22nd May 2015
As a firm that currently generates all of its business by referral and recommendation, we tend to spend a lot of time at business networking events. I consider these events a fantastic way of developing lasting and meaningful business relationships providing you approach them in the right way and with the right level of expectation. This article is not about how to network effectively, but suffice it to say, it appears to me all about how can you (and your broader circle of contacts) help the person in front of you and vice versa. I heard a great expression once: “You network THROUGH a room, not TO a room”.
I am often asked at these events who would be a great introduction and what should people be looking out for in terms of potential referral opportunities. Certainly, there are professions with strong natural synergy such as insolvency practitioners, solicitors and accountants (where referrals can and do flow both ways). After that, it does get a little tricky because whether it’s a company in financial trouble or a private individual, most people tend not to discuss it openly. It is not uncommon during the initial consultation stage with the client to find that it is the first time they have admitted the true extent of the problem to themselves, let alone a third party. This led me to look at the common factors that our clients have in common and I have identified 5 main factors that bring people to our door:
This list is by no means exhaustive as there are lots of other potential triggers like being the victim of a fraud for example. The key here is that it’s usually a significant event that leads to financial problems. In fact, I have historically walked clients through personal bankruptcy who were millionaires (on paper at least) a few years before meeting me.
My mantra here remains the same. If you have a problem or you think one is coming, don’t delay and get advice as the earlier you prepare, the better you are able to deal with the situation.
Please be advised that all views expressed in these posts are those of the author and not of James Rosa Associates ltd.