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Expanding Your Tax Practice Through Referrals


When was the last time your firm received a referral? Who sent the referral? Was it a response to a concerted effort on your part, or did it come as a pleasant surprise?

May 21st 2021
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There are many ways to grow your accounting business, but one of the most tried and true ways remains through referrals.

Referrals are generally warm leads. The amount of time needed to close these leads is usually shorter because the prospect is taking the word of someone they trust. That’s why referrals will always be an important growth strategy, but you cannot leave them to chance as they must be developed and cultivated.

Identify Your Referral Sources

A referral source can be a client or a center of influence (COI), you need both. Clients are easy to define, but COIs can vary. For example, the typical banker, lawyer or investment advisor is probably who came to your mind, first, but COIs are more broadly defined.

Specifically, COIs:

  • Do not do the same thing you do; as a result, they are not direct competitor
  • Come in contact with people who are your target client
  • Know exactly what you do and how you add value

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