For niches to work most effectively , they need other niches for synergy . For instance , human resources and compensation / incentive programs can work with synergy . Information technology and cyber security support will complement each other . Cost segregation and business valuations have potential . And real estate services and investment services might also complement each other .
Moving from the strategic , let ’ s look at some essential tactical and actionoriented items :
• Find and support a champion . This would include the managing partner from the organizational perspective and another person , maybe a partner-to-be , from the operational side .
• Develop a business plan around niches and integrate this plan into the firm ’ s overall business plan .
• Complete a comprehensive cost / benefit analysis that truly looks at benefits , not just costs .
• Consider working with strategic associates to help create , develop and expand these new services . By working with other professionals — often not CPAs — experienced in these capabilities , you can increase your success and help mitigate risks and challenges that come with any entrepreneurial endeavor .
• Allow the process at least an 18- to 36-month window to become fully productive and successful . The benefit is that while you are out promoting new services , you will also be able to secure additional work of a more traditional nature .
• Recruit and hire people firm-wide who are interested in new and more progressive approaches . These people are your future ; the more diverse their opportunities , the better chance for their success and the firm ’ s success .
• Implement quarterly training regarding how these niches assist clients and how these services integrate and support other services provided by the firm .
Marketing & Communication Finally , to make all of this work , actively market and communicate to your audience , including existing clients , potential clients and referral sources . Marketing to existing clients is essential and , with multiple niches , gives the firm a greater opportunity to cross-market for client benefit .
Once the firm has a niche practice or two up and running , you ’ ll see how much value they bring — to the firm and clients . Each practice area gives you an opportunity to develop new business from existing and new clients ; also , it can be an incentive for recruiting and retaining staff in a very dynamic labor market . Both can help create greater returns on your investment .
Mark H . Fowler CPA ( Inactive ) is president of Stowe Management Corporation . He is a member of the CalCPA MAP Committee and the CalCPA Los Angeles Chapter Board of Directors . You can reach him at estowemanagement @ aol . com . adindex
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