Introduction

Referrals are, of course, the lifeblood, even the oxygen that fuel fee growth in any professional practice. They come from existing clients and professional contacts because:

· Of the reputable name you have built
· The firm and its people are implicitly trusted
· The firm gives an excellent service
· Your firm recommends clients to other professionals

However this activity can be fraught with danger. You are dependent on the good will of these people hoping that these introductions will continue to flow through constantly and consistently.

And if they don’t?

Acquiring new business through referrals is such a cornerstone of any firm’s future that I sometimes think “what great risk takers these professional firms are!” Working via referrals is the reactive approach. Gaining new business by networking is the only proactive approach. In the forward thinking and growth-orientated practices, networking will be another cornerstone of marketing.

How many times do partners managers and even marketing managers go out networking with good intentions but come back empty handed? Wherever you and your colleagues go, there are business opportunities when you are alert, awake and alive to them.

Systems and Procedures

In the professional practice, there are systems and procedures for:

· Taking on new clients
· Controlling and managing chargeable hours
· Assessing and studying recovery rates
· Carrying out the technical work
· Checking and review
· Sending invoices for the work in process
· Chasing up fees

I believe that there is one key system missing. Where is the system for networking and more importantly the follow up? I know that if I ask most marketing partners, directors and managers I would hear silence.
If the work doesn’t come, forget about the above list.

Critical Role of the Marketing Personnel

From my past experience as a practicing chartered accountant, marketing departments ordinarily spend most of their resources:

· Organising events
· Creating written material
· Liasing with printers and PR agencies
· Creating and placing advertising

Resources put into the follow up process is generally zero or at least minimal.
Let us explore the reasons for this.

By the very nature of the activity, networking is carried out by partners and senior colleagues so it requires regular interaction with these people if networking is to be turned into real business opportunities.

Now, we all know about these senior players (I was one for many years so I’m highly qualified to talk about them!) They are busy, stressed out, pulled from pillar to post by clients and their issues; having you approaching them regularly about the follow ups are bad for the blood pressure…. theirs and yours!
So what is the solution?
Firstly, you need a champion, preferably the senior or managing partner, who understands the importance of the follow up. Let’s face it, if these expensive people, do not follow up, why bother spending all those expensive hours at the corporate event, the cocktail party or a day on the course?

With the support of this champion, that person must obtain the agreement of the partnership to ensure that the marketing department is an integral part of the networking process. On a regular basis, all senior people should be asked:

· Where have you been?
· Who have you met?
· What potential is there for a business opportunity?
· What do you think we should do about it?


The Network Event

Let’s go back to the networking event and see what happens. This part of the article is directed at all members of the firm including the marketing department. Wherever you go there are business opportunities if you are alert and on stand-by. When you start to chat to people and find something in common, you have created the basis to move forward. There are seven steps to building powerful relationships. Starting at the unaware to aware step through to the final step of satisfied client to raving fan.
The first step has been taken. When you talk in terms of the other person’s interests and listen with empathy you are likely to create the right atmosphere and those all important first impressions.
The Key Moment
You have had an interesting conversation, you believe there may be a potential business opportunity: SO ASK FOR THEIR CARD. Now is the moment of truth “if you don’t ask to contact them again then what was the point in having the discussion in the first instance?”
“May I contact you Wednesday or Thursday of next week to find out more about your business”. If this first interchange has gone well then the answer you are likely to get will be in the positive. Try to ensure that the person will be around on one of two days and after they have given you permission to contact them write it down on the card and let them see you do it.
After the Event
This is where the marketing department should get involved. When networkers arrive back at the office, ensure that they write down on the card:
· Where and when the meeting took place
· Interesting facts about the person.
· Any characteristics that were memorable and which may help when meeting them again.
Create an efficient filing system to keep all cards. You never know when they may come in useful again. If you have the information on those cards everyone is more likely to remember them even six months later.
When the marketing department is given the authority and responsibility, it should:
· Ensure the follow up phone call is made
· Any literature requested, sent
· Ensure that the call following the sending out of the brochure is made
· Ensure that a meeting is set up where possible
The larger professional firm is generally split into specialist silos, sorry departments, who often do not communicate. This can be an issue when the partner has made a good contact for the firm, but it is not his or her specialist area. The hackneyed phrase ‘people buy people’ could not be more apt here. Each person out networking must think firm not me, and keep eyes open for firm wide opportunities. Using lawyers as an example: if the property lawyer John makes a good contact for the corporate finance partner Jane, it is imperative that the follow up remains the responsibility of John. He must go and see the contact and take Jane with him. He is the conduit through which he can introduce the firm to the new contact. Until he builds the relationship between Jane and the new contact, he must remain on the scene. The marketing department should control all these activities.

In summary:

· Networking is the most effective proactive method of attracting new clients
· If you don’t follow up and keep in touch, then people representing the firm have wasted the scarcest commodity they have…time.
· Because of the stresses of the technical personnel, marketing departments should be allowed to assist and control the follow up process.