014 Objectives
P.M. Personal Lines Department – Present Action Plans and Benchmarks that will result in achievement of 2014 Objectives
Budget – 2nd Iteration of Budget including all revenues projected by the operating departments and any additional expenses noted since the initial budget iteration.