Turbocharging a Practice Niche

Source: CPA Practice Management Forum

In this article, author David Wolfskehl describes the benefits of building a “micro-niche boutique.” Most CPA firms have one or more practice niches, and the benefits of specialization are well known. A micro-niche boutique practice takes the strategy a step further, potentially eliminating the competition and providing clients with benefits for which they're willing to pay a premium.

A micro-niche is simply a subcategory of a practice area that targets the special needs of a narrowly defined group of clients or potential clients. For example, a firm with an international tax niche might create a micro-niche that focuses on tax issues for companies that do business in Arab countries. Taking advantage of its specialized knowledge and experience in this area, the firm offers a unique client experience that commands a premium price.

The boutique component enhances the client experience by providing highly personalized services, such as special telephone numbers to reach niche professionals directly, delivery of work product in multiple formats, private dinners or receptions at major trade shows, and other “special touches.”

By examining their services, products, clients, and expertise, many firms will discover that everything they need to begin developing a micro-niche boutique is already in place.

For the complete article, read “Increase Profitability by Building a Micro-Niche Boutique.”

From CPA Practice Management Forum, CCH Incorporated, 800-449-8114, January 2011, p. 5.