3 Stages of Entrepreneurial Business Growth
February 2, 2018
Whether it’s flourishing as an agent or team development at a brokerage, it starts with a willingness to evolve, says Peter J. Strauss, lawyer and author of The Business Owner’s Definitive Guide to Captive Insurance Companies.
Read more: Working Backwards to Reach Goals
“Why would you not want to be the best version of yourself?” Strauss says. “Whether you’re talking about your own people in your company or your clients, there is this giant middle market that has no idea of their potential. They go to work each day just focused on what they do, but they don’t think about things that could help them better their businesses.”
Here are Strauss’s three stages of entrepreneurial evolution to inspire you and your team.
- Self-admission. “It starts with the owner or CEO’s willingness to fully commit to evolving,” Strauss says. “You have to evolve as an individual before your organization can evolve. The company leader must admit they need help with some areas in order to stay relevant and keep growing.” Exploring the options to seek knowledge and advice on moving in the right direction are crucial.
- Agent buy-in. Here is where the tug of war with a company’s future often begins, Strauss says. “You need people on your team who have ambition to grow and want to be part of something bigger than their job definition or personal goals,” he says. As you venture into new markets or grow your team, remember to give individual rewards as the company prospers from the growth changes, he says. However, you do run the risk of losing your core group if they don’t believe in what you’re doing.
- Apply changes in-house and to clients. Once the broker-owner knows he or she has the right people in place, including new recruits and management team, Strauss says only then can the company “walk the walk,” whether it be improved customer services, more touch points, additional services, greater market expertise, and more.
—Erica Christoffer, REALTOR® Magazine
Updated: May 18, 2019