In a new Forbes.com article, titled “The New Face of Growth in 2021” by Frank Sorrentino, chairman and CEO of ConnectOne Bank, pointed to acceleration in both technology and digital realms as driving a new face of growth. He wrote, “Looking ahead, businesses will have to plan for future growth in a much different way than they were accustomed to…one of the biggest trends emerging from the last year has been consolidation.” I couldn’t agree more: The business landscape has indeed changed forever, and now it’s up to us all to adapt and shift.
At Arrow Benefits Group we have significantly grown and increased our assets over the last three years by partnering with and acquiring multiple agencies. In fact, Arrow has been forging alliances with brokers for over 20 years through our umbrella partnership program, which was created to support smaller insurance brokers and agencies through consolidation. Our combined strength and leadership enable us to continue to flourish as we advance toward our growth goals.
What’s more, growth is certainly not only about acquisition. We place a big emphasis on organic growth by strategically developing our internal strengths by acquiring, mentoring, and investing in, and maintaining the brightest team possible.
Going against the grain
Though it may feel counterintuitive, now is the time to target growth opportunities. Many businesses are focused on the task of traversing the pandemic; they’re not thinking about expansion, so you’ll have the edge if you can be proactive right now.
Multiple studies indicate that the U.S. economy is going to experience a strong recovery as we rise out of the pandemic. So how can you prepare now to take full advantage when the time comes? Start by reaching out to industry colleagues to offer support in any way you can—ask what they need, share resources, develop partnerships, collaborate on strategies, and collaborate on possible expansion ideas. Closely networking and examining within your industry will give you the needed insight to develop a plan. Communicating openly and honestly about the state of your business sector will uncover the right moves toward your development.
Some additional strategies to consider include: adding new products and services; expanding into new territories; targeting new customer markets; tapping into different sales and delivery channels; examining your internal company culture for improvements; tapping into different sales and delivery channels; and examining your internal company culture for improvements. And, again, partnering and collaborating with like-minded businesses can also be key to growth.
Our approach to growth
In the article, Sorrentino hit the nail on the head when he talked about the move toward at least some type of consolidation and the need to pivot at this time. The stress and uncertainty of the last 24 months has driven many small business owners to the brink, leaving them looking for something to bolster sales, services and preserve their legacy.
In the insurance industry, smaller agencies have long struggled with resources and often the right opportunities to grow. At Arrow Benefits, we took growth to a new level by identifying and addressing this problem by filling in the gap to support our colleagues. We joined with other insurance agencies and co-founded Patriot Growth Insurance Services, a national insurance platform focused on elevating its partner agencies, allowing them to maintain their distinctive local brand and customized client service strategies, while offering a collaborative, inclusive culture that resonates with our company and our industry colleagues.
As part of its creation, Patriot even further expanded its market reach by purchasing TRUE Network Advisors, an alliance of benefit firms with offices in more than 25 U.S. cities, providing a passionate dedication to employee benefits and a series of innovative services, vendor partnerships, and strategic partners around the nation.
The co-creation of Patriot Growth Insurance Services and its purchase of TRUE Network Advisors is a crowning achievement for Arrow. It’s also an example of how examining the needs of our industry resulted in advancement, even in this climate.
Creative options
Now is the time to closely study what is happening within your industry, and to look for ways to continue your business’s evolution. Creating new relationships, partnerships and alliances allowed us to more than triple in size and extend our reach beyond our goals over the last few years. This is the advantage for any business that wants to succeed right now. Those that can embrace a similar philosophy will thrive right now.
In its second year of operation, Patriot was ranked in the top 40 largest insurance brokers in the U.S. by Business Insurance and Arrow now ranks in the top 10 in California agencies in Employee Benefits.
Joe Genovese, CEO and managing principal of Arrow Benefits Groups has been a leader in the insurance and benefits field for more than 30 years. He is dedicated to elevating the industry and supporting clients and community. Arrow is one of the Bay Area’s largest private benefit consultants, focused on “humanizing” the intricate benefits process and creating new solutions in the complex field of employee management. For more information, visit arrowbenefitsgroup.com or call (707) 992-3780.
