lnl0965 management fast start system manage your bonus every day
TRANSCRIPT
LNL0965
Manage Your Bonus Every Day
LNL0965
LNL0965
What does it cost your Branch when an Agent misses a 40% bonus?
When an Agent fails to submit the required Annual Premium, the Bonus % drops to 0.
Then, the Agent must rebuild to the top tier by submitting the required Annual Premium each week.
LNL0965
Example: New Agent Joe Average
For the first two months, Joe has consistently submitted $1,000 AP or more each week.
His Production Bonus percentage is 40% and his bonus earned is $400 or more per week.
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Example: Joe Average
Because of Joe’s success, no one in management has been keeping up with Joe’s Activity or Production.
According to his Manager he has “earned the right to be left alone.”
Joe got caught up in the whirlwind this particular week.
His UM and BM failed to supervise his activity, and Joe fell short by submitting only $800 AP, missing his $900 submit requirement.
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LNL0965
Example: Lost Earnings
Total Lost Earnings: $2,000.00
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Lost Earnings
In our example:
The Agent loses $1,000 of earnings.The Unit Manager loses $600 of earnings.The Branch Manager loses $400 of earnings. The $200 shortfall in production that one week cost the Branch $2,000 of earnings.
If this happens to one Agent per week, because there is not a system to manage activity, it will cost the Branch $104,000 in earnings per year. $2,000 x 52 = $104,000.
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The Most Common Bonus Mistakes
1. Not managing activity to levels that virtually guarantee sales and bonus success.
2. Not having an Agent Bonus Scoreboard.
3. Not updating the board daily.
4. Not acting early to direct those Agents who are off track.
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Franklin Covey taught us that our Scoreboard will only be compelling if:
It is Motivating
It is Simple - we can tell in 5 seconds all we need to know
It is Updateable - we can update it easily
It is Complete
It is Accessible - Management and Agents can see it easily and often
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Bonus QualifiersMonday Example
10% 20% 30% 40% 10% 20% 30% 40%
John Tucker 0 Emory Carter 0
Tom Smith 0 Pete Summerford 0
Paul Jones 0 Jack Medders 0
Casey Lynn 0 Bill Campbell 0
Cierra Goodloe David Ashley 0
Jackie Johnson 0 Cindy Newbern 0
Lynn Smith 0 Roy Smitherman 0
Sue Delano 0 Polly Deliago 0
Rod South 0 Joey Joiner 0
Cedric Williams 0 Carrie Morris 0
Morgan Chandler 0 Brenda Peek 0
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Bonus QualifiersTuesday Example
10% 20% 30% 40% 10% 20% 30% 40%
John Tucker 828 Emory Carter 801
Tom Smith 0 Pete Summerford 678
Paul Jones 1239 Jack Medders 834
Casey Lynn 0 Bill Campbell 495
Cierra Goodloe 997 David Ashley 345
Jackie Johnson 1767 Cindy Newbern 2343
Lynn Smith 1767 Roy Smitherman 443
Sue Delano 567 Polly Deliago 634
Rod South 1221 Joey Joiner 0
Cedric Williams 1989 Carrie Morris 0
Morgan Chandler 2312 Brenda Peek 0
LNL0965
Bonus QualifiersWednesday Example
10% 20% 30% 40% 10% 20% 30% 40%
John Tucker 828 Emory Carter 801
Tom Smith 1211 Pete Summerford 901
Paul Jones 1811 Jack Medders 1111
Casey Lynn 345 Bill Campbell 495
Cierra Goodloe 997 David Ashley 345
Jackie Johnson 1767 Cindy Newbern 2873
Lynn Smith 1767 Roy Smitherman 443
Sue Delano 888 Polly Deliago 1333
Rod South 1221 Joey Joiner 0
Cedric Williams 2349 Carrie Morris 0
Morgan Chandler 2312 Brenda Peek 0
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Bonus QualifiersThursday Example
10% 20% 30% 40% 10% 20% 30% 40%
John Tucker 1767 Emory Carter 801
Tom Smith 1211 Pete Summerford 901
Paul Jones 1811 Jack Medders 1111
Casey Lynn 345 Bill Campbell 495
Cierra Goodloe 997 David Ashley 345
Jackie Johnson 1767 Cindy Newbern 2873
Lynn Smith 1767 Roy Smitherman 443
Sue Delano 988 Polly Deliago 1333
Rod South 1221 Joey Joiner 345
Cedric Williams 2349 Carrie Morris 678
Morgan Chandler 2312 Brenda Peek 0
LNL0965
Bonus QualifiersFriday Example
10% 20% 30% 40% 10% 20% 30% 40%
John Tucker 1767 Emory Carter 999
Tom Smith 1211 Pete Summerford 901
Paul Jones 1811 Jack Medders 1111
Casey Lynn 987 Bill Campbell 1212
Cierra Goodloe 997 David Ashley 345
Jackie Johnson 1767 Cindy Newbern 2873
Lynn Smith 1767 Roy Smitherman 443
Sue Delano 988 Polly Deliago 1333
Rod South 1221 Joey Joiner 987
Cedric Williams 2349 Carrie Morris 1235
Morgan Chandler 2312 Brenda Peek 0
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LNL0965
What will be the norm in your Branch?
Failure?
Or
Success?
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Success is a choice!
Success
Systems – Standard Operating Procedures in place
Standards for professional pride – Desire to stay on the team and meet the requirements
Failure
Reactionary management rules – No Real Systems in place
Only company minimums – Anyone can be a part of the team
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Questions?