How Referable Is Your Business?

Executive summary:

  • Referrals from established clients are a good way to organically grow an advisory business.
  • We believe there are four key ingredients necessary to create a referable advisory business.
  • By focusing and improving on each of those four ingredients, you will create a “story” that can make it easier for your clients to let others know why they work with you.

Imagine you are riding a bicycle, but you have to keep it stationary. It’s almost impossible, right? It becomes difficult to balance; you tip over to one side and fall.

Running an advisory business is the same: You have to keep moving, you have to keep growing because success is not static.

That reminds me of the question advisors often ask us: “How do I increase my client referrals?”

It’s a good question. I would argue, though, that a better version of that question is: “Am I running a business that is referable?”

It seems like a simple question and one that we may think can be resolved instantaneously. After all, we live in a fast-paced, on-demand world where we are used to things happening quickly to get the results we want. However, a referable business requires time to foster the right relationships, refine messaging, improve internal processes, and create a unique client engagement experience.

The 4 ingredients of a referable business

There are four key ingredients that we believe help create a referable business. If any one of these areas falls short, you may not receive the referrals you had hoped for.