Accountants: Specialization can often be more profitable
Most accountants can tell you the percentage of their fees that come from tax work or other services. What most can’t tell you is the business sectors those fees originate from (e.g., retail, manufacturing, medical, etc.).
Take some time to pull up those numbers. They may help you decide where you want to concentrate your marketing efforts. Let’s say you already serve a fair number of medical clinics and you enjoy the work.
- Maybe you should spend your time and marketing budget trying to acquire more clinics.
- To get an idea of their general concerns, subscribe to the management and financial publications the doctors read.
- Make yourself available to speak at their local luncheons.
- Also, add them on your newsletter mailing list.
There is money to be made by being THE accounting firm to go to for those clients in a given endeavor. The more clients you have from a given sector of local businesses, the more new ones you will attract from that sector and the higher your fee structure can be.
The more specialized your firm becomes, the more profitable it can become.