Tuesday, March 15th, 2016

Specialize

“Don’t try to make a product for everybody, because that is a product for nobody.” – Seth Godin

I can remember a time when the partners at a CPA firm would joke with each other about being a specialist. These conversations would happen at a CPA association meeting or inside a partner meeting.

If they had a chance to land a car dealership and their firm was already serving ONE dealership, they might convey to the prospective client that they had a lot of experience with dealerships. Same applied to franchises or excavation contractors and so on.

Those days are gone. Today’s most successful firms truly specialize and are deeply knowledgeable about their specialty. The firm has a champion (or niche leader) for the specialty. The leader speaks about the specialty area and writes articles for the specialty association newsletters. They attend conferences directed toward the specialty and continually read and educate themselves about that particular business. They hang-out with business owners in that segment or niche.

These CPAs “own” that specialty inside their firm and are held responsible for the success of the niche. They build a team around it. The niche leader’s compensation is tied to the niche. It is serious business and can help a firm achieve great success.

Here’s an example of a highly specialized firm – Wolcott & Associates.

  • "A specialist is a man who knows more and more about less and less."
  • William J. Mayo

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