Having spoken at the Institute's "Setting Up Your Own Accountancy Practice"
events*, it's clear that a number of accountants aren't switched on by the word Networking.
It's seen as hard, manipulative, embarrassing or just "not me". My
advice is don't do Networking then, do something else instead - call it by a
different name:
- Sharing information
- Understanding issues
- Generating revenue potential
- Building a team
- Creating business opportunities
If you're thinking of setting
up on your own, you'll know that business is about people - people you know and
the people you don't know. Both of these groups know people, and that's where
the mileage is. Think of it as a form of human compound interest.
This is one of the strengths of social media such as LinkedIn. Its network statistics tells you the number of 1st, 2nd and 3rd degree contacts you have and offers a user friendly way of getting introduced to them. Of course finding the balance between quality and quantity is critical. You need to know who your practice is targetting and who will be the most effective conduit for becoming known to them. On LinkedIn, you can either set up or join a group e.g. Personal Money In Group or French Professionals in London. Or set up your own company profile for free (which is key word searchable by all 4 million users in the UK).
Equally, Meet Up offers ways of of getting in front of your target market. It could be geographically specific e.g. Small Business Network in North London or sector specific e.g. The London Green and Ethical Startup Group or maybe you want to connect with female business owners in the Chilterns in which case there's Chiltern Women Connect!
As for Twitter, check out Mark Lee's post "Twitter won't catch on among accountants".
If you prefer face-to-face contact, Business Network International and Business Referral Exchange both offer a weekly structure for
meeting non-competing business owners and educating them in what you do.
Many studies show between 50-80% of business is achieved through word of mouth referrals because there is an assumption of a level of trust and credibility. Basically, if people know what you do and what you're looking for, it's easier for them to market your services.
So, can social media really help you set up your own practice? In my opinion, yes...
* The next Setting Up Your Own Accountancy Practice event is on 16 Sept in Bristol, partnering with CABA. In the meantime, please let us know of any of your social media success stories.