How to Grow Your Bookkeeping Practice Through Networking
Dec 16, 2024
Growing a bookkeeping practice can be challenging, especially if you're starting from scratch. Whether you’re transitioning from a part-time business to full-time or just looking to expand your client base, effective networking can be a real a game-changer. Here’s how Neha successfully grew her bookkeeping practice using networking strategies and how you can apply these tips to achieve similar results.
Starting Small: Building Connections Locally
When Neha began her bookkeeping business, she had limited contacts and no established network. She was reasonably new to the country which provides a challenge on its own. Determined to make progress, she took the first step by joining her local business council. This allowed her to meet other professionals and potential clients, even attending meetings with her young child in tow when no child care was available.
Tip: Don’t let personal circumstances hold you back. Find creative ways to stay involved and make connections, even if it means bringing your child to meetings or adjusting your schedule – be open about your situation and try to find a solution that works for you and the group you are wanting to join. Doesn’t hurt to ask.
One of her key breakthroughs was meeting someone from a networking group, which led her to explore groups like BNI. While BNI worked well for Neha, the key takeaway is that any networking group can be effective if approached with the right strategy. This is not an article about BNI.
Consistency and Trust: The Foundation of Networking
In the early months, Neha blocked one day a week solely for networking. This consistent effort helped her build trust and establish strong relationships. After six months of focused networking, the results spoke for themselves. Her connections not only became valuable referral partners but also lifelong friends.
Tip: Dedicate time to networking during the initial stages of your business. Relationships built on trust and mutual support will lay the foundation for your growth.
Top Networking Tips for Growing a Bookkeeping Practice
Here are Neha’s four actionable strategies for effective networking:
- Show Genuine Interest in Others
Take the time to understand the needs of other businesses and offer value where you can. If someone needs an accountant, an insurance advisor, or other professional services, refer trusted individuals. Neha’s approach was to recommend three professionals and let the client choose, keeping the process helpful and non-pushy.
- Collaborate with Referral Partners
Partnering with complementary professionals can open doors to new clients. For instance, Neha teamed up with a commercial lawyer for webinars and created value-packed talks with other professionals in her network. These collaborations not only showcased expertise but also expanded her reach.
Tip: Identify professionals who target the same audience and work together on joint events or content creation.
- Engage in Social Activities
Networking doesn’t have to be all business. Neha found that participating in social activities helped her build deeper connections. Whether it’s joining a book club or playing sports, shared interests create stronger bonds that can lead to referrals. This doesn’t stop with you – get involved in local clubs or your childrens events.
- Build Trust Through Reliability
Trust is earned by consistently helping others. If someone in your network asks for assistance, be quick to respond. Neha emphasized that her willingness to help others resulted in reciprocal support and referrals.
Choosing the Right Networking Group
Not all networking groups are created equal. Neha’s advice is to choose a group with positive, supportive members who align with your target market. You’ll be spending significant time with these individuals, so ensure the group’s culture and connections are worth your investment. You may not get it right the first few times but persist – you will find your people.
Key Takeaways for Growing Your Bookkeeping Practice
- Start local: Engage with community councils and small business groups.
- Dedicate time: Set aside time each week for networking, especially in the early stages.
- Collaborate strategically: Partner with complementary professionals to expand your reach.
- Be genuine: Focus on building relationships, not just selling services.
- Choose wisely: Join groups that align with your goals and values.
By following these networking strategies, you can transform your bookkeeping practice from part-time to full-time or take your existing business to the next level. Remember, growing a business is about more than just gaining clients; it’s about creating meaningful, long-lasting connections that support your journey.
For anyone looking to grow their bookkeeping practice, the principles of networking—trust, consistency, collaboration, and genuine interest—are universal. Start implementing these strategies today and watch your practice thrive. We are running a course starting Feb 2025 which covers step by step how Neha started her successful practice. To view the course and more, click here. To watch Neha talk about networking, you can view the YouTube clip here:
