From the course: Consulting Professional Weekly Tips

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Build referral relationships

Build referral relationships

From the course: Consulting Professional Weekly Tips

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Build referral relationships

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- Referring to other consultants or service providers has a lot of benefits. You create value for your clients by sending them to a qualified supplier. You can earn referral fees from the firms you refer work to. You build relationship equity with your other partners and they may refer work back to you. You also build a reputation with your clients as the first person they call when they have a problem. That gives you the first shot at being their solution. You can have different arrangements for your referral relationships. You can go the full contractual route where you have a legal document that specifies the terms of the relationship. The other end of the spectrum is going with a handshake. I'll look out for you, you look out for me, and we'll send business back and forth. Choose the structure that best suits the type of relationship you're trying to build. Screen your referral partners. It can hurt your reputation to send someone who's bad to one of your clients. Make your…

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