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3 useful tips for managing your agency in the year of the tiger

A Bengal tiger relaxing on a log

While businesses have struggled in recent months due to the national lockdowns and global supply chain issues, things may soon be about to change. With the end of the pandemic in sight, many companies are looking forward to finding out what this year will hold for them.

As you may know, February is the start of Chinese New Year and 2022 is the year of the tiger. This animal is typically associated with three things: strength, exorcising evil, and braveness.

If you want your agency to grow and thrive as we emerge from the pandemic, read on to find out how these traits can help you manage your agency in the year of the tiger.

1. Strength – make sure you have a healthy cash flow

As most business owners will tell you, one of the most important strengths a company can have is a healthy cash flow. No matter how high your profits are, your agency may struggle to operate if there isn’t enough money on hand to cover your outgoings, such as bills and wages.

If you have problems with your cash flow, however minor, they could cause disruptions which may damage your relationships with clients and suppliers. They may also lead to reputational issues and cause you to lose business in the long term.

Maintaining a strong cash flow is especially important if you plan to grow your business in 2022. No matter how good the business culture is at your agency, you may struggle to attract talent if you have to pay them with IOUs!

If you want to improve your cash flow, creating an accurate forecast can be an important first step as this information can help you to make properly informed decisions. Having a picture of your incomings and outgoings can help you to plan more effectively, as well as reduce any unnecessary spending.

2. Exorcising evil – ensure your team are working as efficiently as possible

As an agency owner, there are probably a lot of things that spring to mind when you think about “exorcising evil” – not least running your competitors out of business! However, one of the most important “evils” that you can address in your company is the problem of inefficiency.

While having an accurate cash flow forecast can be a great way to cut down on any waste spending, it’s also important to ensure your employees are working as effectively as possible. There are a variety of ways to do this, so it’s important to keep an open mind if you want to boost their productivity.

For example, as we touched on in our blog about the digital skills shortage, automating tasks such as data input or administrative communication can help to save time. Removing these jobs can help to make your employees both happier and more efficient.

Of course, when it comes to boosting efficiency, there are rarely one-size-fits-all solutions. This is why the most effective thing you can do sometimes is to sit down with your team and ask them. Not only might they have useful ideas but knowing that you value their opinion can help them to feel more appreciated.

Finally, if you want to ensure that your team are working as effectively as possible, it’s also important to support their mental health, as we discussed in a previous blog. Happy employees are often more productive and more willing to go the extra mile for your company.

3. Braveness – don’t be afraid to take risks

If you want to grow your business, being able to take risks and seize opportunities can be vital for your success. This is why braveness is the third trait that your business should embody in the year of the tiger.

While it can sometimes be prudent to be cautious, willingness to take risks can be a useful way to stay ahead of your competitors. The needs of your clients will often change and, when they do, it’s important that you can adapt with them.

Not only can taking risks give you a competitive advantage when it comes to meeting the needs of your clients, it can also lead to useful innovations that can make your company more efficient. For example, it could lead to a new way of doing things that you hadn’t previous considered.

Of course, when taking a risk there is always the possibility that it doesn’t work out. Sometimes, an unexpected problem can throw a spanner in the works, which is why it’s crucial to know that your business will be able to overcome it.

If you want to be able to take risks with confidence, it’s important to minimise the chance of anything going wrong. This is where having the right protection can help you, as it can provide a valuable safety net in case the unexpected should happen.

Working with a broker can help to find the best cover for your needs, giving you greater confidence when growing your business.

Get in touch

If you want to be able to take risks, secure in the knowledge that you can overcome unexpected problems, we can help. Email creative@eggarforrester.com or use our contact form to request a callback from our team.

 

 

Posted: February 22, 2022 | Categories: Creative Insurance News

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