Search CompleteMarkets

... business. Assets mean nothing to creditors; cash flow pays the bills. When so...ensure that all possible avenues of theory and strategy have been explored.

...ebt, including mortgage payments, credit card bills, and car loans. These aren...tants, bankers, financial planners, insurance, etc.-no segment has as broad a ...

...rth. Some may show signs of shaky credit; others may indicate they're ready to... household. This becomes especially important when mailing expensive items suc...

...ar. That could involve paying off credit cards or small loans, saving money for a large purchase at the end of the year, or reducing your monthly bills so you can reduce your hours at work. This step should be completed with yo...stress as you become unsure of whether or not your retirement savings will be ...

... and fewer agencies are extending credit to clients by being loose on collect...s doesn’t depend on the weather. Rain or shine, they’ll keep finding ways to ...

...ss history. If it is, much of the credit should go to Dwight C. Minton, the CE... who make decisions. This is just one more reason to make loyalty a priority.

... between $2.5 million and $5 million don't pay producer commissions for accounts that generate less than an average $1 ,733 in commission. 5. Receivables Aging. Sales-culture agencies recognize that their producers are salespeople, not bankers. Fewer and fewer agencies are extending credit to clients by being loose on collecting premiums. The Best Practices Study found that the highest performers have made steady progress in improving collection time and avoiding bad debts by reviewing their receivables regularly and implementing strict collections policies with their producers. In recent months, storm ... have been gathering on the horizon of the insurance brokerage business. The good news for agencies that have developed a sales culture is that success doesn't depend on the weather. Rain or shine, they'll keep finding ways to build their viability and value. Kevin Stipe is a senior vice president and principal of Reagan Consulting Inc., an Atlanta-based management-consulting firm that developed and produces the "Independent Insurance Agents and Brokers of America Best Practices Study." The Best Practices Study may be accessed free of charge at the Reagan Consulting Web site ... www.reaganconsulting.com . Mr. Stipe may be reached at (404) 869-2534. Reproduced, with permission, from The National Underwriter: Property/Casualty edition. Login or Register (for FREE) to gain access to thousands of other great articles. Need more reasons to join? Need insurance for you, your business or your family? Get quality appointments - Save yourself a whole lot of time & money when you use our directory of carriers, wholesalers and service providers. Negotiate lucrative contracts with carriers and wholesalers. Net result. ...

... who worked for IBM for 40 years seems quaint. GETTING IT RIGHT There's another, dramatically different side to the story, however. By most any standard, Arm & Hammer might stand as the best-protected brand in business history. If it is, much of the credit should go to Dwight C. Minton, the CEO of Church & Dwight from 1969 to 1995. Chairman emeritus and still a board member, Minton expressed his position on protecting the brand (Harvard Business Review, June 2002) . The Arm & Hammer brand ... political posturing only adds to the din. When it comes to identifying the basic problem, the widely touted sins of greed, immorality, and defective character are irrelevant. Whether it's Arthur Andersen or WorldCom, there's little or no indication that the perpetrators of dishonesty are bad people. Quite the contrary, many are the portrait of what we consider the good American. Devoted to their families, they attend church regularly and give their time to civic concerns. The founder of Adelphia was generous to a fault, helping employees and those in the ... awaiting possible criminal charges, thousands of former employees are stunned and jobless. The list of charges grows longer by the day. Energy companies across the nation bet the farm like gamblers turned loose for the first time in Las Vegas and Americans will be paying off the debts for years to come. And, of course, there's that legendary family in the obscure community of Coudersport, Pennsylvania that took care of the town while looting Adelphia, the company they founded, and turning it into a piggy bank' for their personal pleasure ...

...bt management, and collection and credit management. The systematic production...trols all point to a billing action before the renewal date, whether or not the policy is ready for delivery. Agencies that succeed in bad times as well as good do not always...

... days. Every day you collect prior to actual renewal date adds to revenue. Never pay a bill early unless there is an offsetting interest savings. Try to get extended terms on any obligations you have as long as there are no penalties for doing so. Time credit card purchases so that you have the maximum time in the billing cycle to pay it off. Normally, you can pay off the entire credit card balance without any interest if you pay it within the allowable billing time. That can normally give you a 30 ... new business commission for producers and turning more of the new business production activity over to your CSR staff. Have the producer do less for the reduced commission. Take specific actions to improve your cash flow and to reduce agency debt service. Reduce your agency receivables and bad debt write-offs. The list is not limited to only five, but that is what we will focus on in this letter. The first tangible strategy: "Use company relationships as a vehicle to either get concessions or improvements in profit sharing, expense ... renewal commission to producers, consider reducing the new business commission for producers and turning more of the new business production activity over to your CSR staff. Have the producer do less for the reduced commission. Take specific actions to improve your cash flow and to reduce agency debt service. Reduce your agency receivables and bad debt write-offs. The list is not limited to only five, but that is what we will focus on in this letter. The first tangible strategy: "Use company relationships as a vehicle to either get ...