by Mike Stroman
Myopic adjective
my·o·pic | \ mī-ˈō-pik , -ˈä-pik \
1 : A medical term for having a condition creating nearsightedness. 2 : A business term for being short-sighted and/or narrow minded : the opposite of having vision.
Some business owners confuse being myopic with having a strong business focus. But focused business owners have their eyes on the prize, while remaining aware of other conditions in the market so they can identify opportunities as they present themselves. Myopic business owners don’t consider anything beyond the walls of their office.
In order to run a business with excellent results, you need to move beyond those office walls. Examine the external inputs you receive–not customer feedback or direction from your employees. The latter are both important groups, of course, but unlikely to be groups with whom you can discuss your deepest thoughts on your business.
Who is in a similar position that you can share your thoughts with—and receive honest feedback from, as well as critical analysis of your plan for moving forward?
Would a regular meeting with peers in a similar business but a different geographic area provide the forum for open and honest discussion on what keeps you awake at night, and what excites you about your business going forward? Not the casual discussions you engage in at insurance carrier or association functions, but getting down into the dirt on what works, what doesn’t, and a plan to move forward.
If you would benefit from inclusion in a peer group of other insurance agency owners, let’s talk. We’re in the process of setting up non-competitive groups across several states for the very purpose of monthly review of actual numbers, peer discussions on activities moving forward, and overall strategy for growing your agency. Topics will include operating margins, sales compensation and productivity, staffing levels and compensation, outside producer practices, and long-term plans, and will be tailored to incorporate the specific needs of participants. The series launches in August 2019—join us to see how your business can thrive!