In any small business, including insurance agencies, there’s three ways that you can improve your take-home pay: either increase business revenue, decrease expenses, or focus on tax liability.
In order to play this game you can’t fall short on any of the following 3 routines when it comes to your agency’s financials:
Track: revenue, expenses, and taxes need to be tracked. You can’t manage what is not measured.
Monitor: you must monitor these three items by looking at your financial statements at least monthly to know where you stand.
Compare: compare your financial metrics to months past, quarters past, and to other agents to truly determine forward momentum, increased business acumen, and ultimately an increased bottom line.