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Let's put down the Magic 8 Ball and get real about the new business budget

firm operations sales Nov 27, 2018

Who produced 20% of your practice revenue this year? Do you have a high degree of confidence that they’ll repeat or was that “accidental” revenue? If production isn’t going to come from them, who will deliver? Benefits leadership is tough enough; let's get real about new business and remove some mystery from 2019. What resources will your new clients leverage? It varies widely based on size, industry and funding mechanisms, making those details in a pipeline invaluable.

In many firms, benefit leaders are responsible for practice investments without reliable insights into producer activity. I think we’ve outgrown leveraging historical production and a Magic 8 Ball to “guess-ti-budget” new business revenue and then holding our breath to see if it materializes. As I’ve written previously here, I'm empathetic to the challenges in our business. I'm concurrently optimistic and believe it's possible to tactically prioritize...

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