It's time to Give up...to Grow Your Business

In this episode of the Insurance Business Babes podcast, hosts Kathe Kline and Joanna Wyckoff dive into the topic of "giving up" certain things in order to grow your business. They emphasize that this is not about giving up in a negative way, but rather about letting go of clients, tasks, or habits that are not serving you well. Kathe shares a personal story about how she decided to give up a difficult client as a financial advisor. This client was berating her assistant, and Kathe realized that continuing to work with them was not a good use of her time. This example highlights the importance of recognizing when certain clients are not providing enough value in return for the time and effort invested. Joanna agrees and expands on this idea by discussing her own experience with releasing over 100 agents last year. These agents were causing issues and taking up too much of her time. However, she was able to rebuild her downline to over 200 agents who respect her time more. This demonstrates the positive impact of cutting ties with clients or agents who are not contributing to the growth and success of your business. The hosts also delve into the changing expectations of clients in today's constantly connected world. They talk about the entitlement some clients feel to immediate responses at all hours due to cell phone connectivity. To maintain a healthy work-life balance, both Kathe and Joanna have made the decision to cut off work communication after hours. They emphasize the importance of setting boundaries and prioritizing personal time. Additionally, they discuss the need for agents to self-educate more through recorded trainings, rather than constantly relying on personal assistance. Kathe suggests Joanna set up a paid service, such as Clarity, to charge agents for assistance outside of her core downline. This would help Joanna better value her time and ensure that agents appreciate the value of personal assistance. Finally, they touch on the idea of dropping unprofitable tasks. Joanna considers obtaining an LOA to help with enrollments for drug plan clients affected by rate increases. This shows the importance of reassessing tasks and focusing on those that contribute to the growth and profitability of the business. In conclusion, Kathe and Joanna encourage listeners to identify what they need to "give up" or let go of in order to optimize their business and better value their own time. They emphasize that cutting unnecessary tasks and clients is essential for growth and success.