It’s easy to see why business strategists like myself depend on AND encourage our clients to depend on referral partners.  I can’t think of a much easier way to cultivate new clients and prospects than having another professional / trusted advisor sending them to your door.  Imagine…

• A CPA sending business clients to an HR firm for their first official employee manual; and vice versa.
• A promotional products company sending clients to a marketing strategist; and vice versa.
• A hospice company sending clients to a financial advisor.
• A mortgage loan officer sending clients to a home builder; and vice versa.
• A weight loss center sending patients to a cosmetic surgeon;  and vice versa.
• A PR person  or social media expert sending clients to a business coach; and vice versa.

You get the idea.  Pre-vetted, pre-qualified prospects being walked to your proverbial door, hand in hand with someone they trust is a pretty great gig.  Honest to God, find 3 true partnerships like this and you will never have to worry about finding clients again.  That’s why PARTNER is the 4th step in my 5-step, over-simplified marketing plan.

But while most every business owner TRIES to make this happen for themselves, few really experience the power of partnerships.  If you’ve tried this before, with mediocre or no success, I guarantee you’re committing at least one of the following mistakes:

1) You are not staying in your lane.

Off the top of my head, I can think of no less than FIVE businesses that could get TONS of business from me; and — as they grow — I could also be getting clients from them.  These are businesses CLOSE to me, business owners I know well.  Their CORE expertise (media, social media, website design, virtual assisting, executive coaching for specific examples) are natural partners for me. Unfortunately, they’ve each added “business strategist,” “business mentor,” “marketing services,” or something similar to their offerings.  If they’d stayed in their lane, they’d have a conveyor belt of my clients heading to them.

Don’t make this mistake. If your CORE expertise is  X, don’t add — even if only in words on your website — a bunch of different things you COULD do for clients.  When you approach partners, they’ll see this and see you as a competitor not a partner.  Stay in your lane.  Specialists get paid MORE than generalists. Don’t try to be all things to all people. It will work against you in many ways, but it will certainly shut down potential partnerships.

2) You are not willing to be exclusive, loyal.

Partnerships can be such a DEEP WELL of profit, but only to the loyal and committed.  You can’t FATHOM the potential here if you’re flitting from partner to partner.  SELL OUT! And let it be known that you are SOLD OUT!  Find a partner that does great work, that you’d refer to anyway, that has a deep pool of your target market, and does not compete with you.  And then, court them.  Let them know what you have in mind.  Let them know that you’re willing to be exclusive.  YOu simply can’t have profitable and authentic and lasting partnerships when you’re trying to partner with two companies who are direct competitors.  Exclusivity is mandatory.

3) You are being lazy in your approach of partners.

Listen, all of us are busy.  Like, crazy busy… growing our OWN businesses.   YET, most of us approach a potential referral source with one strategy: I’m going to tell them what I do and leave them some business cards.  C’mon folks.  Don’t BURDEN a partner with the task of promoting you. They don’t have time for that.  Instead, do this:

• Create goodwill FIRST by giving them referrals. Don’t just give away their contact information.  Make personal introductions via email.
• Create a win-win “client” event for both of your firms or practices.  Something as simple as a client appreciate picnic where each of you invite clients to attend can be fun. You’ll share the costs of an event you were probably doing to have anyway, and you’ll meet their clients and vice versa.  Or consider an educational series of seminars. A one time open house. SOMETHING. Be creative.
• Continue to give referrals.  Be deliberate about it.  Thank them for the referrals coming to you.
• Reconnect every month or so to see if you guys could do something better for each other.  Partnerships, like marriages and friendships are always developing, changing, growing. So, stay in contact — and in service — to one another.