How to Get More Referrals
A practical framework for turning conversations into consistent client opportunities
How to Get More Referrals: A Practical Framework for Accountants and Advisors
Referrals remain one of the most effective ways for accountants, fractional CFOs and advisors to win high-quality work, yet many professionals find networking uncomfortable, unpredictable, or simply ineffective.
In this VFD Business Development Academy session, Steve Darnell breaks down a clear, repeatable approach to generating referrals, focused not on selling, but on asking better questions, understanding business drivers, and positioning yourself as a connector and problem-solver.
This session is designed specifically for professionals who want better clients, not just more of them.
Start With the Right Expectations and Mindset
One of the most common reasons networking “doesn’t work” is misaligned expectations.
Most people attending networking events are not actively buying. In fact, only a small percentage of business owners are in purchase mode at any given time. Approaching conversations with the aim of selling immediately almost always backfires.
Instead, the objective should be to:
Build relationships
Identify future opportunities
Grow a network of potential introducers
Populate a high-quality prospect database
Referrals are built on trust, and trust is built by helping others solve problems, not by pitching services.
Quick Wins vs Scalable Growth
Marketing and networking play different roles in business development.
Marketing can be scalable and controllable over time, but it typically takes longer to deliver results. Relationship-based business development, on the other hand, creates immediate proximity to decision-makers.
A conversation with a business owner is far more powerful than an email address in a database — especially when that conversation is handled well.
The most effective approach is not choosing one or the other, but understanding why relationship-led activity should often come first, particularly when building a practice or moving into advisory services.
Avoiding Time Wasters: Setup vs Foul-Up
Not every conversation is worth pursuing — and knowing when to disengage is a skill.
The goal of early conversations is simple:
Quickly understand who you’re speaking to
Decide whether they are a potential client, introducer, or neither
Move on confidently if the fit isn’t right
Your time is valuable. The ability to politely exit unproductive conversations is just as important as the ability to start good ones.
The Power of Asking Better Questions
Most professionals underestimate how powerful good questions can be.
Rather than interrogating someone directly about financials, the session explains how to use indirect, open questions to uncover:
Business size and structure
Profitability indicators
Capacity and growth potential
Client type and retention
Strategic intent
By understanding common financial ratios across sectors — such as revenue per employee, margins, and overhead structures — you can quickly form an accurate picture of a business without asking intrusive questions.
This approach allows you to add value within minutes of meeting someone.
Mapping Conversations to Business Growth Drivers
A recurring theme throughout the session is the importance of thinking commercially.
Every service, whether advisory, compliance, technology, or outsourced support, ultimately impacts one or more of the core business growth drivers:
Client acquisition
Conversion
Client retention
Transaction value
Cost of sales
Overheads
Professionals who can clearly link what someone does to tangible financial outcomes stand out immediately.
This skill also makes it far easier to:
Introduce people effectively
Explain value clearly
Position yourself as commercially astute rather than technically focused
Positioning Yourself When Asked “What Do You Do?”
At some point, every conversation leads to the same question: “So, what do you do?”
The session emphasises the importance of being prepared, and practising.
Rather than listing services, the recommended approach is to describe client transformation:
What problems you help solve
What changes as a result
How that impacts profitability, cash flow or growth
A well-practised answer builds credibility instantly and opens the door to deeper conversations.
Measuring Success Properly
If you attend a networking event expecting immediate referrals, you will almost certainly be disappointed.
Better success metrics include:
Number of meaningful new contacts added
Quality of potential introducers identified
Opportunities to practise your positioning
Follow-up conversations booked
Referrals come later — as a by-product of doing the fundamentals well.
What Happens After the Event Matters Most
The biggest missed opportunity in networking isn’t what happens in the room, it’s what happens next.
Effective follow-up is where most professionals fall down.
Simple, timely communication after an event can:
Reinforce credibility
Deepen relationships
Open doors to one-to-one conversations
Create referral opportunities that never happen otherwise
Networking only fails when there is no follow-through.
Key Takeaway
Generating referrals is not about luck, personality, or sales tactics.
It is about:
Asking better questions
Understanding business fundamentals
Creating value through insight and connection
Being intentional about follow-up
When done properly, relationship-led business development becomes both repeatable and highly effective.