Identify your best referral partners by seeing who has your clients before you and after you.
In BNI Podcast Episode 698, titled “Referral Flow in Power Teams,” Spencer Reynolds, Executive Director of BNI Tampa Bay, discusses the importance of structured referral processes within Power Teams to enhance business growth.
Key Points:
Understanding Referral Flow: Referral flow involves identifying who typically provides referrals to you and determining the subsequent professionals to whom you can refer your clients. This structured approach ensures a seamless transition of clients between complementary services.
Building Effective Power Teams: A Power Team consists of professionals serving the same target market but offering non-competing services. By collaborating, members can create a referral sequence that benefits all parties involved.
Developing a Referral Plan: Members should engage in regular One-to-One meetings to educate each other on their services, ideal clients, and effective referral language. This mutual understanding enables members to confidently refer clients within the team.
Implementing the Referral Flow: For example, a Certified Public Accountant (CPA) might identify a client’s need for mortgage services and refer them to a mortgage broker within the Power Team. The mortgage broker, upon recognizing the client’s need for estate planning, could then refer them to an estate attorney in the group. This planned sequence ensures clients receive comprehensive services while members gain qualified referrals.
By establishing a clear referral flow, Power Teams can enhance their collective value to clients and foster mutual business growth.
