“Don’t Make the #1 Mistake that Kills Most Referral Relationships and Power Teams Before They Ever Start!

January 22, 2013

By Lee Abraham

We’ve all heard the cliché, “The road to hell is paved with good intentions!”

deal with the devilWhether we like them or not, a cliché stands the test of time because it is an expression of truth.  Sometimes the truth is obvious, other times it is elusive and counter-intuitive.

In business networking, the “good intentions” cliché applies to referral relationships, and is particularly meaningful in the formation of a Power Team.

Typically, Power Teams are formed by a group of people, usually from the same industry group, who have the best of intentions. After all, they like and trust and each other, and want to help build each other’s business. Based on the idea that they often work for clients who could be cooperatively passed back and forth as non-competing referrals, the Power Team partners get together to brainstorm and make a commitment to help each other make more money.

What could be wrong with that?

In the beginning, there’s nothing wrong in gathering with like-minded individuals who want to help each other. The problem arises when the initial excitement wears off and the commitments made fail to materialize into results because there is no plan in place to transform the group’s good intentions into action.

Two Critical Steps

In their eagerness to pass business back and forth, Power Teams invariably repeat the #1 mistake that kills most referral relationships before they ever start by skipping over two critical steps in what my research has shown to be the “4 Stages of Power Team Development.”

money stairsI’ll cut to the chase. The first step to building successful referral relationships is to prepare yourself to go out and train your referral partners, or “Bragging Buddies,” to create high quality referrals for you.

During this first stage of Power Team “Boot Camp,” you should have two goals: to simplify the description of your targeted prospects, making it easier for your Bragging Buddy to recognize referral opportunities for you, and to clarify your message of why you and your product or service are special, which empowers your Bragging Buddy give more compelling testimonials about you.

Once you’ve completed boot camp, you’re ready for stage two, training your Bragging Buddy to recognize opportunity and give compelling testimonials. After all, what good is a referral partner who is excited and full of good intentions, but doesn’t know what to look for or what to say?

The Rest of the Story

With steps one and two in place, a group of properly trained Bragging Buddies are now ready for stage 3, getting together as Power Team Pioneers, excited and prepared to transform their collective good intentions into action as Power Team.

Makes sense, right? Lacking a clear roadmap to follow, the vast majority of Power Teams not only skip over stage one and two, they fumble through stage three as Power Team Pioneers and sadly, have no idea about stage four as an Advanced Power Team.

In the end, even the best of intentions unfortunately fade away, leaving only frustration, disappointment, unfulfilled hopes and dreams, and worst of all, a huge stack of money on the table.

Want to fulfill your hopes and dreams? Visit www.moneyonthetablebook.com and learn how to claim your money on the table with an easy-to-follow Power Team Roadmap™!