How deep are your business partnerships?
I set up a trusted advisor group in 2010 and it has generated over £500k worth of work from referrals from that time.
When I did the analysis f I break down where the source of referrals have come from £119865.50 worth of work from just two connections. From another set of connections it has led to another £123680 worth of work and a further set of connections from one source led to a £252450 to date.
A good friend likens it to dating. You have to date a few people to find the right one and when you find that person, you only get long term commitment when you invite and share meaningful experiences with them, their family and friends. If only one side does this it is not an equal relationship and that might not succeed in the future without full committment.
The lessons I learnt from setting up that group include:
connect with people you like to spend time with, who have the time to committ to helping each other. It is about a depth of relationship that can evolve to friendship. Being Australian, I equate it to asking myself the question of ‘would I invite this person to my house for a bbq?’
define exactly who you want in the group. We started with my coaching and training business, and incorporated an accountant, a lawyer, a financial advisor and an interim finance director.
find the ‘Maven'. Find out who are at the hubs of connections, or as Malcolm Gladwell states in his book from 2000 ‘The Tipping Point’, the ‘maven’s’. The Maven is the friend you go to when you want to find out something, or be connected to someone who can help you out.
dedicate time to getting to know each other and how to refer each other.
it is not about having a minimum referral number, but about creating quality connection to other professionals.
be open and transparent about what both sides are getting from the relationship. If it is not working we truthful about it and move on.
“I have made £495,995 from trusted referrals between Aug 2012 and April 2019 and I want to share best practice with likeminded professionals.”
I am looking to set up another group for people with networks/clients for ambitious SME's in the London area and surrounds. If you want to build your business around referrals get in touch. #trustedadvisors #partnerships