Five Tips to Help Grow Your Practice with Small Business Clients

Looking to increase and diversify your revenue? Small business retirement plans can be a good opportunity, but efficiency is key when working with smaller employers. Here are some quick tips for reaching employers who are looking to start a retirement plan (for additional tips, see the full list here).

1. Get outside of your comfort zone for referrals.

Research entrepreneurial and networking groups like 1 Million Cups, local small business groups and non-profit boards. Consider joining and asking to get on the agenda for a future meeting. Or propose an article or series of columns for their member publications.

2. Do your homework.

Search websites like and Cross-reference different sources to look for pain points and uncover valuable information. For extra insight, ask a TPA to review along with you.

3. Use multiple touch points.

To stay in front of prospects, you’ll generally want to use more than one approach. Consider hosting a webinar and invite local small business owners. You may also want to start a blog or give your social media strategy a boost—always driving prospects to your website.1

4. Update your approach.

Create a standard approach by clearly defining roles within your team and determining your value proposition. Develop efficient ways to manage your pipeline and prospects. Then segment your clients and prioritize based on how you want to spend your time—not just company size.

5. Understand small businesses.

You may need to change up your sales process for small businesses. Business owners wear a lot of hats and may not have the time to fully understand the ins and outs of benefits. Keep it simple by helping employers understand why benefits may be a better investment than a pay raise.

Bonus tip: Save time with a new digital 401(k) offering.

With Simply Retirement by Principal®, you can offer a small business retirement solution without investing a lot of time and effort. This new all-digital offering allows you to create 401(k) proposals online in minutes and share them with your clients by email, no in-person meetings required. Designed for businesses with fewer than 100 employees, Simply Retirement by Principal® features simple online plan design, flat recordkeeping fees, and streamlined investment options.

To learn more about Simply Retirement by Principal®, visit

1 Be sure to abide by your firm’s social media policies and procedures.

Simply Retirement by Principal® 401(k) plan recordkeeping, and administrative services are provided through Decimal, Inc. dba Ubiquity Retirement + Savings (“Ubiquity”). Ubiquity is not affiliated with any plan and investment administrative services provided through Principal Life Insurance Co. or affiliated with any company of the Principal Financial Group®. Principal makes available the investment options for customers to select through Simply Retirement by Principal. All other services are provided by service providers not affiliated with any company of the Principal Financial Group. Refer to related documents and agreements for more details on plan services available.

The subject matter in this communication is educational only and provided with the understanding that neither Principal® or Ubiquity Retirement + Savings are rendering legal, accounting, investment advice or tax advice. You should consult with appropriate counsel or other financial professionals on all matters pertaining to legal, tax, investment or accounting obligations and requirements.

Insurance products and plan administrative services provided through Principal Life Insurance Co., a member of the Principal Financial Group®, Des Moines, Iowa 50392.

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