Frequently Asked Questions:
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What’s a Referral?
In the simplest terms, a referral is when a person chooses to refer someone they know, like a family member, friend or customer to another person (or business) who will provide the goods or services that they want. Referrals are at the very core of what Network ONE is all about. We are all local business people seeking to build personal relationships with each other that may lead to increased referrals and more business for us all.
Not all referrals are created equal. In other words, there are good and bad referrals. The measure of a good a referral is directly proportional to the amount of credibility the referer (person giving the referral) will lose if the referee (person receiving the referral) messes up the referral. Put another way – if you referred one of your best clients to another business, and your client is treated horribly; you, your business, and your relationship with your client may be damaged.
Conversely a “referral” that could never blow back onto you, is not really a referral, because you are not having to lend your credibility to the referred business. Let’s say your friend tells you they are looking for a good plumber. An example of a bad referral is, “I saw a plumber’s van for XYZ Plumbing in my neighborhood last week, maybe you should give them a call.” A better referral in the same situation would be, “I know a great plumber! He and his family attend my church, and he’s been by our place several times to make repairs. I highly recommend him. Let me get you his number.” The best referral would include your recommendation to your friend, but then you would contact the plumber and let him know your friend’s situation and that he should expect their call. Going out of your way to connect two people who don’t know each other, in the spirit of helping them both, is the ultimate embodiment of a great referral.
What’s Closed Business?
After you’ve received a great referral and done the work for the client or customer, the actual money you (or your business) receive is what we call “Closed Business.” In the end, it’s the increased “closed business” that every member of Network ONE is hoping to earn. Every member knows that every other member’s primary goal is to help their own business, but we accomplish that by helping each other.
If someone helps you achieve your goals, the polite thing to do is thank them for their assistance. That’s why we have a BUSINESS SLIP for Closed Business. The SLIP is accomplishing several things at once: It’s thanking the person who gave you the referral which led to the closed business; and it’s recording the amount of closed business, so you can keep track of it throughout the year. Thanking someone does (2) things. It makes the other person feel good to be acknowledged. It also encourages that person to give you more referrals in the future.
What’s a M&M?
No, we’re not referring to the candy. We’re referring to one of the best ways to build strong business and personal relationships. M&M is a “Member & Member” meeting, where two Network ONE members meet-up (outside of a regular weekly meeting) to catch each other up on what’s new in their life and their business.
Member’s will meet for an hour, grab a coffee, and strategize on ways that they can help each other’s business. They usually spend 10 minutes catching up on personal news. Then each person spends about 20 minutes talking about their business, laying out problems they are trying to solve, or describing the types of customers they are trying to attract. The other person listens and chimes in with specific questions or suggestions in a effort to help. Two heads are better than one. The last ten minutes is spent recapping any plans they have made to help each other, and making a list of people they can contact on the other person’s behalf.
A great M&M is like a mini business consulting session, where each person bounces ideas off the other, and offers advice on how each can be more successful. It’s an INTENTIONAL meeting where both people acknowledge that there are things they need help with, and each offers to freely help the other. This willingness of members to help each other, is another core tenant of Network ONE.
