Accounting is one of the most competitive business to be in these days. There are numerous accounting businesses out there, and you need to find out where do you stand out in this crowded marketplace. And, how will you find a niche that works for you in the accounting environment?
First of all, let’s understand why it is so essential to find your niche in an accounting environment. Most of your clients are experts in their particular businesses. As an accountant, you have endeavored to become an expert in the industry.
However, you don’t have to be an expert in all industries. There have to be some, such as retail stores, restaurants or where you are really good at.
In that case, the key is to develop your skills & expertise and become a leader in a particular domain. Specializing in any industry will make you an authority within your niche. This provides you an edge over your competitors and will help you in gaining more clients over a period of time.
While identifying your niche, you have to ask yourself which industry you want to work in. Do you really like your work and are you really good at it? And, do you see any potential for you to become a leader in that particular industry?
Have you developed any skill-set by which you can benefit from? For example, have you considered becoming a virtual CFO or a specialist in payroll management? What about cloud accounting? Have you considered cloud-based solutions such as QuickBooks cloud Hosting, ProSeries Tax software Hosting etc. for your business?
Let's know the ways in which you can find your own niche in your accounting environment.
1 - Understand the problems of your clients
The only thing to achieve success in your niche is earning the trust of your clients. The only way to do that is by understanding their problems at a deeper level. You have to try to get a much better sense of their underlying issues of the business and how the same will affect different areas of their business.
For example, analyze the consequences of a missed sales target and how that would affect their business. It must be understood that the business owners seek for an accountant who really understands their business in which they operate at the same level as they do.
2 - Find the best solutions for your niche
The next step after winning the confidence of your clients by sharing your expertise on their issues is that you have to find the right solutions for their problems. And for this, you need to have a very good understanding of how their business fits best in within the industry and the market they operate into.
You have to do a proper research and update yourself with the latest trends of marketing. You need to anticipate the changes over the next 2 -3 years in the industry and plan a strategy based on that. Also, you need to become an active learner, and find yourself as a mentor and learn from the best.
3 - Focus on Providing the Right Advice
One thing that you can do as an accountant is to automate the low-priority tasks so that you can focus your time as well as energy on providing your clients with the right advice for performing other important high-value tasks that provides a huge difference to their business.
This is how you can help their business grow and find your niche in your accounting environment.