Set the stage for lasting partnerships.
Have you had any clients or colleagues reach out for help? Do you have a client that doesn’t yet meet the minimum requirements needed to access funding? Or perhaps there is someone in your professional network who you think could benefit from alternative business financing?
If you aren’t able to help that client with their specific business challenge, or you’re not able to provide financing if that’s what they need, you may still be able to help your client secure the funding they need by partnering with a referral partner who specializes in alternative business funding.
Working with a referral partner who specializes in alternative business funding can help you grow your business and maintain your reputation as a trusted business financing advisor. However, recommending a client (or potential client) to another business partner can be a daunting task. Your reputation, your business and your future success are at stake.
Choose wisely and your new referral partner can help you take your business to the next level in unexpected ways and help you keep a stellar professional reputation.
How can alternative business funding partners help grow your business?
- 1. You gain access to a network of experts who can provide quality advice.
- 2. Open the door to networking opportunities and potential partnerships.
- 3. Unlock funding options for your clients that would not have otherwise been possible.
- 4. Extend your geographic footprint.
“Give more in value than you can take in payment.” — Bob Burg, The Go-Giver
#5. Results-driven professionals.
You work hard for your clients — so you should choose a referral partner who will work equally as hard for the clients that you send them. Do your research and take the time to get to know a potential referral partner to determine if they are results-driven.
Following this simple checklist can help you perform your own due diligence:
- • Ask for references: Contact at least three people who are either clients, partners or have worked with your potential partner in a similar capacity.
- • Follow-up and speak with each reference: People often skip this step, but you can uncover much more information (positive and negative) with a personal phone call.
- • Review their website: Checking for legitimacy of information, phone numbers, “about” pages and links. Are there any discrepancies or red flags?
- • Check their reviews: Third-party reviews, ratings sites and forums can tell you a lot — but comments and personal reviews can also be flooded with subjectivity, and people are far more likely to add a negative review than a positive. Take a look and scan for general feedback and sentiment.
- • Review their social media accounts: Are they active and do they have a good following? Have they invested in establishing their brand and building up a credible reputation that they care about? These can be good indicators they’re doing well and customers trust them.
- • Check the Better Business Bureau: The BBB has a vision to encourage “an ethical marketplace where buyers and sellers trust each other.” Reviewing an organization’s status can also be an indicator that they have potential to be a good business partner.
Watch out for these red flags:
- 1. Too good to be true
- 2. They hide facts about how they work
- 3. They don’t have the references to back them up