The magnitude of the power of a referral is often overlooked, however there is no better way to bring on new clients and new business than the referral. Almost all people prefer to do business with people they know, or know of, rather than strangers. When you have been introduced to a potential new client, your comfort level is significantly higher as opposed to a cold call client. After all, few things are more reassuring than a positive endorsement from someone you know and trust.

If the referral is so important than why don’t we pursue them as much as we should?

Business is all about relationships and every one of your business contacts has the potential to connect you to dozens of other contacts, yet we are too afraid to ask. If you don’t go after what you want, you’ll never have it. If you don’t ask, the answer’s always no. If you don’t step forward, you’re always in the same place. Don’t be afraid to ask!

How do I get referrals?

1.       Surround yourself with good people:

As we know like attracts like, and if you surround yourself with like minded people, you have a better chance of receiving the type of referrals you are looking for.

2.       Let your work speak for itself:

People don’t give referrals unless you deserve them, so focus on your client and the quality of your product or service you are offering. A referral is the highest compliment you can receive.   

3.       Ask the question:

As we mentioned earlier, it is as simple as posing the questions. Your client may be happy but the thought may never have crossed their mind. Here a few ways to ask the questions:

·         When you begin working with a new client, make referrals part of your initial agreement. "If I do a great job for you--and I will--you agree to give me X number of referrals." Chances are your clients will be impressed by your dedication and drive.

·         Whenever a client compliments you, respond with a thank you, quickly followed by a referral request. For example, "I'm so pleased you're happy with my work. Do you know anyone else who can benefit from my services?"

·         Always be specific when asking for a referral. Looking for high net worth individuals? Say so. Interested in midsize companies? Let them know. If you don't tell your contacts who your target client is, you'll waste time pursuing leads you can't use.

4.       Give and you shall receive:

 One of the most powerful ways to elicit referrals is to give them generously yourself. Whenever you have the opportunity to refer an associate or bring two contacts together, do so. And when you're attending the aforementioned networking event, make a point of introducing people to one another. Most people will appreciate the referral, and it may inspire them to respond in kind.

We absolutely love giving and receiving referrals. We are in business to help people and if we can help you or someone you know do not hesitate to call us today.

 At Leddys & Associates our mission is to provide quality accounting and business advisory services to help sustain and grow your business.