Make the Most of Referrals

Source: Public Practice

Jennifer Wilson and Krista Remer, of ConvergenceCoaching, LLC, encourage CPA firms to tap referral sources as a simple but effective way to develop new business. Firms without solid referral relationships should approach a local law firm to explore opportunities to collaborate and refer clients to each other. Other potential referral sources include investment and business bankers, insurance agents and other professional service providers.

When vetting potential referral sources, find out about their:

• Product and service offerings;
• Target client industries or niches;
• Geographical reach;
• Clients, including number served, average size, etc.;
• Company culture;
• Client management philosophy;
• Current referral relationships; and
• Preferred approach to managing shared client relationships.

Referral relationships take time to develop, so plan to meet with prospects regularly. ConvergenceCoaching has developed a Referral Source Tracking Grid you can use to track your meetings and outcomes.

For the complete article, read “Referral Source Marketing to Amp Up Business Development.”

From Public Practice, Texas Society of CPAs, May-June 2012, www.tscpa.org.