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Promoting Continuous Improvement
in CPA Firm Leadership.
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Client-Centered Referrals
by Troy A. Waugh
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As I discuss in my book,
Power Up Your
Profits, whenever you have a client in common with
another service provider, it’s logical to get acquainted with that
person so you can coordinate serving the client. We find lawyers,
bankers, bonding agents, and insurance
brokers among the best. They
are open to you and will readily meet with you because of your joint
client.
One large
consulting firm uses this approach almost exclusively to add new
clients. For every client they have, there are often four or five other
professionals they can contact. And often they have multiple clients in
common, creating a stronger tie.
Referrals
Help Your Clients and Prospects
Referrals are
not just for your benefit. Clients want informed referrals to resources
that can help them too. When you have cross-referral arrangements with
other service providers, you add greater depth to your clients’ bus iness
support teams. Together you create a "group" that is a more complete
organization to serve each customer better.
Your
prospects would prefer to hear about you from someone they trust and who
has their best interests at heart. By setting up referral arrangements,
you are helping your clients by strengthening their business advisors.
Conclusion
Getting more
referrals is logical and easy. You should first create awareness of your
most apparent referral sources. Secondly, create a simple action plan
with a timetable for completion. Then stay in touch so that you remain
“front in their mind” when they consider other quality professionals. If
you concentrate on referrals, you will be successful and they will be
your most valuable source of new business.
Proactive
service may require a little extra work over just responding to client
requests; however, it will create a big return on your investment of
thought and time. You’ll reap the benefits in better relationships and
deeper client loyalty.
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