Four Lessons My Peloton Bike Taught Me About Business Development

Note: I am not affiliated with Peloton. I want to bring my personal experience to others in the hopes that it sparks a note of "can-do" wherever you may be in your personal or business development journey.

Researching markets, cultivating relationships targeting, closing, retaining clients, and continuously developing strategies around revenue growth and profitability margins. It can be a lot.

Dedication to business development can feel a lot like dedication to your health and wellbeing. But, unfortunately, when life gets busy, it takes a back seat. And the longer you put it off, the scarier it feels to take it on.

I want to help easer those fears by sharing what I've learned along my (stationary) journey with Peloton. As an accounting marketing professional who knows some accountants shudder at the word "sales" or business development," I can't help but draw some connections.

Here are four things my Peloton bike taught me about business development for accounting:

1.      Fear Is Normal—It’s Not Just You. 

Whether you’re new to accounting as a member of a firm or a seasoned sole practitioner, it is entirely normal to get that sinking feeling in your stomach when faced with the prospect of growing revenue.

When I first got on my Peloton a few months ago, I hadn’t worked out in over six years. SIX. I knew it would be a slow roll back to health and fitness. However, I did not anticipate that the team aspect and support of the Peloton community would turn a simple quest for fitness into a transformative journey to profoundly and positively influence other areas of my life.

Look, I’m not saying your venture into business development will be life-changing. But if you come at it with a certain mindset and approach, it’s not at all unreasonable to say it should be a transformative step for your accounting practice or career.

The accountants most successful at business development are those willing to try, despite that fear. It is possible to have no idea where to begin and still feel confident that you can learn it, bit by bit.

2. Fit is Critical

The adage “it’s like riding a bike” doesn’t apply to Peloton OR business development if you’ve never ridden a bike before, or it’s been a decade since your last ride. There’s bound to be discomfort in the beginning, so the first thing to know is that it’s okay. It’s okay to start from scratch, ask for help, and flail around a bit before you find your groove. I sure did!

“Fit” in Peloton or cycling terms is about adjusting the height, angle, and placement of your seat and handlebars to fit your body’s unique frame and form. In addition, it’s about adequately sized shoes and riding posture, and it further extends to exploring a variety of class and instructor types who fit your riding vibe.

In business development, “fit” equates to doing your research. Who is your ideal customer? What markets are appropriate for your practice, and what messages do they need to hear from you to convince them that you are their perfect fit accountant? What targeting, marketing, or partnering avenues are the right fit for your firm or niche? 

Right out the gate, before you do any real riding, you must establish the right fit. The result of not doing so is extended discomfort, frustration and burnout, and even long-lasting damage to your body. In the business sense, the results of doing business development without research are no different—only the damage is to your business and to your confidence in making headway against a sea of competing accountants. 

3. Turn Off the Leaderboard

I remember riding the Peloton my first time and thinking, “Wow, this is so much easier knowing there are others like me.” But I didn’t know that by focusing on that leaderboard, I initially ranked approximately 35,000 out of 40,000.

In the beginning, I recognized and allowed myself to be okay being at the bottom. So instead, I chose to focus on the growth and success of others who started where I was and built their way to the leaderboard. 

In the early stages of your business development journey, don’t look at the performance metrics of the top dogs. Look at where they started and how they got there. Then, listen to their tips—and practice, practice, practice. 

When you set aside ego and let humility step in, each fumble and fall serves as an opportunity to learn and grow. Find a team of accountants both alongside and ahead of you to lean on and keep each other moving forward.  

4. Turn On the Leaderboard

If you’re scratching your head at numbers three and four on this list, hear me out. The competitive angle of Peloton—namely the race to top the leaderboard—can be detrimental to your success when you’re starting. But once you’ve gotten past the initial hurdles of cycling: fit, form, endurance, and dare I say, the literal pain in your backside from that seat. Then, let the switch flip! 

It’s go-time, and you’re ready. Not only that, you WANT to take on those top performers because now you know how to. It’s just a matter of sticking to it. And what’s more, you’ve built the support system of others in your (clip-in!) shoes. You get to climb that leaderboard together. And remember, what gets measured, gets managed. Once we start getting a steady stream of data, we can adjust and make improvements accordingly.

Gone are the days of the phone ringing with new business. Instead, accountants need to market themselves and their firms actively. To do so, they need to push past comfort zones, have patience, be in it for the long game, find a support system, such as a trade organization or other like-minded business community. Speaking of community, did you know there’s a dedicated Peloton group specifically for accounting professionals? It’s called #PelotonAccountants. Check it out if you’re a practicing Pelotoner and an interested accountant. 

Crystal Garcia is a marketer with more than 20 years of experience in the professional services industry. At McCarthy & Company, she manages all facets of traditional and digital marketing, communications, and public relations strategies to support its accounting professionals.