Episode 22: Let's talk about REFERRALS! How to build a solid referral program and system in place

In this episode of The Wize Guys, Ed Chan with Wize Mentors, Thomas Sphabmixay, and Timothy Causbrook discuss how having a referral program in place increases the chances of getting quality referrals and keeping the business of these clients. They also shared insight on understanding Quad activities and how tracking client NPS as part of the Fab5 KPIs can also lead to a much more streamlined referral system.

Find out how a solid referral program and the system can help your accounting practice to scale up.

Timestamps:

0:55 - How to implement a referral process
1:35 - Why referrals are the most efficient way to leverage
2:18 - The importance of client service and communication
3:29 - What is the ideal time to respond to clients
4:10 - Understanding the service industry
4:23 - How to create a communication client policies 
5:49 - Why client approval meeting is essential
7:33 - Tips for giving value to clients
11:45 - The positive impact of having your clients involved
12:36 - Understanding the emotional bank account
13:43 - How to build a solid referral system
15:03 - The biggest challenge with referrals
16:43 - How habits can affect leading
17:19 - The importance of being patient
19:21 - Why you should know your team member’s full potential
22:59 - How to build a referral strategy
23:32 - Understanding the different concepts of quad activities
28:49 - Why the first year is all about investment
30:51 - The importance of having the right mindset
33:01 - Best strategies and attitude to make your team ready
35:45 - How client tracking can boost referrals
40:50 - Why it is more expensive to win a new client than your existing client
42:34 - How to take action

Quotations:

“..if you don't focus on the client, you're not going to get referrals from them… The senior client manager's role is to talk to the clients and to have a bridge between the production team and the clients. So they're communicating at the client's level.” - Ed Chan

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