Networking events as a source of business

Networking events as a source of business

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Hello. Just wondering what experience people have of networking events with local businesses? Being fairly new to running my own practice I'm considering joining one, but I'm put off by the fact that every one I look at already has at least one accountant as a member. Firstly I don't really want to tread so blatantly on the toes of another local practice and secondly I don't want to waste my time competing for business with someone who's been going along for years. That said, perhaps it will be useful even if it doesn't lead to new clients. Any thoughts? Many thanks!

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By ShirleyM
15th Oct 2013 13:05

It works for many

I tried one, and stuck with it for a couple of years when I first opened my practice. It didn't work well for me, but then I am not at my 'best' in large groups. My feeble attempts did bring in some new clients, but being part of the networking group they expected special treatment and heavy discounting.

There are many success stories from AWeb members, so my experience may not be typical.

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By whatdoyoumeanwashe
15th Oct 2013 13:19

Other accountants?

Thanks for that Shirley. Were there other accountants attending, or did you have a monopoly, so to speak? That's the bit that's making me hesitate.

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Replying to Ajtms:
By ShirleyM
15th Oct 2013 15:02

I think so

whatdoyoumeanwashe wrote:

Thanks for that Shirley. Were there other accountants attending, or did you have a monopoly, so to speak? That's the bit that's making me hesitate.

But I wouldn't swear to it. It's a good few years ago.

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By thomas
15th Oct 2013 13:28

I've done well out of networking groups.  I've joined WIBN where its a one profession policy so I'm not competing against other established practices.  However when I first started I did attend some Chamber events and got clients from there despite many other accountants attending.    I think my offering was different and appealed to the smaller businesses who don't need/want/cant afford  the accountants with fancy offices.  Pick your networking groups carefully and make sure they have the type of clients you would like.  Attend as a visitor before you sign up.  I quite enjoy getting out for a few hours so I quite enjoy going. I do however stick to lunchtime groups.

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By Vaughan Blake1
15th Oct 2013 14:44

Grow your own

If you are in a small town why not start your own group?  Book a small venue for say 8.00am, maybe a bistro client/would be client, who would otherwise be in bed not earning!  Invite local contacts, bank managers, solicitors, estate agents other business owners who could be potential clients/useful contacts and a couple of your existing clients.  Mention that they all can bring a friend/client/customer/contact if they wish.

If it works you get to meet who you want.  That new company on the trading estate or the new owner of the craft shop in the High Street

Maybe do a bit of advertising using your preferred method, (twitter, leaflets or run it in conjunction with your PR client who seems to know everyone in town).

Put on light refreshments, get the attendees to pay the bar say £5 a head.    Coffee, orange juice, croissant etc works well and the cafe can be a bit flexible on numbers. You may have to underwrite this the first time and/or have croissant sandwiches for the rest of the week!! 

Don't let anybody do pitches and mention this on the invite.  Just chuck 'em in a room and close the door.  You work the room as "mein host".

Collect cards and e-mail addresses, say "lets meet for coffee next week" to a select few.

Set a date at the time and repeat process two months later.

That's it, its not for everyone, but it can work well.

PS don't invite photocopier/stationery salesmen, no matter how much they beg!

 

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By Moonbeam
15th Oct 2013 19:14

Running your own networking event is very HARD work

I have tried my hand at running networking events many years ago before the internet etc. It was hard work then and it will be hard work now. Although you can publicise things much more cheaply and easily now you still have to entertain the punters if they are going to come back to the next event.

I've been to the occasional event organised by someone hopeless and it was a disaster, with various bores (also including the organising bore) taking over the meeting and causing me to walk out. That wouldn't do them any good at all as far as advertising their services goes.

So anyone interested in organising an event should attend a good few themselves to see what they are up against. If you think of running the event as any business event you will have to put in a great deal of time and energy to wow the attendees. And that might not be good use of your time.

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By whatdoyoumeanwashe
15th Oct 2013 21:45

Thanks everyone. Some useful things to consider. Not sure setting up a group would be my forte. WIBN sounds excellent. Shame I'm a bloke! Are they allowed to discriminate on gender?! I don't mind joining a large group with several accountants, just worry it would be a bit awkward and/or pointless to join a group that turned out to have about 10 people in it, and I was the second (or even third) accountant....

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By katedrew
15th Oct 2013 22:43

Avoid the groups where attendees are limited

Super advice from Vaughan.

In my humble opinion, after many years on the networking circuit I can confirm that the type of networks which allow just one accountant amongst them are useless if you have any sniff of entrepreneurial spirit. They might be good for the odd bookkeeper, but our feeling is that they are basically money making machines for the organisers. We have five of these groups competing (for who?) in our postcode, and having attended a couple of events and heard the most awful pitches from the "chosen" attendees I decided that we did not want any of them as clients and we would never venture back.

So roll on conventional networking: we happily rub shoulders with other accountancy firms - let the client decide, and let's meet all the potential clients not just the ones that the organiser groups us with!

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Jennifer Adams
By Jennifer Adams
03rd Nov 2013 14:06

WBNI - great idea if they will let you in!

I recently attended a local WBNI as a guest and had a good time - meal, drink, gossip and speaker. However, I was not invited to join as the current accountant didnt want me on her patch.

A client of mine has had good results in getting clients in his BNI but he is a specialist car repairer mending Jaguars and such.

I checked out all of the BNI chapters in the UK online and found that - not surprisingly- they all had an accountant. Even if you call yourself a bookkeeper or tax specialist they wont want you to join.

I even rang the main person at BNI UK and asked what to do - he said that you need to attend as a guest and ask the accountant whether they would mind you joining (done that) or otherwise you need to create your own but as Moonbeam says it is very hard work when you are also trying to expand your own business.

However... networking is a good way of getting clients - try to attend local events. I attended a local seminar given by WSX Enterprise on Digital Marketing a couple of weeks ago, got talking to some fellow attendees in the break and picked up three clients.

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Replying to mrme89:
By JCresswellTax
17th Oct 2013 09:31

Accountancy or Drug dealing?

JAADAMS wrote:

I recently attended a local WIBN as a guest and had a good time - meal, drink, gossip and speaker. However, I was not invited to join as the current accountant didnt want me on her patch.

Ha ha does this really go on in the professional world?

Sounds like a drug dealer going crazy as someone is dealing in their territory :)

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By whatdoyoumeanwashe
16th Oct 2013 15:05

Thanks again everyone. I am certainly now thinking about attending conferences that aren't just for accountants - even if I'm not in need of the content I can see how it could be time well spent!

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By thomas
16th Oct 2013 15:33

Worth making a few connections with the local banks, IFA's and lawyers.  It's all about telling the world who you are and what you do.  All it costs is a coffee and a few hours.

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By plummy1
17th Oct 2013 01:01

BNI ?

I know BNI is not to everyones taste and you have to find a group without an accountant but there has to be a reason why accountants are the most represented profession within BNI. Also not all BNIs are the same so just because you have a bad experience at one does not mean you can't find a group which is right for you.

  

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Replying to Tim Vane:
Stewie
By Stewie Griffin
17th Oct 2013 10:21

My opinion on BNI

plummy1 wrote:

I know BNI is not to everyones taste and you have to find a group without an accountant but there has to be a reason why accountants are the most represented profession within BNI. Also not all BNIs are the same so just because you have a bad experience at one does not mean you can't find a group which is right for you.

  

I thought the same a couple of years ago and joined a local “chapter”.  I didn’t enjoy it one bit for many reasons.  Yes, it brought in business that exceeded my £1,200 a year spend, but not enough to make it an enjoyable experience (about £10k GRF in year 1 – although £5k came from an ex member after he’d left the group and £2k came from a visitor).  Now of course this could be that I am one of the many who don’t “get” BNI (actually I do get it, but that’s a common accusation from BNI’ers) or it could be because of the strength of my chapter – which is likely as the professional services section was under represented and I didn’t trust any of them!

 

The defining moment for me was a pop up banner from BNI themselves which said that 66% of my referrals would come from my power team – my bank manager, IFA etc.  That being the case, I left the group and got in touch with the bank managers and IFAs I wanted to work with (rather than  the ones I felt forced to work with as they part of my BNI group).  A lunch a month with each is much more civilised and generates much more in the way of referrals (We’ve quoted £12k this month alone off the back of these lunches)

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Replying to Tim Vane:
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By Gary@BackToBlack
18th Oct 2013 12:58

VERY true!!

I'm currently in the Number 1 chapter in the UK, Kett of Norwich, and its FAB!!

Im the bookkeeper there along with an Accountant and everyone there has all there bases covered for 'accounting work', plus the accountant and I work really well together!

Its worth going to a few BNI meetings to 'dip yours toes' because as Plummy says... no two are alike!

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Stepurhan
By stepurhan
17th Oct 2013 08:35

Anyone in Kent?

West Kent Networking - http://www.westkentnetworking.co.uk/

I found this group to be very friendly and an excellent way of making contacts. The meetings were monthly but in the evenings, so you would need to go after the working day was over. I no longer work in the area, so haven't attended for a while, but they are open to all, regardless of whether the profession is represented already or not.

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By MDK45
17th Oct 2013 09:36

Recently finding out I am being shut out of local networking groups by an 'Accountant' in place already. However he's AAT rather than CCAB passed. It sticks in my craw, roll on the day when 'Accountant' term becomes protected.

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By Moonbeam
17th Oct 2013 10:59

A Lunch a Month

I am terribly gauche as regards business entertainment, and don't have much of a clue about this sort of lunch thing. However, Plummy1 has obviously got this nailed and I am bowled over by this approach.

I presume one would drag oneself along to a few Chamber of Commerce things to find the bank managers one could bear to lunch with first!

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Replying to Cheshire:
By plummy1
19th Oct 2013 23:23

Apologies Moonbeam

Moonbeam said I've got networking licked but I wish this were the case. For one thing I deal specifically in capital allowances claims so work with accountants rather than being an accountant myself. Due to the specialist nature of what we do I don't believe I can rely on just one networking group to supply our clients so also attend lunches or events where I am more likely to meet accountants or commercial conveyancing solicitors who could take an interest in our work.

It really is trial and error and to add to this you need to set some time aside to have an on-line presence. I'm not sure you ever get it cracked completely because if you think you have you can miss opportunities. There is one group in our area that meets at a golf club and afterwards if you play golf you can play nine holes or if not have a lesson with a professional if you want to learn. Having common interests like this helps to break the ice. 

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Red Leader
By Red Leader
17th Oct 2013 11:33

networking

Loved Jenny's comment about being warned off the other accountant's patch. Close escape - you could have been sleeping with the fishes if you'd tried to muscle in!

I tried networking events but was dreadful at it.

If I did use it as a serious means of business development, I think the one-on-one lunch with a referrer is the way to go. As mentioned above - IFAs, bank managers. I knew an IP who regularly arranged every Friday lunch with a different accountant. He would offer to buy lunch somewhere convenient for the accountant and then over the main course do a soft sell with stories of "successful" liquidations. 

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By Vaughan Blake1
17th Oct 2013 13:10

Times, they have a changed.

I was interested by Moonbeam's comments -  hard work?  Well yes to a certain extent, also enjoyable!.  The first one was a big effort but by their very nature subsequent ones are much easier.

I do think that times have changed though.  By "pre internet" I guess you are going back 10 or so years.  So much has changed:

1)  There are many more micro businesses for whom networking is their life blood.

2)  Bank managers and solicitors are much more into networking too, so don't need much enticing to attend.  (IFAs too!)

2)  If you look into your local Costa Coffee/Starbucks/Cafe Nero you will see business folk having meetings and doing one on one networking.  Ten years ago.....

3)  The internet means you can send out invites, circulars etc much more easily (see Mail Chimp etc)  no need to rely on costly newsletters being posted out.

That's before we look at Facebook, Twitter and Linkedin et al.

I found the bit I liked about networking events was the informal chatter before/after the "entertainment" so I cut out entertainment and just chatted.  I have had postive feedback on my events both because there was nothing else much in town and most people like the informal format.

 

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By vinylnobbynobbs
18th Oct 2013 11:32

Suits & Vinyl

A quarterly networking event at which lovers of a real music format - vinyl, meet play records loudly and have a drink or two!  I joined this group through Lindin and would recommend it highly!

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By Happy Up North Accountant
18th Oct 2013 14:52

BNI

Here's an interesting forum on BNI and many of the comments are typical of my own experiences with this cult:

http://www.grumpynerd.com/?p=10

Maybe I've just had a few isolated negative experiences - the problem is that these negative experiences seem to be more common than not.

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By whatdoyoumeanwashe
18th Oct 2013 15:31

"grumpynerd"'s views are

"grumpynerd"'s views are amusing, although not exactly balanced! That said, one thing I've learned for sure from both those for and against BNI is that I would hate it! So however you look at it, that's value for money from A'Web right there!

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By Vaughan Blake1
18th Oct 2013 15:33

Suits & Vinyl

I just love this idea!  Might see how I can pinch er.. use it myself.  This niche type idea looks like it would also work well in a larger town or city.

It's so refreshing to hear of new ideas away from the usual format.

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By User deleted
18th Oct 2013 16:16

I find ...

... if I am in the office working for clients and keeping them happy the new ones come to me!

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Mark Lee headshot 2023
By Mark Lee
20th Oct 2013 17:24

Each group is different

The following articles on AccountingWeb may help open you up to further ideas:

Which breakfast networking group?Get more from your networkingNetworking when you’re new in practice

Mark

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By User deleted
18th Oct 2013 16:29

I did dabble ...

... in networking, but found the fanfaronade and rodomontade too overpowering; and as for the piquant boquet of the ordure ...

... I much prefer a spot of magniloquence!

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Glenn Martin
By Glenn Martin
20th Oct 2013 01:06

i thought it was just me

the chairwoman of my local group is also a sole trader accountant I have emailed her 3 times about joining and strangely enough she never replies. I am so tempted to send her a cheeky one to wind her up or even pose a potential client to see if she replies. She must not want me on her patch. what she needs to know is that its my patch now. lol.

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Replying to mrme89:
Red Leader
By Red Leader
21st Oct 2013 12:09

.

Too right Glenn! Get it sorted son.

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