In today’s digital world, it’s easy to feel like you’re competing not only with local accounting firms but also with accountants and tax professionals all over the country.
In order for your business to do well, you must find a way to make your firm special and unique. You have to differentiate yourself and your services from the competition.
The Benefits of a Niche Accounting Focus
One of the best ways to make your CPA firm stand out from others in your market is by identifying a niche where you can stand out from the crowd.
Creating a niche focus in your bookkeeping business or tax practice is one of the best ways to attract long-term clients because they turn to you as a respected expert for certain very specific accounting services.
But in the highly competitive market for accounting services, how do you decide on the best niche to implement in your firm? Here are some tips to help you decide what type of accounting to focus on and how to market your services.
Analyze Your Existing Client Base
A good way to determine who you should focus on serving is doing a survey of your existing clients to see what their needs are. You can also take a look at their general demographics as well.
Look for patterns among your clients to see if there’s anything they have in common. They might all be in a specific industry or come to you for certain tasks.
Finding these similarities is a good starting point when looking for a niche to market your bookkeeping and tax services to.
Identify Opportunities to Offer More Value
Another reliable way to grow your business is to follow the money, so to speak. Market your business based on what’s profitable for you right now, and expand on these areas to offer even more relevant services for your clients.
Look at which services are currently drawing in the most money to your business, and see if there’s a way to expand on them or differentiate yourself from other service providers in the community.
Use Your Existing Interests to Get a Competitive Advantage
There’s probably more you can bring to the table than just your accounting services, and you can actually use these other skills and talents to help you bring in more clients.
These interests could be anything, from a subject you minored in during college to an industry you worked in prior to becoming an accountant to something you’re interested in as a hobby. Focusing on things you already know about also means that you’ll be more likely to enjoy what you’re working on.
What industries do you already know a lot about? Do you relate especially well to members of a particular profession or trade? Figure out what makes you unique.
How a Niche Differentiates You from the Competition
The accounting industry is competitive, so you will need to work hard to stand out from the crowd. Focusing on serving a specific industry niche or a particular type of client is an effective way to do that.
When marketing your business, focus on very specific services where you have an edge over your competition, and embrace the things you are particularly good at. It’s best to do one or two things really well, instead of having a wide range of mediocre services.
