Steve Ritchie is president of Steve Ritchie and Associates, Inc and a group benefits finance strategist. He is a problem solver who is focused on advising firms on how to maintain quality benefits and cut costs, thereby adding profit and surplus back into their bottom line. Ritchie has found, as most things in life, that a lot of success is unfortunately determined by the old adage “it’s not what you know, but who you know.” For Ritchie, it is about finding a potential client who has a sense of immediacy and urgency to do something to change the course of direction in their business.
(Photo courtesy of Steve Ritchie)
What has been the biggest challenge you have had in your business?
Getting around people’s hidden agendas. They’re working on an assumptive basis with their broker or consultant, and state to me, ‘Oh, my broker/consultant handles that for me.’ My response is ‘ok, then you’ve seen this solution before?’ The obvious answer is no! The broker or consultant for benefits does not think outside the box, and as such, you get the same regurgitation of the same tired recommendations for solutions that are like putting band-aids on open wounds.
What have you implemented to overcome that challenge?
This is a work in continual progress. People are their own worst enemies, and that fact is very synonymous to other aspects in the decision-making process in running a successful business or not. It’s not what you know, but who you know, so I’ve made concerted efforts to build more networking relationships. The answer is to get to the ear of the decision makers to enlighten them on what their underlings are missing, on their behalf and that of their firms. These firms, depending on their size, are leaving millions a year to erode off of their bottom lines.
What are the results after you implemented your solution?
The solutions are out there, but most people are being taken advantage of by peddlers, not advisers! I’m an adviser and not a peddler. If you’re looking for a peddler, go to a store or go online. It’s time to take back control of your bottom line. The time for change is now!
This article was written by Michelle Guilbeau of Examiner.com for CBS Small Business Pulse.