Save content
Have you found this content useful? Use the button above to save it to your profile.

They say they'll refer new business to us but they don't

24th Jun 2014
Save content
Have you found this content useful? Use the button above to save it to your profile.
In working with accounting firms on practice growth issues, I hear the same concerns repeatedly expressed no matter what size of practice I’m supporting. Three of the most common ones are:
  •  The bank says they’ll keep us in mind, but they never refer any business to us.
  •  The law firm says they’ll send us some business but it’s been years since they last did.
  •  The partners are territorial and won’t refer me work from their portfolios.

​Regardless of whether a bank, law firm or other potential introducer has business to refer to us, my experience is that the accounting firm only calls them when they want some business (speaking generally over the last 15 years rather than individually – there will always be exceptions) What kind of relationship is that? No kind, but it’s the message that most firms put out and yet wonder why there is no flow of new business enquiries on the back of it.

With our own internal partners, there could be many more political/trust issues behind why we never see clients referred to us by them, but most firms will at least pay lip service to the fact that they are trying to build the practice, rather than just their own individual portfolios.

So here’s an idea for us to consider. When neither internal nor external sources are referring business to us, how about investing in the relationships first?

For example, what targets and deadlines do our introducers/intermediaries have hanging over them right now?

How can we be useful in helping them reach those objectives?

We are trying to build our businesses, so are our referral sources. Who do we know, what have we got and how can we bring value to them, WITHOUT wanting something in return from them as a mandatory condition?

When looking to create opportunities with intermediaries, let’s bring something to the table first. As our sincerity and regularity of contact is acknowledged, we begin to earn the right to ask for reciprocation at appropriate junctures.

To take it one stage further, maybe our intermediaries can offer referrals that benefit many of our partners in the firm; not just us.

So when we can graduate to building a selfless pipeline of opportunities to build the firm rather than just our own portfolio, watch those internal territorial and political barriers come down like some commercial Berlin Wall and observe the inter-directional free flow of new business traffic begin.

In summary I’m saying that we are better served not by asking ‘why are our sources not referring?’ but instead asking ‘What would encourage them to refer to us?’

When we can re-frame the issue in that way and put the responsibility and onus on ourselves to create value for our alliances first, we come to realise that its ‘proactivity’ and not just charity that begins at home.

In my experience, the sincere proactive relationship-building professional, is always sought after, always profitable and always esteemed as a true ‘Trusted Advisor’.

They have no shortage of high quality referred work.

Tags:

You might also be interested in

Replies (3)

Please login or register to join the discussion.

avatar
By jimmercy
24th Jun 2014 11:21

Paragraphs

Please insert some paragraphs to break your piece up and make it easier to read

Thanks (0)
avatar
By jimmercy
24th Jun 2014 15:27

Still pretty bad read

I hope English isn't your first language, I started reading but gave up, awful writing or perhaps you used google translate and something got lost.

Thanks (0)
Replying to mkowl:
Martin Bissett
By Martin Bissett
25th Jun 2014 10:00

See what you mean.

Not much 'mercy' in those comments from you Jim but it's been tidied up a bit and hopefully it's an easier read for you now. 

Thanks (0)