Manage the Revenue Stream Rather Than the Niche

Source: Accounting Today

Gale Crosley says that while niches are important and necessary, they may limit your vision and accountability. She says CPAs should think in terms of revenue streams rather than in terms of niches.

Create a spreadsheet where rows represent types of services such as tax, consulting, assurance, etc., and columns represent industries or functional niches such as banking, hospitality, construction, international, etc.

The column totals will give you revenue for all services within each niche. Then someone can be assigned responsibility, not just for the niche, but also for the revenue stream. This avoids the problem of not really having anyone in charge of the total revenue within each niche.

For the complete article, read "Is it Time to Ditch the Niche?"

From Accounting Today, December 1, 2012, SourceMedia Inc., One State Street Plaza, 27th Floor, New York, NY 10004, 800-221-1809.