Empower Brokerage’s agents span the United States and represent a vast array of clients. While some agents work independently, others run multi-agent insurance businesses, and we pride ourselves on the great work our agents do through their community-centric business efforts. Whether you run a one-person or multi-person organization, it’s important to keep your community at the center of all you do.
Stability and Sustainability
Right now, the stability and sense of safety insurance companies can provide are especially important to local communities, as the coronavirus pandemic continues. Insurance is all about helping people, so it makes sense for insurance companies to keep community at their core. After all, healthy communities foster healthy business, so it is a win-win scenario.
“It’s about sustainability. When your orientation is to the community first, your priorities are aligned in that direction,” explains Founder and CEO of Nonprofits Insurance Alliance (NIA) Pamela Davis in an interview with the Insurance Journal. “There is no conflict – as some investor-driven companies experience – between what is right for the organization and what is right for the community.”
Balance is Key
Experts say that the key to running a successful community-centric business is balance; successful businesses must both maintain their bottom line and ensure that they are making ethical decisions for their community. This dual-sided approach is difficult to master, especially since it is heavily rooted in personal ethics, which are often hard to understand in the first place. Finding balance in taking care of the community and one’s own company, however, can skyrocket both a business’s popularity and profitability.
An External Mindset
By focusing on the community, business leaders adopt an external mindset. This thought process gets owners and managers to think about external factors in a proactive manner, as opposed to only looking at the company’s inner workings and having external events shake their business model. Regarding the current coronavirus pandemic, many of the mid-level businesses that maintained growth at the start of the pandemic were successful largely due to their outward focus outlook. By analyzing potential risks, these organizations were able to have risk management measures in place before the crisis, allowing them to be better prepared than their competitors.
A community-centric business approach is also beneficial because it allows business owners to consider all stakeholders, not just company stockholders. While stockholders are those who have a financial stake in the company, such as owners and investors, stakeholders are those the company’s actions affect, including employees, neighboring companies, those who live nearby, and consumers. Maintaining a community-centric organization and taking a dual-sided approach to business decisions can help companies thrive, even in times of chaos.
We hope this information on building a community-centric business is helpful to you.
Empower Brokerage is dedicated to helping you educate your clients on the insurance they need and staying on top of their health. Whether it’s through webinar training, one-on-one calls, seminars, or marketing plans. We want you to be successful. Give us a call if you have any questions 888-539-1633.