5 Ways to Keep Your Practice Afloat in a Recession

February 23rd, 2022

We’ve all been reading over the last few weeks how the bottom is falling out of the stock market and individuals are losing over 30% or more in their 401K or pensions. You might deal with others, as customers, who are now attempting to get you to lower your prices, or when you call one of your suppliers, you get the message, “The number you dialed is no longer in service.”

Wow. Do these scenarios sound familiar? Running an insurance practice is never a sure bet, but at times like this, it seems almost impossible to be successful in business.

Here are a few strategies to help you in these trying times.

  1. Contact former clients. Don’t assume that a client who stopped buying from you in the past will not buy or do business with you again. Your client’s needs and circumstances change often. Communicate with them again and try to get them back as a client.
  2. You don’t have to be a mega corporation to take a hard look at your strengths and weaknesses. In fact, the smaller you are the better you are positioned to switch gears and zoom back into action now and in the future. Analyze your existing sales and most importantly, talk to your living and breathing prospects. Ask them, “What do they need?” What can you provide? What is the best way to solve their problems with what you have to offer? Put it all down on paper and begin to analyze the information you gather.
  3. What are the easiest ways to make the most profit quickly? What should you be doing for the long term to ensure your practice continues to grow and prosper? If you have a business plan, revise it based on the information you have gathered.
  4. Join with other vendors to create joint sales opportunities. As I have always mentioned, referrals are the leading sources of new business for small businesses. An easy way to get more referrals is to team up with other insurance professionals who sell to the same market as you do but don’t directly compete with you. Agree to refer business to one another and link to each other’s web sites.  
  5. Communicate consistently with your present clients. Gather their email addresses and let them know that you are there for them and that you are always thinking of them and are willing to help in any way that you can.

I know that when you implement these few strategies you will be among the survivors of this coming recession.

If you need step-by-step instructions on how to implement this and other ideas I give on creating clients, just visit Build Your Practice Fast Academy and sign up for my one-on-one coaching program.

This program can help you transform your practice/agency and learn from my years of experience and success, in which I created over 6 million customers.

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Invest in the growth of your insurance business. After you subscribe, we will arrange a phone call and I’ll show you a way to get 10/25 prospects per month on LinkedIn, as well as other marketing strategies.

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