If you would like to find out more about Enquir3, then leave your details and one of the team will be in touch
Referral Mastermind Groups - the detail
Revenue and Time Scales
Every business plan is wrong to some degree, but it is important to have a plan and clear targets to aim for.
Phase 1: The B2B Professional Service Supplier Referral Mastermind Group:
12 to 14 businesses each paying several hundred pounds each month adds up to a reasonable revenue over the course of the year. It typically takes 3 to 4 months to recruit the members of the first group and get the process underway. This leads logically to Phase 2...
Phase 2: The Niche, B2B Vertical Sector Referral Mastermind Groups:
6 additional Referral Mastermind Groups of 12 to 14 businesses formed during months 7 to 12, results in 84 to 98 Referral Mastermind Group members, or clients for Business Advisory Services. Each member pays several hundred pounds each month for membership, the amount you charge will be a function of both your practice and the profile of the members recruited.
If, each RMG member pays between £350 and £500 each month, by the end of the first year, monthly revenues could potentially be £29K to £49K, or £353K to £588K per annum. Then the real growth phase can begin…
Phase 3: General Business Referral Mastermind Groups for all Businesses, Clients and Others:
At this stage, all RMG members, especially those in group 1 have a vested interest in the formation of additional Referral Mastermind Groups which means there should be no shortage of potential members and some superb sales collateral in the form of success stories from members of the initial groups.
The plan is to establish additional Referral Mastermind Groups at the rate of 1 per month. Clearly the rate of expansion can be accelerated or slowed down as agreed, however target for years 2 and 3 will be to form an additional 24 RMG’s bringing the total to 31.
Whilst this may feel optimistic, a quick sanity check would indicate that in fact, it may be extremely conservative. 31 groups of between 12 and 14 means between 372 and 434 ‘Business Advisory Clients’’. Most will start out as new clients, in all probability, less that ¼ will come from your current client base.
Revenues will range between £130K and £217K per month, £1.6M to £2.6M per annum.
As most start as pure ‘Business Advisory’ clients – your upsell potential is substantial.
Improving Key Performance Indicators
At the core of the ‘Business Advice’ proposition, all of the following key performance indicators will be improved and due to the compounding effect of improving several key drivers at the same time, the bottom line impact should be significant.
- Improved Client Satisfaction = increased Client Retention.
- Client Satisfaction = Improved Cross Sales and Client Referrals.
- Increase Lead Generation and Improved Conversion Rates.
- Leading to formal Referral Partnerships.
- Value for Money = 5:5… Increase prices / Profit Margins.
- Eliminate Dissatisfaction => less firefighting, improve morale.
- Lower Overheads and more Productive Output / Efficiency.
These are easy words to say, but they are built on solid and proven foundations.
Contact us today on 0207 100 5180 to find our how 'Referral Mastermind Groups' would benefit your practice.