Hey Advocates, Vince Perri here, and welcome back to the Commercial Claim Show! Today, I’m diving into a crucial topic that’s often overlooked but absolutely essential for anyone in the public adjusting industry. Whether you’re a seasoned public adjuster, running a public adjusting firm, or just getting started, understanding the key metrics you need to track can make a world of difference in your success.
In this episode, I break down the top five things you need to keep track of to ensure your firm is running smoothly and efficiently. These metrics aren’t just numbers; they’re the heartbeat of your business, giving you insight into how you’re performing and where you can improve. Let’s get into it!
1. Claims Signed
First and foremost, it’s all about the claims you’re signing. Keeping a consistent lead flow is crucial. For me, when I was a one-person show, my goal was to sign five claims a month. This benchmark helped me measure my progress and set goals for future growth. It’s not just about quantity but also the quality of claims. Remember, too many small claims can increase overhead and administrative work, so it’s essential to strike a balance.
2. Claims Closed
Knowing how many claims you’ve closed and how long they take from start to finish is invaluable. By tracking this, you can identify bottlenecks in your process and work on closing claims faster. This not only improves your efficiency but also enhances client satisfaction. Plus, it gives you a clear picture of your firm’s productivity over time.
3. Settlement Amounts
Tracking settlement amounts is crucial for understanding the financial impact of your work. It’s great for your sales pitch too—nothing impresses a potential client more than hearing about the millions you’ve recovered in claims. It’s a solid way to showcase your firm’s capability and success rate, helping you to build trust and attract more clients.
4. Estimate Amounts
Your estimate amounts compared to actual settlements can tell you a lot about your negotiation skills and the accuracy of your estimates. Are you consistently settling at a certain percentage of your estimates? Knowing this helps you refine your estimating process and improve your negotiation strategies. It’s all about getting better results for your clients and, ultimately, your firm.
5. Total Revenue
Last but not least, tracking your total revenue is vital. This metric gives you a comprehensive view of your financial health. It’s not just about gross revenue; understanding your expenses and net profit is also crucial. This helps you plan for the future, manage your resources effectively, and ensure long-term sustainability.
These five metrics—claims signed, claims closed, settlement amounts, estimate amounts, and total revenue—are the foundation of a healthy, thriving public adjusting firm. By keeping a close eye on these numbers, you can make informed decisions, set realistic goals, and continually improve your operations.
I’m also thrilled to announce that we’re launching a new operations course in just a few weeks. In this course, I’ll go in-depth into these topics and more, sharing all the tools and techniques I’ve used to run a successful public adjusting firm for the past 15 years. We’re even hosting a free webinar where I’ll take you behind the scenes of Elite Resolutions and offer insights into how you can optimize your operations. Whether you’re just starting or looking to scale your firm, this is a golden opportunity to learn from my experiences and apply them to your own business.
Thank you for watching, and I hope you found this episode helpful. Don’t forget to subscribe and stay tuned for more insights and tips on running a successful public adjusting firm. Let’s keep pushing forward towards greater success and freedom!
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