3 tips to overcoming obstacles

We all know life throws obstacles at us. We either choose to absorb ourselves in them and become unproductive, or we can figure out ways to overcome them. In our business, rejection and obstacles are a given; how we choose to deal with them can make all the difference.

We also need to accept that we can’t get stale. If everything remains the same and you are not experiencing change, you are going to get left behind in this ever-changing world of ours. Here are three of the most important things I have learned during the past 25 years.

  1. Learn to accept no one is you

Delegate. You can’t do it alone. If I didn’t have my two longtime assistants, there is no way I would have made it through the challenges I faced in the last several years. They were the glue that held the office together. What happens in your business if you need a leave of absence or are not readily available? Who can be there if you cannot be? Clients need to know.

Accept that mistakes will happen; all we can do is try to minimize them. If you don’t let staff run with tasks, it’s impossible to move forward. There is no reason you should be involved in tasks that don’t directly pertain to revenue generation, because if you’re not working that revenue task, who is? Think about one task you are doing right now that you shouldn’t be doing. What are you going to do to hand off that task?

Know your staff. Recognize the strengths and weaknesses of each of your staff members. Exploit their strengths, and try to minimize work to their weaknesses. You don’t want them to get frustrated with tasks that don’t work with their skill set.

  1. Never let up on prospecting

You can’t get too comfortable. Your radar has to be on, not in an obnoxious way, just enough so you are aware of your surroundings and who you are meeting or speaking with. It doesn’t mean you make an immediate move, but put it in the memory bank for a follow-up at the appropriate time.

When you slow down with prospecting, it creates a drought months and months later. I traveled to Florida to spend time with my dad 18 times between September 2014 and February 2015 when he died. My business took a hit all the way into 2016.

Life insurance sales can be the longest sales cycle ever, so new prospects can take six months to a year to generate business that turns into revenue. A year of focus on my dad, and then helping my mother move on with her life after 55 years of marriage, took a huge toll on my practice. But it’s something I don’t regret for a minute.

Take it on the road. Road shows are essentially mini-seminars at other professional firms such as offices of accountants, lawyers and investment bankers. These presentations last 30 to 45 minutes, leaving time for questions and answers. They focus on trends in the insurance marketplace, or are tailored to specific concepts the audience at that particular firm wants to focus on.

My invite gets set up through a contact we already have at that firm; very rarely do they come from outside the firm. However, one of my more successful ones in 2017 was set up by a client who was consulting for a money management firm.

I did a road show with eight key people from the second generation of the firm. We have already placed insurance with a few and are working on six other client opportunities within the same firm. All from a one-hour educational session.

Get to know centers of influence. I get 80 percent of my gross annual revenue from outside advisors referring business to our firm. Catering to them, staying in front of them and making sure I stay relevant to them are key.

Some of the ways I stay involved with centers of influence include conference sponsorships, targeted email blasts, one-on-one outings, professional sports events and my book, which is the best business card.

  1.  Know your value to the business

What’s your greatest strength? What do you do best? What is the one thing you do day to day that keeps the juices flowing, causing you to get excited about your business?

My strengths are my ability to find new prospects, make them and their advisors comfortable with my recommendations, and provide excellent follow-up service. Our service is what allows the advisors to know their clients will be well cared for.

Be a resource. Offer to be a resource for other advisors who are asked to look at life insurance policies. Depending on the situation, I charge fees for advising as well. During the past year, I was involved as a paid expert life insurance advisor on litigation and a lawsuit against a trust company.

You now have a road map to additional success and, hopefully, revenue. How you change, what you do to overcome your obstacles, is all a matter of choice. It depends on what you choose to do with this knowledge and really thinking about the changes you need to make.

David Appel is a 22-year MDRT member from Newton, Massachusetts. Presented at the 2018 Annual Meeting in Los Angeles, California. Read more in “Obstacles vs. opportunities.”

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