Being in business can be brutal.  Competition is fierce.  Rigorous investment in people, technology and client services is nonstop.  Delivering quality and value to a client base that is becoming more and more demanding, and less loyal, is frustrating.  Oh, need I mention that the very industry in which we make our living – the delivery of health insurance products and services – is right smack in the middle of the healthcare reform debate taking shape in Washington?

Although we all share the same challenges, why do some businesses continually grow and expand while others seem to remain stagnant and paralyzed?  Maybe the answer to this question can be found by examining how well a business adapts to the challenges it faces and how effectively it turns those challenges into opportunities for growth.

Business mirrors life itself; both go through various stages with ups and downs, some sweet rewards and many tough challenges.  How a business addresses its challenges generally determines if the business will not only survive but also thrive in the various stages of the business lifecycle.

We all understand the challenges our industry faces today: a shrinking economy, stressed-out employers, over-leveraged consumers, declining revenues, lost investments, political pressure for healthcare reform and a healthcare industry with a mangled public image, just to name a few.  On a day-to-day basis we face fierce competition, shrinking enrollment, reduced commissions and a lot of noise and confusion in the distribution channel.

The solution may be fairly simple and straightforward – try to change only what is under your control, and have a clear and concise business plan to address the challenges your business faces in order to grow and prosper.

First and foremost, now is the time to increase your market share, seek new sources of revenue and expand your business footprint.  Without new revenue growth, your business will actually shrink due to declining enrollment and reduced commissions.  It is imperative to aggressively market your services, expand your product mix and upgrade your technology.

Second, keep every client you have from moving to a competitor.  Show your commitment to cost containment, service, quality and value.  Let clients and prospects know about your investment in your people, infrastructure, technology and services and how that investment benefits their business and their employees.  Be relentless in discussing the new, lower cost plan options with your clients.  Help them navigate the vast array of local, state and federal rules and regulations by rolling up your sleeves and getting involved.  Educate your clients on the quality and value that you deliver to them every day.

Ultimately, it is more critical now than ever to grow your top line revenue, keep all of your clients from going to a competitor, and work with a strategic partner who can help reduce overhead and fixed costs.  Look for a strategic partner, like Savoy Associates, who can deliver the information, expertise, technology, service and support that you and your clients demand, and need, in order to help you grow your revenue, expand your market share and deliver profitability to your bottom line.

Remember, successfully overcoming the vast challenges we all face in our industry today requires that we stay positive, implement a solid business plan and demonstrate the commitment to face the challenges and fight through them.  If we do, we most certainly will come out on the other side as a business that not only survived but also thrived in an extremely tough and challenging environment.