Do You Know How to Get Referrals?

Source: Practical Accountant

Practical Accountant interviewed prominent people on how they set up their firms to generate referrals. Here are some of the best concepts:

• Provide value (perhaps by referring someone) before you ask for referrals. Think about what you can do for them before thinking about what they can do for you.
• Practice netweaving as well as networking. See Networking v. Netweaving in the July 2007 issue of CPA Leadership Report.
• Clients, of course, are the best source of referrals. Here are some other sources mentioned by the interviewees:
  • Bankers. This is no surprise, but consider developing relationships in which the banks have such a high degree of trust in you that they recommend you to their customers before they grant a loan.
  • Members of clients’ boards of directors.
  • Ex employees of the firm.
  • Recruiting firms.
  • Concierge services.
  • Consultants.
  • Lawyers (Editor’s note: Be sure to get to know the attorneys who represent your clients.)
• Create relationships with people who do business with clients like yours.
• Vertical niches. If your firm serves vertical niches, get to know all the key people in that market and nurture those relationships.
• Some people give referrals without prompting, and others must be asked. Concentrate on the latter.
• Conduct surveys for organizations. This helps you become a valuable resource for the members.
• Try to get your referrer to introduce you. You may be chosen before you meet the prospect.
• Make creation of referrers a factor in determining compensation.
• When a new client comes in, give credit to the person generating the referral even if the call comes in to someone else.
• Overcome the fear of asking people for referrals. Most people are happy to be able to help you.

For the complete article, click here and select the article The Art of Referral Development in the December 2007 issue.

From Practical Accountant, December 2007, SourceMedia Inc., One State Street Plaza, 27th Floor, New York, NY 10004, 800-221-1809.

Measuring CPA Leadership Effectiveness

Full Service Real Estate Investment and Mortgage Finance.