Thursday, July 26, 2007

Writing a strong executive summary

Whether you’re writing a proposal or preparing a white paper, an executive summary is an integral part of any lengthy or complex report. An executive summary allows the reader to quickly understand the scope of the report, your major finding and your conclusions. It is a succinct wrap-up of the report or proposal’s contents. Because time is such a precious commodity, people who should read an entire report may only skim it. The executive summary allows the readers to know, in one or two paragraphs, what to expect in the report.

The executive summary should be near the beginning of your document and clearly delineated by a heading and formatting. If you know your presentation will be read by many employees, for example if you’re responding to a Request for Proposal (RFP) for broker services, write the executive summary to the highest ranking person who will read your report.

The executive summary should avoid the nuts and bolts of how to implement a project, but it should give an overview of the problems being addressed, what action to take, and what the benefits of taking that action are.

Your executive summary should be a call to action. Use action phrases such as “We recommend” or “The problems you have faced in prior data conversations can be avoided by utilizing our project management experts.”

Broadly speaking, an executive summary should do the following:

1. Tell your readers what your report contains or what it evaluates.
2. Explain any method of analysis you may have used.
3. Summarize your findings.
4. Succinctly state your recommendations.
5. Briefly state any limitations you encountered that might have impacted the thoroughness of your report.

It may be a good idea to write your executive summary after you have written your report. When you have completed your report or proposal, use a voice recorder and summarize each section of your report. For example, in a white paper, you may have headings such as “problems of integrating technology,” “what to look for in a claims management system,” and “what to expect during data conversion.” Briefly describe the findings of each major section in your white paper, with a strong emphasis in your executive summary of the conclusions that, of course, your company is best positioned to solve. Keep your summary brief—an executive summary should probably be fewer than 1,000 words.

If you’re pitching to a large organization, the executive summary may be the only part of the presentation that the decision makers read. Your report may be passed to lower-level managers to determine whether your proposal has merit. In other words, your executive summary can mean the difference between winning that new account or losing it to your competitor. The extra efforts you apply to develop this summary can reap huge rewards.

Sunday, July 22, 2007

Does your client need a risk manager?

In today’s turbulent business client, can your organization afford to ignore risk management? Every organization must consider risks seriously, whether you are a two-person shop or a major corporation reporting to stockholders. Who in your organization performs this function?

Many organizations have an employee who wears many hats, and usually, organizations place insurance, safety and risk management responsibilities with either a finance person or, in larger organizations, a personnel director. That decision may work if you have a small organization, but as your business grows, the greater are your assets at risk and your exposures to loss.

A risk manager analyzes an organization’s core business functions to determine insurance coverage needs and to reduce risk. To analyze coverage, the risk manager must examine the organization’s current and impending activities to determine if those endeavors are covered adequately under its current insurance policies.

For example, a few months ago I heard from a frantic North Carolina business owner. He assumed that, although he had two corporations, all his employees were covered for workers’ compensation. When one of his employees was injured, he found out the hard way that employees under the second corporation were not covered under his workers’ compensation coverage. With thorough risk management and an experienced independent insurance agent, this loss could have been prevented.

The risk manager often becomes to “go-to” person in each organization when employees see trouble on the horizon. “Can we do this?” is a question the risk manager must answer frequently. A risk manager’s job is rarely to say “no.” Instead, the job often requires imagination and innovation to answer the question “How can we do this?”

A risk manager’s job may involve working with line supervisors to ensure employees are following safety procedures. If you have no written personnel or safety procedures, a risk manager will work with peers to develop them for your organization. Personnel issues such as sexual harassment or potential dismissals may, in conjunction with human resource officers, involve the risk manager.

Training, such as supervisor safety training, will probably fall to a risk manager. Safety inspections and adherence to safety policies are a regular part of the risk management function, as well.

Managing claims is an integral part of the insurance function. The risk manager works with other managers to ensure all losses, whether injury or property damage, are reported timely to insurance carriers. Developing a reporting procedure for all claims to guaranty prompt claims reporting is critical to accident management.

Educational backgrounds vary among risk managers. While most hold at least a bachelor’s degree and professional accreditations such as the Associate in Risk Management developed by the Insurance Institute of America, the major issue to consider is the ability to think creatively to either embrace where appropriate or avoid risk. While a risk manager must be able to interact with senior managers and board members, he or she must also be comfortable with line employees, where safety problems occur most frequently. If you must choice, choose excellent communication skills and good common sense over technical training.

When is it time to consider either hiring a risk manager? First, there are “rent-a-risk managers” who will consult with your organization for a monthly or annual fee. However, if the potential savings a risk manager offers your organization exceeds his or her salary, given an acceptable rate-of-return, your organization should strongly consider hiring a risk manager.

Thursday, July 12, 2007

How not to talk to a journalist

Because I have no shame, I am going to share my most embarrassing interviewing mistake. I was a new cub freelancer, still green behind the ears, to mix a metaphor. I had read an interesting article in a trade journal that made me realize I could expand on that topic by delving into it more deeply. I really thought one of the insurance executives who was quoted had an astute insight into the issue. This was a bit before Google, so I tracked him down through a couple phone calls.

He agreed to talk to me, making clear he had only a moment for me, and said abruptly, "So, what's your question." I froze. I absolutely could not get one word out of my mouth.

After a couple of seconds, I managed to stutter something like, "Well, I loved what you said in the article in National Underwriter and I wondering if you could elaborate on that."

The fact that I didn't have a specific set of questions for him was my mistake, born of inexperience. But what happened next was his mistake. Instead of taking a moment to ask me to remind him of what he said, or to somehow lead me along a bit (remember, I was new at this and it showed!), he snapped, "I don't have time for this. Either ask a question or get off the phone."

I thanked him for his time and hung up. That was 15 years ago, and guess what? I'll never bother him again and I remember his name. So what's the lesson?

Most reporters have never owned a business, been subject to a profit motive, and except for the few that specialize in insurance and work for the trade journals, don't understand insurance all that well. As your own public relations band, it's your role to become an orchestra leader. You must guide the interviewer when needed. And always, no matter how busy you are, be gracious. People remember jerks.

I have provided a link to an interesting article about how to talk to journalists written by a journalist.

Friday, July 6, 2007

Proofreading

Editing documents is my business, so I have a particular routine down. First, I write the article, often stream of conscious, not worrying about spelling (I use auto correct for the simple errors). Then, on screen, I go back over the document a few times to ensure I've caught the most flagrant errors.
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Next, I print, always double spaced. Then I edit, usually away from my desk, in another room, away from where I created the document, normally using my German shepherd as a footstool. I use a red Precise Rolling Ball red pen, which I buy in bulk. I use standard editing marks, which you can find here.
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Then, I return to the computer and make changes, reread on line again, then print. I often print and edit an article four or five or six or more times before I'm ready to consider it a finished product. In the interest of recycling, for new rough drafts I reuse paper.
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Here's the most important tip of all. If your document is important (and I maintain every one is except the most mundane e-mail to a pal), then lay the document aside overnight and reread it the next morning with a fresh eye. Here is my guarantee--if you do this, your communications will improve a great deal.
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The eye finds many, many errors more errors when you print your document rather than if you edit on-line.
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My favorite spell check error occurred when I was a public sector risk manager. I was on the board of PRIMA-AZ Chapter, and the President that year was the former State of Arizona's Attorney General, and a wonderful, high-profile woman. As president, it was her role to put out the Chapter's newsletter. She apparently relied a little too heavily on spell check, because when I read the newsletter after it arrived in the mail, on the front page in big letters was the word "Public" spelled without the letter 'l'.
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She had a great sense of decorum, but a better sense of humor, so I lost not one minute calling her to crow about her error. There was dead silence on the phone for a moment, then she said flatly, "I'm blaming YOU!"
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We both laughed and learned how to take "public" without the 'l' out of our spellchecks. Come back soon and I'll tell you how to remove words from your on-line dictionary. It may save you some embarrassment.
P.S. One of my sharp-eyed friends just emailed me to point out a typo, which I fixed. That shows Stillman's comment is true: someone else needs to proof your document, too!

Monday, July 2, 2007

A beautiful website

Need a breather from your day? Planning a vacation soon? Then visit my brother's website and visit the "Arizona" link. As you scroll over the various sites, a pop-up will appear of that destination. Of course I'm biased, but I've traveled all over the United States and then some and to me, Arizona is one of the most beautiful places on earth. For diversity, there is no state more varied.

If you reside in the Phoenix metropolitan area and need insurance, give Carol M. Kahn a call at 623-931-5343. Northwest Insurance puts its clients first.

And for another shameless promotion, one of my other brothers, Stillman Thomas, designed both my website and the Northwest Insurance website. You can contact him here or through me (he works with me from time-to-time on technical projects). Isn't he a great designer?

This month's Rough Notes magazine had an article about husband-and-wife insurance teams. Give it a read. If you're tired of struggling to find good employees, why not shake your family tree?

Friday, June 29, 2007

On a mission

I heard a great slogan the other day that speaks to the heart of what makes a good salesperson. "I'm on a mission--not on commission," this salesperson said. To be truly successful in the long run, I believe, sales people must look beyond the immediate profit to what is best for the client.

The agency I worked with recently in Arizona has done just that. Over the years, they have always put their clients' needs ahead of their need for profit. They have had to turn business away to brokers with more markets or who were better suited to help their insureds. They always did so with grace and good humor. They wished their clients well who left them, even if it was only for a hundred or so dollars in premium savings. "If we can help you in the future, just let us know," they would always say. Inevitably, some of that business came back to them. They have lived the slogan "We're on a mission--not just commission."

I wonder how many people in the insurance industry still put their client's well-being ahead of their organization's need for profit? I know some do.

Wednesday, June 27, 2007

Do you need a slogan?

Many organizations have slogans. Insurance Writer has two: "Where Insurance is an Art," and "Making you successful makes me successful." I've used the first one for years; the second one is to brand my blog. No matter the size of your company, a catchy slogan is critical to your branding efforts. After all, where would Allstate be without its "You're in good hands" slogan?

Developing a slogan is a process of trial and error. To develop a slogan, you'll need to define the benefits your organization provides that others in your niche may not. For the agent I was working with last week in Arizona, they are family owned and have been in business in that area for 45 years. They have a slogan they've used for years, but on the agent's business card whose business we are building we put, "The Personal Insurance Specialist." That says, in four words, exactly what she does and differentiates her from the agent pack.

To develop your slogan, and recall that you may have two or three different slogans for various uses, devise a list of ten or twenty possible slogans and solicit feedback from long-time customers, friends and trusted colleagues. You can also use a method from poetry, the "cut-up" method. Take key words like "service," "trusted," "home-town," or other ones you might use. Put them in various combinations to find a phrase you like.

A copywriter can help you develop slogans for your company. Considering that a good catchphrase can boost your business greatly, you'll reap a big return on investment.

Sunday, June 24, 2007

Are you a Chamber member?

If you are, are you taking advantage of your local Chamber of Commerce? Last week I worked with an agency's personal lines manager to assist them in developing and implementing a marketing plan. Their phones weren't ringing as much as they'd have liked, partially due to the competition from direct writers.

First, I learned this agency's sales goal, which is readily achievable, especially given the exponential growth in this region. Next, we looked at a big problem this agency faces: It doesn't have a physical location in that area.

This agency belongs to three or four Chambers but hasn't attended regulary. So we took the proverbial bull by the horns and went to two Chamber mixers at the same Chamber. (We're not going to spread ourselves too thin; this Chamber has over 1100 members and is booming. Next month, we may hit the other Chambers, but there's plenty of work to be done here first.)

The first meeting we went to was a marketing committee meeting where we volunteered our services to help get ready for the Chamber's annual dinner. There we met a realtor, a loan officer in a bank (my client's bank, by the way), and an Avon lady, to name a few. All of these people can help her and she can help them. These are informal strategic alliances.

How can an Avon lady help an insurance agent, you might ask? First, this isn't just any Avon lady. She's a retired pit boss in a Las Vegas casino, we learned when we chatted as we worked, so she has to be sharp. And, she's going to be in about every home in that area, we could tell just from her demeanor--she's a go getter. Next, she's in the the age range of this agent and that can be very important. Generally speaking, we like to work with people of our own generation. We laugh at the same jokes, we often hold similar values and we feel more comfortable with people in our own age range.

Before we left the marketing meeting, I made an appointment for us to chat with the Chamber's executive director. The next day, we returned for a morning mixer where attendees had a few minutes to talk about their product and we introduced our agency. After the meeting, we met with the Chamber's director, and picked her brain.

She had a few good ideas. She told us that each member can obtain a mailing list annually (1100 members, remember?) of all Chamber members for the cost of the labels. We also confirmed that there was office space available if my client needed to meet a client in the area. This will be a great help until they build business enough to open an office there.

Next, we stopped by a local realtor's office to determine where some of the local realtor groups met and found we could leave flyers for the Realtors. It was that simple.

Finally, we went back to the office to devise our flyer and postcard campaign. How long did this take? It took us about three days total and we're ready to enter Phase I of this agency's growth plan.

As I told my client, you cannot send only one mailing and expect that your business will grow. You have to continue with mailing, Chamber attendance, Chamber sponsorship, flyers, and advertising, because it can take from to four to eight contacts to potential clients, keeping your name before people or organizations, before they think of your company when they need insurance. You have to be patient and persistent to see your marketing efforts take root.

Using Microsoft Publisher, we're able to do all the flyers we need using one or two templates. Using an online publishing company, we ordered new business cards with more "eye appeal" and postcards for the Chamber mailings.

Marketing doesn't have to be expensive to pay off; it must be look professional and you must be persistent. And you must follow up. I met with a retired agent friend of mine while in town and she told me a great story. She worked for an agent who did a big mailing and received over sixty responses. He never returned one phone call to any of these prospects. This, she said, is the norm for the agencies where she has worked, not the exception.

This is probably the number one rule of a successful salesperson. Follow up. If you obtain an expiration date, call. Why spend money on advertising if you aren't going to follow through? Why join a Chamber if you're going to attend just once or twice a year? After all, there are many agents out there who will. That's why their successful.

Thursday, June 14, 2007

Are you killing them with PowerPoint?



Use humor to convey your message

I like PowerPoint, don't get me wrong. I've been using it for a number of years. However, it seems that everyone is now using PowerPoint and many users aren't too successful.

Whether you are building your brand and your professional reputation or just trying to train your troops, from time to time you'll be forced to make presentations. It's important to get your audience's attention when you present but it's also just as important to keep their attention.

Here are a few PowerPoint tips.
  • Don't start with PowerPoint, start with a pen and paper. Develop what's known as a "storyboard."
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  • Your storyboard shouldn't be just text, it should be conceptual. Think in ideas that can be created visually. For example, if you're talking about safety, how about a great photo of a repair person on a metal ladder in a swimming pool (complete with water) changing an electrical switch? Hilarious photos to illustrate your point abound on the Internet. Just Google; you'll find them. (Don't violate any copyrights to do so!)
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  • Consider your audience. Presenting to human resource professionals is much different than presenting to police chiefs or line supervisors.
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  • Use some humor, especially when opening. It may be a photo or a relevant joke, but remember that certain jokes will fall flat on certain audiences.
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  • The eye likes white space. Keep text, bullet points and paragraphs short. Use the notes page to add comments. No one wants to read your every thought (they're too scary).
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  • Don't data dump. You may revel in statistics, most audience, however, do not. Pick key statistics like "Texas has the highest rate of population with no health insurance. 30 percent of its population has no coverage." Then talk about this statistic and its impact.
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  • If there is a lot of data you feel the audience needs, hand out those statistics in a separate piece after your talk.
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  • Audiences generally prefer a faster pace to a slower pace. Don't spend more than four minutes per slide. Some presenters go as quickly as four slides per minute. Figure out your pace before you present.
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  • Know your technology. If you fumble around with the presentation, it's hard to then get your audience to take you seriously.
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  • Read your audience comments. (I know, sometimes it hurts.) It's a gift that enables you to polish your next presentation.

PowerPoint is a tool, but a tool that, used poorly, can pinch. With a few tips, your next presentation can be powerful.

Tuesday, June 12, 2007

Making the phones ring

Next week I'm heading back to Arizona to help an insurance agency there with a marketing plan. Competing against direct writers in today's market isn't easy, especially in personal lines. Marketing your agency is easy, but to do so, you have to spend some money.

One great marketing tool I use is Vista Prints. They have a stockpile of templates for mailings. They have a simple-to-use website that allows you to design postcards, business cards, or brochures. For a little over 50 cents including postage, you can design and mail a custom postcard to any number of prospects.

Check out Vista Prints. (I don't gain financially from this post, I'm just letting you know that I've relied on them for awhile with good results.) And remember to track your returns on your direct mailing projects. It doesn't do any good to spend money on advertising or mailings if you don't know how much revenue they produce.

Friday, June 1, 2007

How to get your press release noticed

I spent some time with marketing personnel from Business Wire and PR Newswire recently, and learned a few tips for getting your press release read and helping to brand your company.

First, most who read press releases read only the headline to determine if they want to read further, so your release's headline must pack as much information into it as possible. Second, always "build your brand" by putting your company name in the headline. Remember, the more times your name is bandied about as a solution to a problem or as the name to go to for a commodity or service, the stronger your bottom line.

Even though it looked a bit long when I wrote it, here's the most recent press release headline I wrote for one of my great clients, Proxix.

Skittish insurance industry skirts hurricane-prone coastal areas;
Proxix Solution’s CATUM tames storm-surge risk

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Another tip for getting more mileage from your press release involves "click-throughs." These are hyperlinks such as the Proxix link above where readers can click directly to your home page or a page on your website containing specific information.
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The White Paper we had just assisted Proxix with was a click-through in their press release so that anyone interested in their computer model can click through directly to their White Paper.
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Implementing just these two tips will get more mileage from your press release. I didn't promise it, but these two companies did, and they, after all, are the experts.

Monday, May 28, 2007

Top 12 tips we like

In a recent blog entry in "What About Clients," which is geared to law firms, I found an excellent blog entry on customer service.

Rather than paraphrase it here, I'm going to let the entry speak for itself (click on the blue link).

I couldn't agree more wholeheartedly with this entry. The client is number one. Deliver more than he or she expects and you'll keep clients for a long while.