When you're hungry, E.A.T.
Every small business has, or should have a marketing strategy. If, like us, you sell to other businesses instead of directly to consumers, referrals are likely a huge part of that strategy.
I have seen small business owners put a lot of effort into obtaining referrals: they join networking groups, visit socials, and schedule 1-on-1s with various referral partners (or potential referral partners).
However, many business owners neglect to put any thought into their best potential referral source: current clients.
Now, asking a client for referrals is a delicate science. (After all, you've already asked for and obtained their business; it can feel presumptuous to ask for even more on top of that.) But if you are strategic, while continuing to put the client first, current clients can be an incredible pipeline for new business.
If you are hungry for new business, remember the acronym "EAT".
"E"arn
This shouldn't need to be clarified but, in order to get referrals, you need to earn referrals. If someone is giving you a referral, they are sticking their neck out for you because, if you do a bad job, it reflects poorly on them.
This is especially true for clients, who should know better than anyone what level of quality service you provide. And if they are not completely happy with your service, pushing for a referral they don't feel you've earned may actually cause them to reevaluate their relationship with you.
"A"sk
Asking for referrals can be awkward, but if you have a client who is thrilled with your services and is already telling you they're happy, it is reasonable to transition to a request for referrals at that time. It also never hurts to have a bonus for referrals, whether that's a discount, cash bonus, or a discounted rate for the client they're recommending. (Note: Some businesses can't receive cash gifts, but might still appreciate a gift basket or being taken out for a meal.)
Beyond asking the right way, you need to be thoughtful in your timing of asking clients for referrals. Don't ask for referrals right at the beginning of an engagement, as they have not yet had accurate time to reflect on your service. Also don't ask for referrals if the client is in the middle of a crisis you're helping to solve; their minds are not in the place to think of anyone who could use your business, and it is a bit manipulative to put that pressure on them when they are already stressed out.
"T"each
If your clients are very happy with you, they might want to send you referrals, but just don't know how. This can especially be true if your business is one that many people don't understand, or if you work with a wide variety of clients.
For instance, many of our clients and referral partners don't initially realize that, though we mostly work with established companies, we also work with very small and new start-ups. Once they found that out, several of my business friends told me, "I have someone who needs your help." The issue wasn't with a lack of referrals, but with a lack of education coming from me.
Keep your clients up-to-date on what you're working on, without being intrusive, and they will likely think differently about how they can refer business to you.
Year in Review: Our clients' big wins in 2015
People tend to think of bookkeeping as a necessary evil. Your business has to have it, so just find someone who will do a decent job and whom you don't have to pay too much.
We beg to disagree.
We like to use our service to do more than just keep our clients' books clean. We like to go beyond balancing books to growing businesses. In that regard, 2015 was a very good year for us.
Today we want to showcase three clients who had big "wins" in the last 12 months.
C
lient #1: A Money-Saving Solution
One of our client's businesses was facing some difficulties staying profitable. Looking at the books, we found some areas where expenses were duplicated and some cases of fairly extreme overspending. We met with the owner and devised a plan to cut expenses. Once the plan went into effect, we were able to increase the bottom line by over $30,000 a month.
Of course...big deal, right? Everyone knows accountants are penny-pinching killjoys. Let's look at our second story, and see how we can help a client without forcing them to spend less.
Client #2: A Long-Denied Loan
A different client desperately desired a consolidation loan. He had gone to three different lenders, and been denied each time. He was getting nowhere in a hurry.
So, we took over.
First, we received authority to act on his behalf. Then we got to work, combing through his financials and organizing the data for presentation. Finally, we were able to present the information to the bank in the way we knew they wanted it. This time it was approved, and we were able to get our client a consolidation loan at one of the same institutions who had previously rejected him.
Thanks to those efforts, our client was able to consolidate his debt under one payment, and greatly improve his cash flow.
Still, that story isn't as great as...
Client #3: 
Money from Thin Air
Sometimes, something as simple as developing better procedures can make all the difference to a business. This was the case with a client who didn't have a good system in place for managing A/R.
Specifically, there was over $102,000 in receivables of which the owner was not even aware. (Some of the unpaid invoices were over two years old.)
When we discovered this large balance of aged receivables, we immediately began developing collections procedures, including a series of formalized letters to the debtors. Using the practices we put into place, over $30,000 has been collected within the last four months, with payments continuing to roll in.
To re-cap, that's money that the client did not even know existed.
These are just a few of our highlights from 2015. We can't wait to see what we do in 2016.