{"id":8907,"date":"2010-10-03t07:03:11","date_gmt":"2010-10-03t11:03:11","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=8907"},"modified":"2024-11-19t21:35:08","modified_gmt":"2024-11-20t02:35:08","slug":"improving-your-focus-with-a-niche-accounting-practice","status":"publish","type":"post","link":"\/\/www.g005e.com\/2010\/10\/03\/improving-your-focus-with-a-niche-accounting-practice\/","title":{"rendered":"improving your focus with a niche accounting practice"},"content":{"rendered":"

it\u2019s actually much easier to talk about a niche practice than a jack-of-all-trades accounting firm.<\/strong><\/p>\n

by hugh duffy<\/em>
\nbuild your firm<\/em><\/a><\/p>\n

there are many opinions on whether accounting firms should offer services to specific vertical industries and unique audiences. some firms believe that if you develop a niche, you may limit your opportunities for more business. generalists, on the other hand, want to be all things to all clients, so they offer services to a broad group of industries and types of companies.<\/p>\n

see hugh duffy on video<\/strong>
\n<\/embed><\/object><\/p>\n

hugh duffy: taking control of your future<\/a>.<\/p>\n

we believe having a niche \u2013 or just a couple niches depending on the size of the firm \u2013 is a great way to grow because it positions you and your firm as \u201cexperts\u201d in a very crowded marketplace. comparing apples to apples, if you have two firms that seem to be the same, but one has a long history of helping clients in the healthcare sector, which firm do you think a doctor will choose as his or her accounting firm?<\/p>\n

kaye singer, a business coach from portland, ore., writes about niche marketing and suggests this three-part self-assessment. she says a good niche provider needs to be focused on clients who:<\/p>\n

1.\u00a0\u00a0\u00a0 have a strong emotionally compelling problem or issue.<\/p>\n

2.\u00a0\u00a0\u00a0 want positive results that will make them feel much better or solve a problem.<\/p>\n

3.\u00a0\u00a0\u00a0 are willing to pay for the services or benefits they receive because they see the value to their life, business and\/or happiness.<\/p>\n

a generalist firm can certainly address these three questions, but a firm that specializes can get much more specific as to how their services help clients grow their companies, reduce tax liability and survive for the long haul.<\/p>\n

often, firms create niches organically without any real strategy or forethought to specialization. eventually, once the firm begins to think about referral sources and monthly billings, the firm realizes it is, indeed, focusing its resources on one specific area.<\/p>\n

although this may seem obvious, many accounting firms can\u2019t see the forest through the trees to realize they should focus on what they know instead of what they don\u2019t know. it is this intellectual capital in one or two specific areas that enables a firm to develop a niche practice.<\/p>\n

for example, if your firm\u2019s partners and staff have experience in international accounting engagements \u2013 either learned on the job or when they came from previous employers \u2013 the firm will probably want to develop a niche in international tax or accounting. the same thinking holds for an industry niche. we\u2019ve mentioned healthcare, but just think of all the sic codes and corresponding industries. the playing field is wide open, especially if you or your staff have experience in a specific area.<\/p>\n

once you decide to specialize and want to proceed with this niche, the next logical area of focus is marketing. specifically, how will you let referral sources, clients, prospects, friends and family know what you\u2019re doing?<\/p>\n

this is actually the easiest part because you have a very specific skill and knowledge set to talk about, and it\u2019s actually much easier to talk about a niche practice than it is to promote a more general jack-of-all-trades accounting firm. you also have a much more specific audience to market to, so rather than trying to target all industries with all of your services, you can drill down to an industry segment.<\/p>\n

a niche practice isn\u2019t for everyone and it certainly takes some work to develop a thriving business, but more often than not, accounting firms that niche have a much more focused, decisive strategy and long-term outlook.<\/p>\n

hugh duffy can be reached at 888-999-9800 x151, or at hugh@buildyourfirm.com<\/a>.<\/em><\/p>\n

<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

it\u2019s actually much easier to talk about a niche practice than a jack-of-all-trades accounting firm. by hugh duffy build your firm there are many opinions on whether accounting firms should offer services to specific vertical industries and unique audiences. some … continued<\/a><\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[1905,5,9],"tags":[79,561,570],"class_list":["post-8907","post","type-post","status-publish","format-standard","hentry","category-clients-and-service","category-outlook","category-strategy","tag-marketing","tag-niche","tag-strategy"],"acf":[],"yoast_head":"\nimproving your focus with a niche accounting practice - 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