Tag Archive for: business referrals

Build Your Business

Building a business is like building a home. You could try to do it yourself, but you can only do so much. The same is true of building a business. The more help you get, the easier it gets, the faster it comes together, the stronger it becomes.

Imagine you have a group of professionals working hard to bring you potential clients. Would you feel more confident you could get through today and have a brighter future? More importantly, would it increase your chances of success?  

Your Board of Directors

Coaching for CEOs teaches you how to put together a Board of Directors (BOD) for your business. If your business is a corporation, you already have a BOD, but this is different. You should have a BOD no matter what kind of legal entity owns your business, whether you’re a sole proprietor, a partner, or own an LLC.

There are many acronyms in my program. Your BOD is comprised of those willing and able to help you build your business. You can think of it as a board of advisors. Your BOD members should be those who can refer clients to your business. But it’s also a two-way street. You need to help your BOD members develop new business too. 

How BODs Work

Over time, your BOD is a link in a chain of BODs for other businesses. You own one business, but you should become a board member for other businesses. Your board members should too. You’re all linked because you’re able to provide leads to others while they give them to you.

Let’s say you’re a home repair contractor. 

  • You may get to know other contractors and your customers own homes.
  • You’d be a good board member for an insurance agent.
  • That agent should know of policyholders making claims for home damage due to fires or water. 
  • The agent would be a good board member for you.
  • The agent could refer his clients to you so you could do repairs.
  • The two of you could be good directors for an attorney.
  • Your clients might need a lawyer if they’re having problems with their insurance company because it’s rejecting their claim to pay for the home damage. 

How My BOD Works

When I’m not training business owners on how to find new clients effortlessly, I work as a mortgage broker. I constantly think about my BOD and how to bring them new clients. I remember my BOD by the acronym BSMDC:

  • Buyers for my real estate agents
  • Sellers for my real estate agents
  • Mortgages for me 
  • Divorces for my divorce attorneys
  • Caregivers for financial planners and estate planning attorneys

Each person in my BOD can directly refer clients to me. I am always on the lookout to refer clients back to them.

Take the Next Step. Contact Coaches for CEOs

How can you build a sales machine for your business? Build your BOD. These people can champion your business while you return the favor. Contact me to learn more about how working with others can make your business grow. Call me at (856)905-7040, or fill out my contact form so we can talk about your business and how you can join a Zoom seminar to learn more.

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If You Refer Others, They Should Refer You

In our personal and professional lives, we all purchase goods and services from others. We give them something of value (usually money) and we get something of value in return. We may get a used car, paint, or a repaired lawnmower. These are ongoing relationships that can mean so much more with a little extra effort.

Some of our relationships can include our:

  • Insurance Agent
  • Accountant
  • Banker
  • Lawyer
  • Dentist
  • Hairdresser
  • Plumber
  • Landscaper
  • Mechanic  

You probably maintain these relationships because you’re happy with the service or product. You might also like the person and refer business to them. If you’re thinking of them and taking the time to talk to others about their business, you’re engaged in some of the most valuable marketing and sales they could possibly get – word of mouth or social proof. 

Social Proof is a Powerful Tool if You Know How to Use It

Social proof is a marketing and psychological term. When we need a product or service, we want to do it right. The top priority for many of us is finding someone trustworthy (especially if we’re buying something important or expensive). If we don’t know who that is, we could take a lot of time and energy, and investigate who’s available, credible, and provides a good value. We could also use trial and error. We might pick someone at random. It might be a good result or it may be a disaster.

Or we can avoid that risk, time, and energy by asking someone else for a suggestion. We will assume that if someone else had a good experience, we probably will too. Social proof is so powerful it’s spawned a whole online industry. It’s why there’s Yelp, Angie’s List, and Avvo. It’s why Amazon product listings include reviews and why there are testimonials about how a candidate is such a great person on political ads.

Ask and Ye Shall Receive

Your social proof helps build their businesses. Are they helping build your business too? Are they working hard to refer others to you? Probably not:

  • They may not know what you do. You may not have invested the time to fully introduce yourself and explain what you do, the problems you solve, and the types of clients and customers you seek.
  • Did you ask them for help? They may be happy help you, but unless you ask, they may not think about it.

It shouldn’t be a hard request to make, especially if the other person owns or runs a business. They should be willing to exchange the value you’re providing them (payment for their goods and services plus positive word of mouth) with value to you. Ideally, your contacts should have a sense of fair play. It’s only fair they help you if you’re helping them.

Another big reason for them to refer you to others is another psychological issue, reciprocity. Generally, we hate feeling indebted to others. We will go out of our way to do something for someone who did, or just offers to do, something for us. If you tell your accountant or mechanic that you’re actively telling people about them, they’ll feel indebted to you, even if no one you talked to came to them. To relieve themselves of that debt, they’re likely to “pay you back” by talking up your business. 

Help Others Help You

If you want to learn more about how to leverage your relationships and grow your business, call me at (856)905-7040 or fill out my contact form, and attend one of my online seminars. Let’s start the conversation about how we can help ourselves and others.

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