Farm4Profit Podcast

Referrals Lead to More Profit

Episode Summary

Tanner and David have a fun conversation with Laura Carlson of Nebraska about how building her advisory team and network can lead to referrals in the future. She shares her first year in farming experiences and the roller coaster ride of managing her social networks. Tune in to hear all about Laura Farms!

Episode Notes

Turn Your Advisory Team into a Referral Network

• Introduction
• SUBSCRIBE!!!!!! Then à Like, rate, review, share
• Answer questions
• Farm4profitllc@gmail.com
• @farm4profitllc
• What’s working for Ag – listener or farmer feedback
• Teralytic.  https://teralytic.com/
• Introduce Guest-------Laura Carlson @LauraFarms. @carlsonlaura64
• Your input is awesome!  These episodes are all stemming from the feedback of our “how to grow your farm” show.That is #24 if you didn’t catch it.We have now talked about becoming a better leader #25, how to market your farm for growth #26 and now today we will talk about building your advisory team and referral network.
• Ok, we’ve talked quite a bit about having an advisory team and who should be on it.  We have an early episode #3 where we talked a little bit about it, but now we introduced the idea of a referral network.  How do we actually put one of these things together??
• First, You need to know what your goals are.
• If you don’t know what you are looking to do with your farm, the direction, or end goal.Then how will the advisory team know what advice to give or what referral to send to you?
• This would be a good place to create a Mission, Vision, or Value statement
• I want my farm to financially support me and another family in 8 years
• I want to run a sustainable farm using the latest in technology to protect the soils, my animals, and give back to the local community.
• Second, start a list of individuals you’d like to have as an advisor to your farm.  You’ll want to start the list before asking to help visualize the strategic roles you may need. 
• Prioritize who you’d want the most
• Leave spaces open for people you don’t know yet (haven’t even met them)
• It may be beneficial to have a referral from another advisor to someone without any emotional tie to your farm to give advice.
• Think about your strengths and weaknesses.  Target the types of people that would fill your weakness gaps
• Agronomist, banker, lawyer, insurance, retired farmer, accountant, CEO’s, management, HR, etc….. maybe seek a doubter(not always saying yes)
• Thirdly, begin asking
• Start with your highest of priorities
• Make sure what you are asking for is clear
• Share your vision
• How often to meet
• How big of a board
• Team responsibilities
• Goals/Outcomes
• Does it pay?
• Have a formal written request to present in print and/or e-mail to go along with a verbal request on the phone or in person.
• This makes it so the person you are talking to doesn’t have to write a lot of notes
• They can focus on what you’re saying and reflect back on the material you left behind
• Be prepared to get a “no”
• If “no”
• Try and find out why they said no?
• Are they too busy, your mission not clear enough, conflict of interest, etc….
• Ask for permission to revisit your request in the future
• Ask them for a referral to someone else they know that might be a good fit
• Ask them for referrals whether they says yes or no
• What do you do if they say yes?
• Have a formal agreement in place.  Request a 1 year or 2 year term/commitment
• You can always extend this and it can be compounding
• Prepare a follow-up package
• Thank you
• Introduction to other team members(bios)
• Give them ample notice of when the first formal meeting or request will come
• Lastly, Prepare and Share
• Make sure your advisory team knows your mission, vision, goals, and the characteristics of the farm.
• When you set up for the first meeting have:
• An agenda
• Problems to adjust/solve
• Road map for a productive meeting
• Clear expectations/outcomes
• Instructions for food/beverage
• Get the materials out in advance and ask for questions/feedback
• Be prepared to share financials and short falls
• Suggestions for meetings:
• Be respectful of time
• Provide meals and refreshments
• Comfortable meeting conditions           
• Now that you have an advisory team and a network built up.  How do we turn them into referral making machines?
• Let them know what you are looking for.
• More ground, soil types, use for manure, custom work, staff etc…
• Be specific. When requesting a referral, be specific in regards to what kind of referral you’re seeking.  Tell your network who your target audience is. That way, you won’t waste time pursuing referrals who won’t yield you the results you want.
• Make referrals part of your initial conversation. When you start working with someone, ask them to agree to a simple deal. If you do a great job for them, they will tell others about it.
• Cash in those compliments. If someone is pleased with your work, thank them, and say something along the lines of, “It’s great to hear that you are happy with your experience. Would you happen to know of others who could benefit from our services?”
• Exceptional service. You won’t succeed at getting any referrals at all unless the quality of your service goes above and beyond the standard for your industry. Your farm should shine.
• Mutually Beneficial - focus on trying to seek referrals for things where the value is very obvious that it’s two ways.  Custom work would be a good example.  New ground is more of a one way value to the farmer, at least that’s how it’s often viewed.
• Develop a referral system. You get what you give. Pay it forward by providing referrals to businesses and partners yourself. People will be more inclined to give you referrals in exchange. Plus, contributing to the greater good of your community will help to bolster your reputation.
• Integrate your referral requests with other marketing strategies. Need some ideas? Go listen to episode #26
• Network, network, network! Try to make the most out of every networking opportunity. Plan what you will say in advance. Make it a goal to talk to at least three people at each event. Tell them about your business, pass out business cards.  They’ll likely share what they’ve learned with their friends. Try to make yourself as interesting and enthusiastic as possible—this is what people are drawn to! Once you network, make sure to follow up with a networking email to keep the lines of communication open.
• Summary
• It all starts with knowing your operation and what you want to become.  Be clear with yourself and others about the goals for your farm.  Identify the people you want on your team to fit and fill the weaknesses you have.  Having personality types different than yours is a great way to get the whole picture.  Create a strategy for asking them to join your team and be prepared to sell yourself to them.  Once you get a team together be over prepared for the first meeting and each subsequent meeting to keep the quality of talent needed on your advisory team around.
• Challenge
• Our challenge is just for you to simply start this process if you haven’t already put a team in place.  Make that list of people you’d like to network with and get referrals from.
• If you have a team we challenge you to recruit another high profile-new face to your team for 2020-2021.
• Reminders
• Rate, Like, Review, Share – this one especially because it’s for more than just farmers
• Send us your topic ideas and discussions
• Farm4profitllc@gmail.com