Archive for the ‘Online networking’ Category

This is the fifth and final part of a short series of blog posts. All five parts, together with further valuable tips, will shortly be available as an ebook.

For now, here are three more ways accountants can benefit from using LinkedIn:

Be the Conductor – Your client wants to raise finance, perhaps through Venture Capital. Maybe you could do with better contacts in this area? LinkedIn can provide those contacts and introductions.  The same applies for buying and selling businesses, mergers and acquisitions, joint ventures etc.  On the tax side of course there’s no need as you can simply use the Tax Advice Network to access relevant and vetted specialist tax advisers.

Practice mergers and expansion - There are a number of highly regarded service providers who can help ensure you get the best deal here. If however you want to go the DIY route, then LinkedIn can help you find suitable practices and practitioners. Your profile will also enable them to check you out – using the information you have chosen to share.

Accessing knowledge – A surprising number of people are willing to share their knowledge and advice on LinkedIn. They do so by answering questions in a public forum. You can pose your questions on any subject and benefit from this free sharing of information.

If you’d like to be notified when the ebook is available do make sure you’ve subscribed to my newsletter using the link on the right about half way down this page. I only send it out about once a month. There’ll be no charge for the ebook by the way.

If you’re in a hurry to learn more about LinkedIn, do signup for Phil Richard’s free Effective LinkedIn Starter Course.

This short series started with extracts from my talks on social media for accountants.

One reader and contributor is Phil Richards. We’ve been talking about jointly authoring an ebook on the subject of LinkedIn for accountants. In this vein Phil has some further ideas as to how accountants can benefit from LinkedIn. Rather than add them as comments on earlier posts, I’ve extended the blog series. So here are three more:

Central point – LinkedIn enables you to connect one to one with people on a mutual platform. When you connect to one person you become visible to the people they connect with. This works in all sorts of ways that happen without you having to do anything.

Research suppliers – Whilst it’s not yet ubiquitous, LinkedIn is increasingly popular. I’m now surprised and disappointed if someone who approaches me isn’t on LinkedIn. I’ve often found that I know someone who has already dealt with them and can then call or email for an objective view before agreeing to engage with them.

Recommendations – LinkedIn provides a facility for clients and colleagues, past and present, to post recommendations against your profile. These are only visible to others if you accept them. I’m rather proud and humbled by the large number attached to my profile. I’d like to think that such recommendations add to your credibility. And this can be helpful in giving the right impression when new contacts first check out your online profile.

(The fifth and final part of this series will follow on Friday – love the alliteration!)

Having used the last two posts on this blog to introduce LinkedIn, let me now summarise the benefits you can secure by ensuring you have a profile on LinkedIn. This will enable you to:

• put your generic CV ‘out there’ showing your career history and key skills;
• include reference to your current role as your current role;
• get to grips with the LinkedIn website and features before you NEED to use them;
• reconnect (online) and remain in contact with ex colleagues and other business contacts – ie: build and enhance your network;
• be found online by new contacts who you meet on a day to day basis; and
• build your reputation as a helpful person before you start needing help – Those who try to use any online network solely for what they can get out of it will be less successful than those who seek first to contribute to the network.

Although it would have been better to have done all this beforehand it is still worth doing so if you’re now seeking work.  In addition to the above benefits:

• This will make it easy for you to be found by the recruiters who use LinkedIn to source candidates to fill vacancies;
• You will have a business environment in which you can communicate without using an unprofessional ‘personal’ email address and as distinct from the Facebook ‘fun’ environment;
• New contacts can get in touch with you without having to rely on a scrap of paper containing your scribbled phone number and email address.

If you are on LinkedIn and feel there are other reasons for our fellow professionals to register a profile there, please add your comments below. Equally if you disagree, please provide a contrary view.

Yesterday I introduced LinkedIn and explained, in summary, why I suggest that accountants should register their profiles there.  If you’re not going to be active on LinkedIn it can still be worthwhile so that other people can find you.  They may be looking for you specifically or simply for someone like you.

I’m lucky, despite having a very common name, if you Google Mark Lee from the UK you will find me immediately. That’s not the case for most people, nor is it the case if you’re outside the UK ;-(   So unless you have a unique name, you will make it easier for others to find you, simply by registering on LinkedIn.

Maybe they used to work with you and want to get back in touch. Perhaps they want to refer some work to you? Or maybe they are an ex-client who worked with you when you were with a previous firm. Or are they simply looking for someone with specific experience? Perhaps someone has recommended you but didn’t know your website details? Maybe they’ve checked your website but want to see what other people have said about you on your LinkedIn profile?

There are many possible reasons.

Then there are the recruiters (in commerce, practice or in the recruitment business itself) who are looking for someone just like you.  However secure you may feel in your current role, nothing lasts for ever.  Far better to have built up your online profile BEFORE you need to rely on it. And in the current climate you may need to do so even if you think you have a strong offline network of business contacts.

Equally you may be able to source a new senior recruit through your LinkedIn contacts. You could also find out more about newer clients and about key contacts at target clients before you approach them. Maybe someone you know, already knows them and could effect an introduction?  The facility to do this in a professional way is one of LinkedIn’s key distinguishing factors.

Many people use LinkedIn as a directory and to find the profiles of other senior business people. Many of those who have their profile on LinkedIn are happy passive users. Yes, there’s a lot more you can get from LinkedIn but for many people it’s enough to simply ensure that they can be found if someone’s looking for them.

LinkedIn also has the potential to be a more intimate way of networking than simply exchanging business cards with a stranger when attending networking event, conferences or exhibitions.  In this connection I recently attended a social party, met an interim FD and remembered his name. The next day I looked him up on Linkedin and connected with him. This sort of facility allows us to maintain a wider network of contacts that has ever been possible in the past.

(third  part of this short series tomorrow. Concludes next week)

LinkedIn is a ‘Business’ networking website. I’m always amused when commentators describe it in the same breath as ‘social’ networks. I think this confuses people who are unfamiliar with them and assume that LinkedIn is a variation on facebook and twitter for example. A more accurate collective noun is ‘online networks’.

LinkedIn is probably the only online network where it can be worthwhile establishing a profile even if you’re not planning to be ‘active’ on the site afterwards.  Generally, online networking can only work if you are active and netWORK.  This is also true of Linkedin but, unlike the other sites it is the ONE that some people use as a directory. Where users may look (or ’search’) for you or someone like you.

Of course my profile is on LinkedIn and I’ve become increasingly active there. I now have over 1,000 direct contacts there.  By all means seek me out and let me know why you want to connect. I’ll be happy to do so if you’re a reader of this blog.

(part two tomorrow)

A sole practitioner accountant recently asked how could he attract the ‘bigger fish’?
In effect he wanted to know how he could start to attract and win clients who would be prepared to pay bigger fees. He said he wants to more than double his average fee – moving from around £600 upto £2,000.

Here’s my initial reply:

What services do the ‘bigger fish’ look for and that you can provide? Are you looking to attract prospects with more complex affairs or those with more messy records?

What services would anyone want and be prepared to pay £2k for that you have the interest and ability to provide.

When you are networking are your stories and examples about small clients or big clients?

Do the messages on your website and marketing material represent the right sort of bait for the work you want to attract?

Last week I interviewed Daniel Priestley on a webinar during which we discussed ways in which accountants in practice can become more entrepreneurial.

One of the issues we touched on was the benefits of identifying a niche, or preferably a micro-niche.  Daniel made the point that this makes you more referable as it distinguishes you from all the other accountants. And this is a point with which I certainly agree. I’m always amused when I see a list of “areas in which we specialise” on accountants’ websites. In fact such lists are more often simply a list of all those areas in which the firm’s clients operate. As such they provide less evidence of specialist expertise than is ideal.

The same point arises when accountants try to describe all the things they can do when they announce themselves at a networking event. All this does is to make you sound just like every other accountant. And that means you’re BORING and not memorable. So the low rate of referrals and new work introductions that follows from such activities shouldn’t be a surprise.

Claiming a micro-niche involves focusing on something like: “Divorced women over the age of 50 who are worried about their finances.” That’s a clear memorable and distinct focus. It’s a micro-niche.  You probably are already finding yourself thinking of people who fit that demographic. If so you’re putting yourself in the position of someone who could refer work to an accountant who focuses on that micro-niche. And that’s why it can be so valuable to have such a focus. Clearly you should pick one that relates to your own experience. But PLEASE make it different to all the other accountants who (claim to) focus on SME businesses…. (yawn),

Daniel suggested that micro-niches might include reference to gender, age, level of wealth, location, income, beliefs, values or any other such distinguishing personal or business feature. Focusing on micro-niches also makes it easier for search engines to find you. This is relevant for when your target audience is looking for an accountant. Your micro niche makes you more referable, more memorable and more obviously a specialist from the media’s perspective too.

I had one further thought after the webinar had finished. And anyone who has ever worked for or met someone from a larger firm of accountants will be able to relate to this. Often their business cards will define the niche or area in which they work. They are not simply a partner or a manager. Often they are not simply a tax partner or audit manager. Their business cards typically identify an area such as ‘property’, ‘retail’ or ‘international’.  These are akin to niches. But I know dozens of property tax specialists in large firms and I have difficulty in distinguishing them in my memory.

The accountants (in any size of firm) who stand out are those who emphasise their own unique micro-niches.They make these clear on their websites, on their marketing material, when networking and seeking referrals and when obtaining media coverage.

During the webinar Daniel answered a couple of related questions:

a)  Can you have more than one micro-niche? Yes you can but it’s rarely necessary and will confuse people if you mention them both in the same conversation;

b) What about the work and opportunities you miss through focusing on a micro-niche? In real life you gain far more than you lose.

What do you think? Do you have micro-niche you’re prepared to share?

I recently presented a session at Digita’s annual conference: “Should accountants explore or ignore twitter and other social media?”

As so often with my talks some of  the content was drawn from posts on his blog – and especially, on this occasion, the items flagged on the twitter page. I also went into more detail about LinkedIn than I have done before.

LinkedIn is probably the most widely used professional and business focused online networking website. I’m always amused when commentators lump it in with facebook and twitter and describe them all as ‘social’ networks.  I think this confuses people who are unfamiliar with them and assume that they are therefore very similar.  A more accurate collective noun is ‘online networks’.  (By the way, it can help to be think of the word ’social’ as a guide to the form of interaction required on such networks. You will always be more successful if your approach is social rather then ANTI-social)

Back to LinkedIn, you can use it find people and to be found by other users including:

• Old colleagues, business contacts, suppliers
• Prospective clients, introducers, influencers

Recruiters use it too and maybe looking for someone like you. Equally you may be able to source a new senior recruit through your LinkedIn contacts. You could also find out more about newer clients and about key contacts at target clients before you approach them. Maybe someone you know, already knows them and could effect an introduction?  The facility to do this in a professional way is is one of LinkedIn’s key distinguishing factors.

In August 2009 I searched LinkedIn to find out how many accountants in GB had registered on the network. The answer was just over 26,000. That figure is now closer to 38,000 and is growing daily.

I would stress that those figures include management accountants and chief accountants in industry and commerce – it’s not just accountants in practice!

LinkedIn seems to be used mostly by recruiters and business people who are not active on the more social online networking sites such as ecademy, facebook and twitter. To my mind that’s good as I don’t need more places to network with the same people but new places to network with new people.

LInkedIn has the potential to be a more intimate way of networking than simply exchanging business cards with a stranger when attending networking event, conferences or exhibitions.  I recently attended a social party, met an interim FD and remembered his name. The next day I looked him up on Linkedin and connected with him. Such a facility allows us to maintain a wider network of contacts that has ever been possible in the past.

In a previous post:  If you’re not on Facebook you need to be on LinkedIn I set out, in more detail, some of the reasons for registering an account on LinkedIn.  This is the minimum I would encourage you to do. Most of the real benefits of being registered on LinkedIn require you to have more than a simple profile, but it is at least a start!

Please share your own views and experiences of LinkedIn below.

Whenever I am asked to speak about ’social’ networking to audiences of professional advisers I insist on the quote marks. In my experience most advisers aren’t excited by the the idea of social activities when they’re working. And if anyone wants to encourage accountants (and, I would expect, most other professional advisers) to get involved with social media it’s worth recognising that the ’social’ prefix can be a big turn-off.

During my talks I explain that it can help to think of social, simply as the converse of  ANTI-social. And that’s especially important when you are considering the business potential of online social networks. You need to avoid being seen as ANTI-social.

Imagine someone you know, another accountant maybe, has moved to a new village and has popped into the local village pub to meet some of the locals.  Or imagine your friend joined an exercise class or a local dance class. Or any sort of club. Would it be SOCIAL if your friend started by shouting out to everyone about their accountancy practice? If they stood there shouting requests for tax queries that they could answer? Or just stood up and told everyone that they are now the new local accountant?

If someone did behave like that would it be social or ANTI—social?

What would you say if your friend told you that it was a waste of time moving to the village as there are no new clients there, no new suppliers, no advocates, no one has referred any clients to them and everyone seems quite unfriendly. If your friend did complain after behaving like that, whose fault do you think it would be? The villagers or your friend who’d simply arrived out of the blue and shouted their mouth off, expecting to somehow win over the local inhabitants without spending any time building a relationship first?

Many online social networks are like local communities. If you want to gain any value from your involvement you first need to engage fellow ‘villagers’ in conversation. This is very different to any other form of marketing activity which generally consists of broadcasting your views, ideas and marketing messages.

So – a big tip if you intend to experiment with social media – is to avoid shouting and broadcasting.  You may be online but the norms of social behaviour are equally important. Think about how you can be social, rather than anti-social.

In an earlier post on this blog – Social Networking for Accountants (part one) I noted that some ‘online communities’ have more of a social than business focus and thus appear to focus on ’social networking’. Others appear to be focused more on business related networking.  Don’t be fooled though. Professional advisers are generally chosen and referred by reference to a personal relationship and these take time to build.  I am coming around to the view that you can build more relationships faster online than offline and that effective online networking is worth accountants exploring.

If you’ve heard other accountants or professional advisers complain that online social networking is a waste of time,  you may want to consider whether that’s simply their experience. It could well be a function of their approach. Were they actually social or anti-social?

If you’re an experienced social networker, please share your views below about what works and what doesn’t when someone new joins a forum or online network. Many thanks