For Brokers: Securing Additional Revenue from Your Book of Business
Quick look: The economy is changing at an unprecedented rate, competition is fierce, and businesses are struggling to keep up. To combat these challenges, many successful brokers are forming strategic partnerships to further their position in the marketplace, generate more revenue, and provide better service to their clients.
Everyone wants new ideas and different ways to grow and make more money, especially in the post-pandemic world. To achieve this, brokers must zero in on what differentiates you from the competition and communicate your unique value in a consistent way. Unfortunately, there’s often a disconnect between what we think we know and what we actually do.
When you lean into what you do best and leverage complementary strengths of other partners and technological resources, you’re able to provide a better service, create greater value, and build a stronger business.
Essentially, securing additional revenue is less about checking the box of what can be done, and more about being confident in how you do it better than the competition.
Establishing the Mindset of Success
Unpeeling the layers of what “offering better service” looks like in today’s world starts with building a positive mindset. The road to success does not involve a “do-it-yourself” mentality, but rather assembling the best team possible. Part of this stems from focusing on your business’ strengths and prioritizing these efforts. The other part involves partnering with people who can fill the gaps necessary to deliver ongoing value for your business and your clients.
Integrating various expert perspectives allows you to tackle complex challenges in a more comprehensive way. Each partner you work with brings their own tools, resources, connections, and experiences to offer better solutions for your clients. It elevates your service to the next level and makes it easier to stand out from the competition.
Though it might sound profitable to be able to do it all, it is unrealistic to become an expert in every part of your clients’ businesses. Doing so can stretch your resources thin, which leads to a decline in quality, productivity, and growth. There is no way to secure additional revenue when you are unable to provide optimal service.
The Power of Partnerships
Partnering with trusted advisors gives you—and your clients—an extra edge. Working with experts frees up the time, money, and resources it would take to learn and implement solutions on your own. There’s simply not enough time in a day to handle all the ins and outs of what it takes to build and sustain a profitable business. Add on the task of securing additional revenue, you must decide to either compromise service or connect with experts who can lighten the load.
For example, working with a PEO partner means your clients can then focus the recouped time on building strategies and processes to cultivate long-lasting customer relationships and ultimately, drive more revenue. When small- and medium-sized businesses work with a professional employer organization (PEO) partner like ExtensisHR, they delegate the responsibility of HR, payroll, compliance, and benefit administration to a team with the knowledge, experience, and expertise necessary to allow your clients to put their best foot forward. This solution helps lower their administrative costs, reduce employee turnover, and promote faster growth.
Establishing meaningful connections with a PEO partner has the potential to reveal previously undiscovered opportunities for your clients. Working with experts to expand your service offerings is one important way you begin to establish a system which empowers you to perform your best.
Want to learn more about how building partnerships can generate more revenue?
Watch our experts discuss how to leverage the value of quality partnerships in our webinar, “Securing Additional Revenue from Your Book of Business.”
