Jo Summers of research agency Acritas explains how accountancy firms can get under the skin of client referees.
For most practices, referrals are an essential stream of business, often representing as much as 40% of fee income. In a competitive and changing marketplace, many accountancy firms may not be managing this referral process and network as effectively as they could to differentiate their offering and optimise the firm’s share of the available work in the market.
Some firms rely heavily on referrers to generate new business, so networking with banks, surveyors, law firms and other specialists is a very frequent activity. There are networking events on most nights of the week and some individuals are dedicated to investing in building their professional networks.