Step I: Review and analyze where you are now and how you got there

The first step in the development of a strategy is to fully understand where your new business came from in the past and what you did to get it. This will require you to gather a few years of data, because many times what we think happened may be a bit different than what actually occurred.

So what do you need to start?

1. DATA

• Download three years of data would be good, more even better
• By Referral Source
  • Proposals requested by year
  • Sales by year
• Your firm’s involvement in the sales process by proposal
  • Close ratio when involved
  • Close ratio when not involved

2. ACTIVITY

• What activity did you complete?
  • Meaningful phone calls with Referral Sources and prospective clients
  • Meaningful face to face meetings with Referral Sources and prospective clients
  • Educational Seminars/Meet and Greet Events
  • Electronic Communications
  • How consistent was execution?

3. PROCESS

• What process was completed?
  • To gain the trust of the Referral Source
  • To further develop existing Referral Source relationships
  • After receiving a request for proposal
  • To leverage outside product wholesalers

4. COST OF ACQUISTION

• Keep it simple at this point, don’t include the cost of the sales activity to generate the proposal request
• Cost of time spent on plan design proposal generation
• Lost billable hours due to time spent on plan design proposals
• Opportunity cost due to letting others present your plan design – your involvement would increase your close ratio

5. STAFF

• Who has been responsible for what
• Are you using the right people in the process

LAURA S. MOSKWA CONSULTING
3000 Eagles Nest
Auburn, CA 95603
530.823.9007