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Referral Mastermind Groups
A Business Advisory Growth Strategy for Accountants
'One to one' advice is expensive and over time clients struggle to maintain momentum. However, delivering Business Growth Advice, Support and Mentoring to a group who work together is not only extremely cost effective, the added dynamic of group support substantially increases the probability of long term success.
Many of your clients are looking to you for advice and support on a wide range of business issues. No one person can be expert in everything, you need trusted, quality expert ‘Partners’, to help you build the supplier base clients will need as they grow and prosper.
Business Growth Advice as a Profit Centre – A Three Phase Strategy
(No increase in overheads - everything done for you).
The entire strategy outlined below can be deployed and delivered by your own ‘Business Advisors’, but most accountants prefer to outsource the business growth advice allowing them to focus on what they do best: Accountancy. This means your practice can increase fee income with no increase in overheads and everything can be done for you.
Phase 1: The B2B Professional Service Supplier Referral Mastermind Group:
There are core services every business needs, but you would be surprised how hard it can be to find a good quality business you can rely on to deliver an outstanding service for a fair price. Your first ‘Referral Mastermind Group’ will comprise 12 to 14 businesses covering the core services, including:
- Human Resources
- Internet Marketing
- PR and Branding
- Virtual Office
- Sales Training
- IT Support
The group meets each month to prove their ‘quality credentials’, share case studies, and work through the structured ‘Business Growth Process’ to become ‘Referral Ready’. The successful Referral Group Member will enjoy introductions to potential clients who are of a perfect profile, at a time and in a quantity of their choosing.
Shortly after Phase 1 is underway, the work to recruit additional ‘trusted, quality expert Partners’ can commence…
Phase 2: The Niche, B2B Vertical Sector Referral Mastermind Groups:
There are 6 key ‘Vertical Sectors’: Manufacturing, Hospitality, Construction, Healthcare, Education, and Retail. Each sector has its own unique characteristics and specialist suppliers. Accordingly, the clients and prospects for each group member are potential clients for all group members so the process repeats itself with one important difference.
The services represented in the first Referral Mastermind Group are also the suppliers of choice for both the members and clients of the ‘Vertical Sector’ groups which means they have a vested interest in the success of the strategy, a real win-win proposition.
With a ‘full portfolio’ of trusted quality suppliers to cover all of the key services your clients might need, the deployment strategy can move ‘up a gear’…
Phase 3: General Business Referral Mastermind Groups for all Businesses, Clients and Others:
A good Business Advisor will charge c.£800 per day for non-specialist business growth advice which is more than the average business owner will be happy to pay. However, advising a number of businesses together in a Referral Mastermind Group format becomes extremely viable for the Business Owner, Accountant and Business Advisor.
Over and above ‘affordability’, there are additional benefits to the group format, commitments made publicly are much more likely to be realised and working with a group of fellow business owners provides the perfect environment for members to help motivate and support each other.
Small Steps Building to a Big Picture:
Far too many strategies look like an ‘all or nothing’ roll of the dice, requiring significant investment in terms of both finance and time. The Referral Mastermind Group Strategy is deployed one group at a time, so the cost is extremely modest, the cash flow almost entirely positive and all the hard work is done for you.
In Phase 1 and 2 Referral Mastermind Group, (RMG), members are almost certain to start out as non-clients. In other words, they start out paying for membership of your RMG whilst continuing to use their incumbent accountant for compliance and tax advice. This means there is only an up-side, effectively new clients with a high probability of securing them as accounting clients also, little or no impact on your existing staff or overhead structure and a positive impact on the bottom line whilst feeding your ‘Client Acquisition Pipeline’.
Contact us today on 0207 100 5180 to find our how 'Referral Mastermind Groups' would benefit your practice.