Referral Schemes Can Increase Profits
|Business : Profits|
Increasing profits through a referral scheme is straightforward.
You simply agree with individuals who you think could benefit your business that you will pay them a sum if they refer you business.
So for instance if they gain you a client then you might agree to give them 10% of any of that business they refer your way. If they get you a £1000 of business, then you give them £100 for instance. This is good for you and them: they get £100 for their troubles, whilst you get £900 of business it is highly likely that you simply would not have got without their input and contacts.
So certainly consider referral schemes particularly with your best and most trusted customers and third parties that you think could help you out.
For instance if you are a web designer you could have an arrangement with a graphic designer that you recommend each others services and share a percentage of the profits with each other.
Questions about business profit: