Experience tells us the professionalism level differs significantly among manufacturers’ agents. At one end of the spectrum, you find highly professional agents businesses and it goes down from there. We also know that the professionalism level does not correlate with agency size. Some one-person agents businesses operate at a highly professional level and some multi-person reps operate at a much lower level.
The more professionally you operate your rep business, the more successful you become.
Steps to Rep Professionalism
- Create Business Plans
- Select the Right Principals
- Determine the Compensation Program That Works Best for Your Agency
- Negotiate Agreements That Work for Both You and Your Principals
- Work With Principals as Trusted Partners in Profits
- Learn to Sell Professionally
- Analyze Your Lines for Profitability
- Leverage Technology to Maximize Productivity
- Grow Your Business By Hiring Employees or Sub-Reps
- Back-Sell Your Rep Firm to Your Principals
- Work Effectively With International Principals
- Plan For Your Succession and Sell Your Rep Business
What advantages do professional agents enjoy?
- They attract higher quality principals to represent
- They manage to survive and thrive in tough economic times
- They achieve a much higher profitability and success level
- They retire comfortably