*Want one piece of business strategy delivered daily to your inbox?* Subscribe here: Many CPAs serve all kinds of clients, from service-based business owners to manufacturers to nonprofits. It seems like accounting is accounting and tax is tax, and...
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Many CPAs serve all kinds of clients, from service-based business owners to manufacturers to nonprofits. It seems like accounting is accounting and tax is tax, and you can do these things for anyone who needs them.
The problem with generalism is that it leads to broad but shallow expertise. And shallow expertise is not worth as much as deep expertise. Acquiring deep expertise requires focusing on a specific type of client.
Focusing in this way can feel scary and limiting: the thinking is that it will be harder to find clients because there will be fewer of them. Or, “it's hard enough to generate business as it is, so why would I want to limit the kinds of clients I work for?”
Here today to talk with me about his journey taking his CPA firm into niches is my guest, Josh Lance. Josh is a CPA CGMA and the founder of Lance CPA Group.
— “You can't just leave that expertise in your brain. It has to be freely shared within your organization.”
— “If we are really experts, and we are good at what we do, and we're going to solve our clients’ problems and help them achieve their desired outcomes, there's a price to pay for that.”
— “If you want to niche, you have to go all in on the niche.”
— “Specialization is going to be a bit messy at the beginning. But in the long run, it's good.”
— “There's so many more clients out there than we could ever imagine to serve that there's no worry where we box ourselves.”
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