PPACA has been law for 15 plus months and many brokers and advisers consultants are still in denial. Many are acting like nothing has changed. Not for their clients. And not for their businesses either. This is no time to play the ostrich game. It’s survival of the fittest and most adaptable. Our world of benefits has changed and the landscape will continue to evolve. It’s time for a reality check. Change is never easy, but adaptation is part of survival. Just ask the dinosaurs. How are you adapting your business model? What are you doing differently today that you were not doing in the last decade? I’d like to hear from you on this topic in the comments.
At Selden Beattie Benefit Advisors we were fortunate enough to see the brush fire of health care reform coming and started adapting our client focus, our value proposition, and our business model beginning in 2009. The strategic focus we have with our clients and our service delivery model have helped to position us for growth. We see great opportunities where others only see problems. We are expanding our capabilities and finding new ways to make ourselves invaluable to our clients. That results in more revenue opportunities, greater profits, and better client retention. What are you doing to address these very essential business goals?
Now is not the time to be timid. Today’s market conditions require bold action and innovative thinking. Yes, it’s a jungle out there. But you know the anecdote about the herd of antelope and the lion. To survive you don’t have to be faster than the lion. You just have to be faster than the slowest antelopes in the herd. So where in the pack do you want to be? After working so hard all these years, I know I want to remain in the front or become the leader.
I challenge you to be thinking outside the box just as I have challenged my own thinking and my team. Are you adding revenue streams? Intelligently integrating voluntary benefits? Or executive benefits or retirement planning services? Adding HR consulting as an offering? Considering offering payroll services? Or recommending a PEO as an option? Are you morphing your business model to a consultancy, fee-based practice? What is your game plan for being at the front of the herd?
Let us hear from you in the comments and we all can get stronger and more nimble in the process.
Beattie is president and chief executive of South Miami, Fla.-based Selden Beattie Benefit Advisors. She can be reached at 305-661-9090 or firstname.lastname@example.org.
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