3 Low-Cost Ways for Smaller Professional Services Firms to Develop Business

The richest people in the world build networks. Everyone else is trained to look for work. - Robert Kiyosaki

Any good outcome is the result of a good investment but that investment isn't always about money. This could be a relief for owners and management team members of emerging professional services firms hoping to build their business and improve cash flow rather than funneling money into advertisements or errant marketing campaigns and praying for results.

Often the best investments are consistent, intentional efforts at building relationships with potential clients and referral sources. Below are three examples of how leaders at professional services firms can invest their time in meeting and cultivating relationships with others.

Engage on LinkedIn

I'm sure you saw this one coming. LinkedIn, like other social media platforms, benefits from the ability of its users to turn endless numbers of professionals (nearly 1 billion and counting) into smaller communities of individuals with like interests. Being active on LinkedIn, connecting with the right people, sharing valuable information that reflects your brand and areas of service expertise, and regularly engaging as a responsible member of the community is a great way to build a network of potential customers.

Someone once described LinkedIn to me (memorably) as a networking event that never ends. Even busy accountants and attorneys working in their offices can, with a tap or two of a button on their mouse, find themselves scrolling through a feed of posts left by their connections, commenting, liking and sharing by way of building presence.

The importance is doing so on a regular basis.

Some experts recommend spending 15 minutes a day on LinkedIn. I think recommending any particular amount of time to spend on LinkedIn misses the point. It's much better to understand the value of engagement - connecting with and building presence with the right individuals - and doing that for as long as is needed to help reach your goals.

Just remember most people who are active on LinkedIn have their own business interests and goals so it behooves you to be as helpful as possible to others, which increases the level of goodwill others hold for you, which is an exceptional approach to relationship-building. ?

Join a Chamber of Commerce or Industry Group

How many times has someone joined an organization like a chamber of commerce or association and then...not attended any networking events, or not joined a committee, or not taken advantage of other opportunities to meet people? Anyone, anyone?

As mentioned above, you get from something what you put into it. Find and join the organization that gives you the opportunity to network with professionals you need to meet to accomplish your business goals. A chamber of commerce is the most obvious example - and since they proliferate in communities both large and small, it shouldn't be difficult to find a chamber that provides you with access to the community you need. But of course there are tons of associations and networking groups specific to certain fields or professions.

In addition to attending networking events, though, also make a point of participating in presentations, ribbon-cuttings, advocacy events, and other activities that don't have an immediate benefit for you or your business. The regulars of any organization will notice when you show up; it makes it easier for them to consider you a regular and someone who can be trusted to support the community (since, after all, it's not just about you).

Also be sure to check out the member directories of the organization you join; it could be there are individuals you haven't seen at live events but who are members you would like to meet. If you go the route of reaching out to someone cold, do so in a respectful way. Highlight your mutual affiliation with the group you're both members of, and suggest a quick conversation during a phone call or Teams meeting. If they do give you their time (which is valuable to them), consider how you can offer to help them as well.

Sadly, there are some groups out there that are too insular to be valuable. Just sayin'. The members of these kinds of groups may have known each other for a long time and being a newcomer means you can find yourself on the outside.

There is a natural period of time it takes for members of a chamber of commerce or industry group to get to know a newcomer, hence my recommendations above to get as much exposure at as many events as possible. However, if the uphill slope you're on doesn't seem to be evening out though you've invested in an organization for a while, keep in mind each group has its own unique culture. A group might seem like a good fit for you because of the networking potential but there needs to be openness to new members on the part of long-standing members as well.

Build a Referral Network?

Building a referral network is really just a subset of the above two points: an absolutely worthy goal of networking on LinkedIn and at industry associations. Creating a system of mutual support among other professionals who serve the same clients as you is a key way of finding opportunities that otherwise might not have come your way.

It's also a marketing effort that doesn't take any more time than to get to know and cultivate your referral sources, except that you also have the responsibility of reciprocating by referring your clients to your referral sources. Another benefit of the opportunities that come your way from your referral network is that they are considerably "warmer" than new opportunities that you need to go out and find on your own. Meaning, if another professional's clients are referred to you, the client is more likely to trust you since their existing service professional (whom hopefully they already trust!) sent them over to you. This also is more likely to lead the opportunity to turn into a new client.

Having a referral network also adds value for your existing clients. If you provide one service but your client knows you collaborate with other trusted professionals who offer other services they need, they can feel comfortable knowing when they have a need for those services, they don't need to search on their own and HOPE they find a reputable service professional. They can continue to rely on you for referrals.

Finally, don't forget the importance of building relationships with larger firms whose clients likely aren't the same as yours. As your clients graduate to needing expertise beyond your resources, you can make referrals upward while also benefiting from reciprocal referrals from those outfits that don't match their business model.

Everyone benefits!

#growth #referrals #referralnetwork #professionalservicesfirms #growthstrategies

Are you a small or mid-sized professional services firm struggling to drive marketing strategies among potential clients to achieve growth rather than uncertainty? My weekly Marketing Strategies 4 Growth newsletter shares insights gained from nearly 20 years of marketing expertise at two mid-sized accounting and advisory firms. I specialize in tackling problems that firms and their partner groups face with effective marketing and communication strategies to get things unstuck and back on course.

Joe Kovacs, APR ([email protected])