Three qualities of successful leadership

Running an insurance agency is no small feat. If you ask the U.S. Small Business Administration, they’ll tell you that one-third of all new companies fail in the first two years. Half of all new businesses make it four years, and only 40 percent survive for six years or more. So how do businesses survive? And more importantly, how do they thrive? A recent study by Gallup found that a business’s ability to make it over the hump has much to do with leadership. Although there are numerous factors that influence success, Gallup found that the quality of an organization’s leadership has more to do with its longevity than any other factor. In its research, Gallup has found that companies that survive over the long term have leaders that share the following key characteristics:

A clear vision: The leaders of successful companies are more likely to clearly articulate goals and competitive advantage(s) of their companies to their clients and employees. They create an inspiring narrative that unifies employees and clearly directs external growth efforts. Do you have a clear vision for your insurance business that you share with your team?

A plan for growth: They spend time planning for growth and aligning employee responsibilities with company goals. This requires an ability to step back from the day-to-day battles of business and articulate a quality plan for moving forward. Does your insurance agency have a growth plan?

A close connection with customers: They are more likely to make smart decisions about pricing, products and services with their customers’ needs in mind. They don’t neglect important matters such as profit margins, but they maintain a close relationship with customers and work toward improvements that will benefit the business over the long term. Gallup also found that business people who share these characteristics are three times more likely to build large businesses and to grow them significantly. They are four times more likely to create jobs, four times more likely to exceed profit goals and five times more likely to exceed sales goals. Is your agency working hard to create and maintain strong ties with its client base? Foster client loyalty? Think about sending e-mails, notes and calling your client base to see if there’s any way you can help them. Regularly think about ways you can add value to what you’re offering your customer base.