Imagine this.

You wake up on a Monday morning, open your inbox, and there’s… nothing.

No “Hey, I told my friend to reach out.”
No “My cousin needs bookkeeping.”
No “We’re switching firms — can we talk?”

Just silence.

For most small and mid-sized accounting firms, this is nothing short of a nightmare. Unlike what we want to believe, this scenario isn’t far-fetched. It is a fragile reality tied together by trust, timing, and hope.

For most firms, referrals feel safe until they don’t.

Firms don’t need luck; what they need is a system that helps leverage growth. 

During a recent live panel discussion on Beyond Referrals – Building a Growth Engine for the Modern Accounting Firm, two seasoned leaders – Gaynor Hardy, Founder of Charisma Ink, and Matthew May, Co-founder of Acuity — unpacked why firms can no longer rely on referrals alone, and what modern growth really looks like.

And the insights were eye-opening.

Referrals: A Blessing, But Never a Strategy

Referrals, even today, are the heartbeat of accounting firms. They feel warm and familiar. They are usually pre-vetted. Referrals seem to be working “just fine” so far. 

But here’s the shift no firm can ignore:
The referral ecosystem is changing faster than the profession is adapting.

Gaynor put it plainly:
“Referrals are wonderful — but they’re passive. They depend on someone else thinking about you. That’s not a growth strategy.”

If referrals stopped tomorrow, most firms would have no pipeline, no visibility, and no predictable way to generate interest. That’s why the panel opened with a bold proposition:

If your firm’s growth depends on what others say about you, you’re not in control.

Why Is the Referral Engine Breaking Down?

Firms today face a couple challenges. And these are almost common for all firms. 

1. Referrals aren’t consistent anymore.

The market is noisier. Clients have more options. Attention is fragmented. Even happy clients aren’t constantly thinking about recommending you.

2. Commoditization is killing differentiation.

Gaynor emphasized this during the conversation:
“If you look and sound like everyone else, then referrals become price comparisons — not value decisions.”

And price-based referrals never build healthy firms.

3. Modern buyers don’t behave like they did 10 years ago.

Referral or not, today’s prospects still Google you, check your LinkedIn, scan your website, and compare you against others. In the world of digitalization, if your brand is weak, you lose power. 

So What Happens If Referrals Stop Tomorrow?

Nobody really thinks about it until it happens. But as we move towards the next generation of accounting, you need to be mindful of how and what you plan for your business.

If referrals stop or even drop tomorrow, it can bring:

• Pipeline drought
• Feast-and-famine revenue cycles
• Unpredictable hiring needs
• Overreliance on a few sources
• No control over lead quality or volume
  

In the words of the panel:
“Referrals are fuel — not the engine. You still need an engine.”

And that’s where the conversation turned to what modern firms actually need to build.

The Modern Growth Engine: What Firms Should Have Built Yesterday

When you rely on referrals alone for your business, your business is based on hope and not on strategy. Instead of hoping that referrals continue, the panel encouraged firms to build a predictable, controllable system. One that works with referrals — not instead of them.

Matthew broke the growth engine down into five essentials:

1. A clear niche and an ideal client profile

“When you talk to everyone, no one hears you,” he said. Acuity grew effectively because they planted a flag: CAS-focused, strong positioning, and a well-defined buyer.

2. Consistent visibility across the right channels

Blogs. LinkedIn. Webinars. Industry partnerships. You don’t need to focus on everything in one go. But smart business acumen lies in understanding and choosing business models that actually work for you, consistently. 

3. A simple offer ladder

Offering too many services to clients in too little time only confuses them. They don’t need to feel overwhelmed – what they need is guidance. 

4. A documented sales process

Most firms don’t have one. They rely on the senior partner to “handle sales.” That model slows down the idea of scaling.

5. Metrics that mean something

To know if a strategy is working in the right direction or in case you need to change the course of action, you need steady metrics. Aspects like pipeline, close rate, and lead sources. Build customer journey stages. If you don’t have these, you are just guessing everything.

If You’re Referral-Dependent, Your Biggest Blind Spot Is… Visibility

This was Gaynor’s biggest emphasis.

Many firms assume they’re visible because they have a website or post “Happy Financial Literacy Month!” every April.

But brand visibility is more specific than that.

According to Gaynor, high-performing firms consistently do three things:

• They speak directly to a niche
  Not “we do everything for everyone.”
• They talk about real pain
  Cash flow anxiety. Poor books. Missing insights. Tax uncertainty.
• They bring proof
  Case studies, testimonials, and before-and-after transformations.

And most importantly:

“Consistency always beats creativity in accounting firm marketing,” she said.
A single post does nothing. A steady voice builds trust — and trust builds a pipeline.

Channels That Work (and Don’t Require Big Budgets)

One of the strongest segments of the panel was practical advice for small and mid-sized firms with limited time.

Here, the consensus power moves:

• LinkedIn is the primary visibility platform

Short insights, niche-specific value, and simple templates any partner can use.

• Monthly webinars or roundtables

Just like this one — designed for very specific problems your clients face.

• One strong lead magnet

A checklist, a guide, or a pricing framework. Not a 26-page whitepaper.
A single irresistible resource that signals expertise.

• Partnerships and ecosystem plays

Software vendors, industry consultants, communities. Matthew shared how this helped Acuity grow beyond referrals.

• Light outbound — but thoughtful, not spammy

Targeted, value-led outreach over automated blasts.

Fixing the Real Issue: Interest Isn’t Your Problem — Follow-Up Is

Most firms do get leads. But they don’t convert. Here’s why:

• They skip discovery structures
• They don’t talk about money early enough
• They don’t set next steps
• They don’t follow up

Matthew gave one of the most actionable insights of the session:

“If you don’t have a repeatable first-call checklist, you can’t complain about bad leads.”

The 90-Day Blueprint: Where Firms Actually Start

Towards the end, the webinar distilled everything into a simple, three-month execution plan. To make the shift from referral-dependent to growth-ready even easier, we have distilled the entire webinar into a practical 90-day execution checklist. From clarifying your niche to tightening your message, this checklist lays out what the modern accounting firm should actually focus on. This checklist is designed to provide you with step-by-step actionable items that you can download and start using immediately.

Download the 90-day checklist now

It’s not overwhelming.
It’s not flashy.
It’s not expensive.

It’s doable.

So What Would Happen If Referrals Stopped Tomorrow?

The firms without systems would feel the pain first. But the firms with a growth engine — even a simple one — would barely feel a ripple. Because modern accounting firms don’t grow by accident. They grow by design.

The referral era isn’t gone. But it’s no longer enough. And as this webinar made clear, the firms that survive the next decade will be the ones that stop waiting for referrals — and start building engines.

Watch the complete live recorded session here: https://youtu.be/6mi54RFFEc8?si=OwcBOKtzcs3IKyBx