Let’s Celebrate Why We Network
Having established a Financial Planning business 19 years ago, I for one can really attest to the fact that without networking a business may struggle to grow, especially a service business.
My husband Steve and I initially set up our own business as we had made a fantastic strategic alliance with a referral partner, through our Corporate Banking background ,who needed more than bank products to be able to refer their clients to for advice.
So we went out on our own and using this referral source generated income to set ourselves up in offices, became accredited with many providers of services and products, and gathered staff around us to best serve the clients being referred to us. Within 18 months the referral partner ceased referring to us as they went out of business, from no fault of their own, and we were left with clients but no new business coming in. Disaster loomed and we had nothing to celebrate!
We had 4 teenage children to finish in education, staff and rent to pay, not to mention our own household bills and a mortgage. We needed new business as back then the bulk of our income came at the time of the initial advice.
People don’t usually decide on their own initiative that they need a financial planner for their investments, superannuation and personal insurance. They are instead after recommendations to someone who is trusted by one of their contacts, or referred by someone like their Accountant or lender. We needed a steady stream of new clients and started networking to meet new referral partners and strategic alliances who could refer to us.
Fast forward to 2018 and we are still networking and are still receiving referrals from alliances made back in the early 2000’s. Many are also our clients. Some new fantastic strategic alliances have been formed over the years and we have also managed to get a strong network of trusted people we can refer our client network to, for all of their other needs other than our services.
We celebrate the fact that we knew the value of having clients referred to us, especially on a personal level.
We celebrate our strategic alliances that have been formed and that our business has not only survived but has also grown and is now widely recognised on a national level in the financial services area. Without networking we know none of this would have been achieved.
Why do I celebrate networking? Apart from it providing a steady stream of new clients to Arrow Focus on Wealth I have also been able to form my own business helping others in the form of workshops to ‘grow their business’ in the same way as I have, and it has enabled me to become an international speaker and coach, Be Seen Get Known Make Money Pty Ltd. I am so grateful for networking and that’s why I celebrate it.
I have a client referral and rewards programme running for my financial planning business, as well as regularly hosting a client networking “Focus Group” in our boardroom to help all businesses grow and expertise to be shared. It has bought the following to life for us:
Over the years I have joined many networking groups. I’ve run my own groups and helped lead others. Women’s Network Australia is one that I truly support and love the valuable members and the benefits available.
I’d love to hear from you what ideas you have adopted in your business bought about from your own networking.