Getting more business referrals
The concept of creating a power team is one of the core strategies of our business referral network.
Simply put, businesses that are similar in nature or offer services that is in a similar sphere can often benefit from knowing each other.
For example, there is often great referral opportunities for an Accountant and a Financial Adviser. An accountant may have an existing client that needs financial advice, which the accountant could pass on to an expert in the field. This union can extend to other skill bases and is very noticeable in the trades. A plumber, electrician and glazier can all get business from a builder, who might require their skills on a big project. They in turn could also recommend the same builder and pass them business when they are estimating their own jobs.
The Secret Ingredient, Trust.
Trust in each others business plays an important role. Referring business can often be fraught with worry as it is often a big step to take to recommend the service of another company. Your client may lose out or suffer as a result of a recommendation by you. It is important then, to ONLY refer business to people you trust that will do a good job, on time and to budget.
Building a Power Team.
Any good business referral network will ensure that you get lots of opportunity to mingle with the people that are in similar fields to each other. It is often encouraged that new members get introduced to the people that will be able to potentially offer business to them quickly and efficiently. This is also an ideal opportunity to find out about another business on a regular basis without diving in head first!
If you are the cautious type and have a great client base that trust your judgement in recommending suppliers then meeting other businesses networking is an ideal way of vetting them for how they can benefit your clients. On the other side of the coin those very same businesses might have opportunities to supply to their clients as well. This gives you an ideal platform to vet other businesses and also gain their trust.
Making Money in a Power Team.
Once power teams have been established and the team has got a very successful and trusting relationship with each others services, this is where some serious money can be made. Power Teams often pass each other 60% of the business referrals in the BNI breakfast network meetings as they can see opportunities for their team mates with existing or new clients. A successful power team can almost become a business in its own right as the members build upon their trust and experiences to provide new opportunities for each other and form deals and offers for their mutual client base.
Types of Power Teams:
A power team can be comprised of two or more people that are focused on building business for each other and offering a product or service to clients. Combined they will be able to punch above their weight and maybe offer a complete solution that they would not be able to on their own. Some basic examples and common types of power teams are listed below:
- Trade Based – Plumber, Heating Engineer, Electrician, Carpenter and Builder with a Property Investor could renovate or build new projects.
- Financial Based – Financial Adviser, Accountant and Solicitor will refer clients to each other.
- Office Admin – Bookkeeper,Software Developer, Accountant and Admin assistant could offer an outsource solution to offices.
- Office IT- Computer supplier, IT Technician, Software Developer and Telecoms Engineer could provide installation, support and infrastructure.
- Office Workflow – IT Technician, Software Developer ad Web Developer could produce and support a product for easing workflow.
- Marketing- Graphic Designer, Web Developer, Printer, Signwriter and Public Relations could form an agency that deals with launching a product or service for clients.
These are a broad brush stroke and a general idea as to what a power team can achieve and focus their combined skill bases on. By offering better services to clients this in turn will lead to better contracts and bigger individual pay-cheques. After all we ultimately network to increase our business opportunities.