Referrals.. what to do with them?

When you get a referral you should do the following:

• Whether or not you take it, you should immediately thank the person who gave it to you and reiterate how the client fit was (If it was spot on, let them know. If it wasn't a good client for you let them know why.) I also give the referring party a "referral fee" which is equal to a particular % of the client's package. Referral fees are a sensitive subject I know. But I opt to use them in my practice and I wouldn't have it any other way.
• If the referral isn't ideal for you don't just let them hang out there. Call them back/ meet with them and refer them to someone else who may be better suited for them. And, follow-up with that party.
• Treat them right. This goes without saying (or should) but sadly I see the tragedy of poor service time and time again. Every client and every referral you are given should be treated with the greatest level of respect, dignity and professionalism. You ruin far more than just one relationship when you deliver poor service (and that includes not getting back to people- even if they are not a good fit for you).
• Meet with your referring partners at least quarterly to get to know how you can return the business. Are they expanding their line of work or taking on a new speciality that you need to be aware of. Return the referral.
• Take time to follow-up with all parties involved. Did they receive the service they expected? Would they refer you again (specifically why or why not)? Was your referral what they wanted/needed? Did the client receive the care they'd expect (and you can be proud of)?