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Guest post by: Leanne Hoagland-Smith Become an Author

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Business referrals are the source of 80% of all new sales according to past and current market research. What continually amazes me, as a business coach these past 8 years, is the number of small business owners who fail to leverage this untapped revenue resource. Possibly, these 7 tips may help you to change your current business results and catapult sales to new levels of success.

1. Revisit all clients (current and old) and ask for a referral. When was the last time you ask a former client or a new client for a referral?

2. When meeting new prospects or even suspects, upon the end of your conversation ask the following: “Do you know of anyone who might benefit from my services or products?” Asking is a powerful tactic to increase sales.

3.Incorporate asking for 3 solid referrals within your proposal or statement of work. Establishing a process for consistency securing new referrals from satisfied and loyal clients is truly a "no brainer." Referrals are part of the Law of Attraction and the Law of Abundance.

4. Meet with other members of your networking groups or strategic alliances and learn more about them so that you can “pitch” their services or products if and when appropriate. Referrals are not a one way street. You must also think of others with whom you have established business relationships.

5. Always use the referred person’s name (with permission) when contacting a referral. By using the name of the referral source turns a cold call into a warm call.

6. Update the referring individual as to the progress of the referral. By keeping the referring individual aware of the progress shows that you are a person of high integrity.

7. Establish a monitoring system for all pitches and catches so that you can determine if your catches (closed deals) land in your glove or end up being a run-a-away (lost deal). Keeping track of your referrals is necessary so that you not only acknowledge the referral source, but can determine the source of all new sales. Measuring your activity allows you to "work smarter not harder."

If you are not actively using referrals as a strategy and a tactic to increase sales to your bottom line, you are potentially missing thousands of dollars in new revenue. And after all, business is all about revenue, no ifs, no buts and no maybes.

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