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Category: Digital · 4 min read

Are You Watching Your Data?

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on June 18, 2019

author profile photo

on June 18, 2019

Professional-looking woman writing out financial figures on a whiteboard wall

How do you know if your business is successful or not? Do you judge it by the number of clients you have? Or based on financial numbers? 

When it comes down to it, the most effective way to see your success is to utilize a holistic approach to your business data—pulling data from multiple areas and aspects. Slow down, pause for a moment, and assess where you’re at. Data can help you figure out your current position, and any areas where you need to grow.  

Your business metrics matter, and they can help you determine where to shift your focus next. But where do you find that data? That’s what we want to answer today. To get your data and determine growth areas, follow these steps. 

Your business metrics matter, and they can help you determine where to shift your focus next.

1. Look at Your Business’s Financial Statements 

This is probably the clearest way to see where your business is at in terms of budget, revenue, and profitability. Your financial statements are a good indication of what you’re focusing on and how successful you are.  

But don’t just look at your statements and forget about them. If you haven’t already, use them to create a budget and regularly compare them to your budget. Are you on track? Are you saving or earning more than you thought, or are you behind? Use those answers to influence your success meter and turn those numbers into data or metrics that you update on a regular basis.  


2. Count up Your New Clients 

Another data point to make sure you’re measuring is your new clients, or your number of clients in general. For example, assess how many clients you’ve gained at the end of each month, and write that number down. Keep track of this over time, and it can be a good indicator of how your business is doing. It can also help you identify any trends or down periods. 

The number of your clients, and all of their other information can be captured in a Customer Relationship Manager (CRM). When you need to add new data or information, you only have to update it in one place, saving you time and effort. A CRM can help you start managing your client data efficiently and keep track of new and existing clients. 


3. Count Your Policies 

Along the same lines as clients, another way to measure your growth and create another data point is to count the number of policies you write. Keeping a record of when, what, and with who you write these policies is important. It’s also another clear way to show how your business is doing. Be as detailed as you can here, so that you could potentially see how many life insurance policies you sold last month, or how many annuities you sold in the past three months. Like the number of clients you’ve gained each month, this can help show if you’re on track with your goals, and help you discover any certain trends.  


4. Get Client Satisfaction Results 

One very accurate way to see where you need to grow is through client satisfaction surveys. Send your existing clients an email, or give them a call, and ask for their feedback on their experience with you. What did you do well? What could you improve on? Use those answers as real data and keep a record of them. This is a good option if you want to see if you’re on the right track with your customer service and overall sales process. 


5. Use Business Builder 

The unfortunate part about business data is that it’s usually in several different places, which means you have to open up different applications and log in to several websites to get all the information you need. Business Builder, Brokers International’s online platform, brings all of your business data into one place. It makes it so you can see your submitted and pending business, view commission reports, see pending requirements and policy details, and look at upcoming contract anniversaries.  

In other words, it’s a place where all of your data lives, so you can stay up-to-date on how your business is doing. Staying organized and staying on top of your business data is key to knowing what you should be focusing on, and Business Builder helps you do just that.  


6. Measure What you Want to Grow  

At the end of the day, you should be focusing on the data that will help you grow your business. Whether that’s client numbers, financial statements, business and policy data, or client surveys, measuring the metrics and numbers that will help you stay successful is where you should spend your time and effort. Watch that data closely, and optimize, as needed.  


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Written By

Brian Aukes

President, Brokers Financial

Brian Aukes is the President of Brokers Financial. With 22 years of experience in the financial services industry, Brian is focused on growing advisors’ business and driving exceptional customer service. Prior to join the Brokers family, he oversaw various operations for ING Financial Partners, and previously served as an advisor for 12 years.

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