Making Referrals Can Build Your Business
November 3rd, 2009
Did you know there’s a way to build your business quickly, without more work on your part? Building a referral network to provide additional services to your clients not only serves your clients better, it also opens a new source of income for you.
There are plenty of reasons to begin referring your clients to other professionals. Here are the top three:
1. Making referrals allows you to focus on and promote your own unique abilities and talents.
Why spend the time learning new skills whenever a client requires a new service? Make a referral, instead.
2. Building a referral network allows you to better serve your clients.
Directing your clients to quality services that compliment yours saves them time and effort.
3. Referral fees represent an additional income source for your business.
Referral fees and referral business from your network can be a big boost to your income.
To get started follow these three steps and start building a strong referral network for your business:
1. Make a list of additional services that could benefit your clients.
What are natural additions to the services they receive from you?
2. Watch for opportunities to form partnerships with other professionals.
As you do business, pay attention to others in complimentary fields.
3. Set up referral agreements with them for a new source of income.
Establish fees you’ll receive in return for making referrals.
Think of the possibilities available to you. How will referrals benefit YOUR clients? To give you an idea – here’s an example of a successful referral network.
As you can see, each of the professionals in this network is someone who can directly benefit the business coach’s clientele. By making referrals to them, she isn’t required to learn what they know in order to serve her clients.
Sometimes, the best way to serve the needs of your clients is to refer them to someone with the complementary skills.
Your clients will appreciate being able to work through a single business to find professional services in several areas.
Referring your clients to experts who can meet all their needs establishes you as a true professional. Start building your referral network today. The added service you provide and the additional income it brings will have you wondering why you waited so long.
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Referrals serve the client, but I also think they are a great business development strategy. When I want to work with another firm, or have them refer me business, I work hard at refer them a good piece of business or connect them with someone in my network whom I know will be a great business development connection for them. This is probably my strongest biz dev strategy — works every time — and everyone is happy!