5 Ways to Grow your Revenue and Increase your Profits

THANK YOU for taking the time to read through our publication on how to grow your revenue ‘beyond glacial pace’ as one accountant said to me and grow it to a minimum of 30% per annum.

I wanted to say grow your revenue by much more – 50%, 70% or more but our Accountancy Advisory Board said not to get in the same boat as many consultants and promise ridiculous numbers when – even though they may be possible – there is always the fact that growth has to be counter-balanced with the capacity to not only handle the new growth but also do what is already on your plate.

Growth needs to be steady, sustainable, and repeatable but ‘glacial pace’ is unacceptable…we need to aim for a very – doable minimum of 30%.

Average accounting firm revenue in the U.S. increased just 5.7% in 2020, the slowest growth in eight years, according to the new edition of the Rosenberg Survey, an annual study of the CPA industry in the U.S.

For the same period in Australia and New Zealand we see where accounting firms that have expanded beyond traditional auditing and taxation work into higher-margin consulting are the big winners in a year in which the 100 largest outfits grew revenue by a healthy 9 per cent to $12 billion.

I also read where the Australian Stock Exchange has grown on average 11.49% for the last 40 years. So as business owners we should be looking at a growth rate of at least 11.49% to maintain what we’ve got ...but if we want real growth we need to get ahead of this...and frankly it’s easier than you think.

With the right strategies in place and I’m not talking about costly, ineffective ideas being offered by Advisory Success opportunists...I’m talking about FIVE - time-tested strategies that will deliver you a perfect number – 30%. +

INTRODUCTION

November 6, 2006. The New York Marathon. On this blistering, sticky day, Paul Tergat surged one last time, breaking the tape only one heartbeat before the defending champion, Hendrick Ramaala, fell across the finish line. After more than two hours of running, the 2006 New York City Marathon came down to a final sprint and a third of a second. One of the closest finishes in race history.

A one-percent better finish. A heartbeat.

What if you can do one thing 1% better each day? 

A task, a thought, an activity, a conversation.

Multiplied over time, what would that mean to you? It could be as simple as:

• Asking one more question to a prospect or customer.
• Making one more call, a ‘how are you going’ call or courteous call to a customer to ensure you’re providing exemplary customer service.
• Refining one more step in your sales process and presentations
• Delivering one more presentation.
• One more skill to develop.
• Scripting and sending one more follow up email.
• Looking for one more person to help.
• Engaging in one more social media activity.
• One more coaching conversation.
• One more article to read or skill to practice.
• One more entry in your CRM.
• One more hour to plan another day.
• One more rep in the gym.
• One more kilometre in your run.

Just one—more—step, one final surge, one shift in thinking, one trigger event, that gives you one-third of a second lead. 

What would that mean today and tomorrow? 

After 30 years of helping business leaders and owners achieve their goals, dreams, and ambitions I’ve witnessed a common thread running through a handful of businesses who are just bursting out the top - all the time.

They’re meeting and exceeding goals. 

They’re realising their visions and aspirations.

They’re always over and above expectations….and these robust, energised, continually successful businesses seem to have a secret. And frankly, we have studied it, we have gone to school, we have consulted, we’ve done everything we can to find the formula that says –

“We will be one of these businesses in this very small, select group that achieves perpetual success.”

The secret, the clue, the common thread is three – fold and more obvious than we think.

1. Firstly, it is simply how you treat people.

How you treat your fellow man, and how you treat your team members and how you treat your clients, your regulators, the public, your audiences, your communities. How you value the worth of an individual, how you bring the human factor into real importance and not just a statement you make in your ‘wish list’ of strategic objectives.’

If you treat people with respect, then you are well on your way to earning respect…which is what every business leader must have to even have half a chance of becoming successful.

If people don’t respect you, it follows they usually don’t like you either and therefore they won’t trust you….and trust as you know is the one thing that changes everything.

Without trust – you may as well ‘close the shop’ and go home.

2. Secondly - the one - percenters.

When you have a 1 percent mindset you know that waiting around for the perfect time; waiting around for more money, less stress and an abundance of free time is a myth – it isn’t reality.

One percenters recognise it is up to them to choose it. Not tomorrow, not in January, not at the next trade show or conference, but today.

There’s a crucial moment in any endeavour where we are faced with adversity and have a decision to make. Whether we are looking to grow our business, increase sales, catapult our career, write a book, or reduce the time we waste in meetings ...( which by the way costs Aussie businesses about $1 billion pa )

At that moment, we have a choice. The path of least resistance is quite simple: recognize the adversity as feedback we can’t accomplish what we want and fold. Or we can take the path few are willing to take — recognizing the adversity and ultimately using it as a catalyst for the next step. Although a simple distinction on paper, these two ways of handling adversity represent a stark difference—you either achieve greatness or you don’t.

Seth Godin, a brilliant author, and blogger, wrote about this in his book The Dip (Godin, 2007). He says it’s not a matter of if the resistance will come, it’s when. The Dip, as he conceives it, is what stands between starting out and hitting the peak of the mountain. It represents most of the time we spend in any project or endeavour, full of countless challenges. Those who persist break through to the other side. Godin defines the Dip as: “The long slog between starting and mastery.”

When you choose and commit to being a one percenter you’ll systematically move your life forward with an inner knowing that nothing can phase you, and it’s only a matter of time...and that time is now.

3. and thirdly…

It’s about strategies. Growth Strategies that translate into exponential revenue growth and increased profitability with precision and speed.

THE STRATEGIES

Growth, as you know comes from more people, buying more – more often.

Profitability comes from ‘all of the above’ with a sharp-pencil eye on our expenses and the efficiency of our people, processes, and products.

For the last 30 years we’ve introduced, trained, and coached business owners and accounting firms with the Five Growth Strategies. Strategies built on a traditional framework we call the ‘Four Pillars of Growth.’

In other words, we have to do some MARKETING …and generate opportunities to do business. We generate leads/prospects.

Then we have to convert those leads into sales. We need to SELL. We find out what people want and why and help them get it. We close the ‘gap’ between where they are now and where they want to be.

Once we add value and create the Sales – we deliver on our promises. We DELIVER what we promised.

Then, we have to SERVICE our products and the people who bought them from us. We must build our client relationships and take our service to the next level.

When we get the Service right – we find we don’t have to do as much Marketing…because we begin to get Referrals and our clients start talking about us – in a favourable way.

STRATEGY # 1.

There is a change in the air.

In order to achieve growth – beyond ‘glacial growth’ as one four-partner firm said to me we need to incorporate advisory services and consulting into our services suite.

Our core compliance services have grown long in the tooth and are now thinly margined.

To provide clients the value they demand, remain relevant, and expand, all signs point to consulting especially in the business maintenance and growth-related offerings clients need right now.

For decades our profession, and most likely your firm has been relying on traditional accounting services – mostly renewable annual engagements centred on tax and audit.

In many firms’ compliance work represents as much as 90 percent of total revenue.

However, the shift to advisory services brings with it the requirement to continuously develop and manage opportunities that do not necessarily happen every year. As a result, a consistent pipeline process supported with professional selling skills will be the key to driving successful revenue growth.

Why professional selling skills? It’s simple.

Advisory Services are not bought – they are sold.

Statistics suggest the pivot to advisory services is under way and while we’ve seen consulting revenue inch up over the past three years within the Big Four from 38 to 40 percent of total revenue ... and some substantial increases in the next twenty or so firms ...the remaining Top 100 have stayed flat over the past few years with consulting only making up about 17 percent of revenue.

It seems there is more talk about doing it rather than actually doing it . What is it going to take to substantially grow consulting revenue?

... let me introduce you to Growth Strategy # 1

Because Advisory Services are sold not bought –

All team members who are involved in direct communication with clients must be trained and coached in how to sell professional services in a professional manner.

I have long and passionately advocated the maxim – ‘Nothing happens until seeming is Sold.’

When you think about it Salespeople make the world go round and here we are – we all thought it was love. Then someone reminded me – a sale had to be made first.

Salespeople drive entire economies.

Without salespeople, every industry on the planet would stop cold tomorrow.

Salespeople are to the economy what writers are to Hollywood.

The world stops turning without salespeople. If a product isn't sold and moved onto the public, factories stop, production stops, there's no need for distribution, no need for storage, shipping gets reduced and advertising stops.

The burden of the entire economy and of our culture rests on the ability of salespeople.

The economic engine of society relies completely on the ability to get products into the hands of consumers. If the consumers don't buy it, the factories won't make it.

Salespeople drive products, individual businesses, complete industries, and whole economies.

All that said and I could go on – if you want to get the most out of your advisory services offerings then we need to get your people trained and coached in professional selling. 

We want them selling long-term solutions rather than having a short-term transaction perspective.

Here’s what one firm said:

Here are just a few of the benefits of Sales Training when conducted by a Master Sales Trainer and Coach.

Apart from a substantial boost in revenue you will experience:

• Improved productivity
• Bigger and more frequent sales
• A stronger and more focused firm
• New clients and happier current ones
• Improved employee satisfaction
• Improved team member communication and teamwork
• Inspired creativity.
• Better understanding of all your products and services
• How you can help your business clients prosper through difficult times

...and one major surprise benefit.

By offering Sales training and coaching to your team you set-up an Advisory Success Method with the essential skills that will be the envy of your peers and competition. New staff will be attracted to your firm because of the training and care you provide for their on-going personal and professional development.

This will be another ‘point-of-difference’ for your firm.

A rolling stone gathers no moss…

Mick Jagger, Charlie Watts, Keith Richards, and Ronnie Wood – The Rolling Stones – have played together for more than 50 years.

However, they still recognise the importance of practising together. They understand that for excellence to become a habit, you need to define a shared approach to working together. You need to practise it over and over until it becomes second nature.

You have to be on the SAME PAGE.

Before every tour, the band typically commits two months to rehearsing.

They appreciate the opportunity to reconnect with their collective rhythm. The practice enables the band to perform with almost telepathic communication.

Richards says that he knows exactly what’s happening by simply watching Watts’ left hand. If the tempo ever drags, one glance from Richards to Wood speaks volumes. Together they will then step up the pace.

The Stones’ success comes from each member having a distinctive yet complementary role.

Richards is their spiritual leader, Watts the band’s backbone, Wood the mediator, and Jagger is in control of everything he can be – a chief executive in many ways.

Each of the band’s members is a talent in his own right, but it is the chemistry the band has on each of them that works best. Being part of the Rolling Stones remains the best way for each member to achieve their individual goals.

The best teams are those who combine individual drive with understanding the importance and power of the team.

This is the secret to becoming an excellent team: There is no substitute for the ongoing commitment and deliberate practice required to build better teams.

STRATEGY # 2

From the Newest Employee to the Partners/Directors – Everyone is on that SAME PAGE thing…

Here’s the downside: When teams are NOT on the same page, things go wrong. Time, money, and resources are wasted. Frustration builds and spreads throughout the team, and everything slows down. Mistakes are made. Quality takes a nosedive. Customer loyalty is compromised. Blame, finger pointing, justification and throwing people under the bus emerge as a new skill set.

Here’s the upside: When teams ARE on the same page, things go right. Time, money, and resources are maximized. Morale is high, and work moves along quickly and efficiently. Mistakes rarely occur because everyone is knowledgeable, committed, and accountable to the processes, procedures, and systems – so much so that innovation perpetuates constant improvement. Best of all, there are no more buses around for people to be thrown under.

The Same Page is an extraordinary Growth Strategy… 

It answers these questions:

‘How do I plug the biggest leak in my profit bucket,’ as well as:

• Keeping people focused and inspired.
• Increasing morale and productivity.
• Giving you more time to do the things you want to do...business or personal.
• Eliminating ‘time wasters’ and ‘money wasters.’
• Improving work-flow efficiency and
• Improving the quality and timing of your meetings by focusing on action and results.

Imagine just for a moment – you have a team of people who:

• Follow the time-honoured ‘Golden Rule of Business’ to the letter. That is, they treat people the way they like people to treat them. With respect, politeness, and common courtesy. They treat every person the same way – no exceptions.
• Have a ‘we can always do anything better mindset.’
  Every day of their lives with everything they do they go that 1% further. It’s always ‘do the thing ‘and then some ...
• Flourish and thrive in a culture you and they have created – a culture that is an exciting, motivational and a ‘winning sales and service culture.’

When your team is operating in a bustling sales and service culture and are totally focused on the task at hand and know how to treat people with respect, and therefore gain respect and get that everything – I mean everything, can be at least 1% better – then you have a team on

THE SAMEPAGE.

With this mindset in place there is nothing they can’t achieve. It just gets done.

The SAME PAGE is a foundational philosophy of virtues and values.

It’s a Code.

A Code generated by:

• RESPECT
   
• ATTITUDE
   
• CULTURE AND
   
• FOCUS

The samurai were Japanese warriors who were known for their fearlessness, power, and strict code of conduct. They were masters at discipline and fighting, but also the creative arts of writing, painting, and philosophy. They ruled Japan for more than 600 years, from the middle of the twelfth to the nineteenth century.

What separated the samurai from the rest of the population was following a strict code of eight virtues they called Bushido.

These eight virtues were more important than any other part of life and built the foundation for one of the world’s most elite warriors.

• Rectitude or Justice.
• Courage.
• Benevolence or Mercy.
• Politeness.
• Honesty and Sincerity.
• Honour.
• Loyalty.
• Character and Self-Control.

Without a code — a foundational philosophy of virtues and values — we crumble.

If we don’t have the foundation to lean back on during times of chaos and stress, it’s easy to be overwhelmed. The SAME PAGE has its own code, one rooted in a set of virtues and values to be followed and used to plug the biggest leak in your profit bucket – you and your team.

Yes that’s right.

If you and your team are not on the SAME PAGE then it’s inevitable that profits will suffer.

Our lives are not linear, nor do they allow a predictable blueprint. Many texts in the personal development space have great intentions but seem to be written for robots or artificial intelligence.

You and I will experience endless amounts of human emotion, stress, uncertainty, and chaos as we set about to achieve our goals and targets.

The SAME PAGE code operates with the understanding that these things will happen.

Having a code grounds us in certainty and clarity around why we’re here and what we are meant to do – while ensuring we last the test of time.

STRATEGY # 3

The old is new again.

At last, a method that’s helped build some of the biggest and most powerful businesses on the planet adapted and cleverly customised to work for any accounting firm. It’s simple, and it turns your best clients into your most passionate supporters.

If sustainable growth, more predictability, and control over your revenue is important to you then having a method that delivers a consistent flow of quality referrals – ready to do business is ‘right under your feet.’

You know there are few guarantees in business ...but if you already generate 20%-80% of your revenue from referrals and word-of-mouth using NO formalised referral strategy then imagine what you could do with a -

Structured, scalable, referral method that delivers as many referrals as you want, when you want – and of the type you want.

A quick straw-poll of 30 firms revealed only one firm had anything that resembles a ‘structured’ approach to attracting more referrals.

If it’s true you rely on referrals and word-of-mouth for substantial revenue growth then how can you be certain of the growth and the profit implications if you have no control over the numbers and the quality.

A growth strategy where you cannot control the variables will inevitably fall-short of your expectations.

The Strategy:

A Referrable Method that produces as many Referrals as you want – of the type you want – when you want.

We call it the Referral Code.

The thing about referrals is…

• The Network is completely unlimited.
• They are higher quality.
• They are pre-qualified.
• People trust referrals.
• They reduce competition.
• They have a lower acquisition cost.
• They produce higher returns.
• Returns are guaranteed.
• They are a small-time investment.
• They are exponential rather than Incremental.

Here’s a couple of KEY Points from the Referral Code:

• The Referral Code is a structured, formal, scalable, method that attracts the type of referral you want – when you want.
• Any firm that follows the Referral Code process will grow their revenue exponentially because the process is based on sound science and geometry.
• The Referral Code is a ‘referral by invitation’ method that grows your revenue.
• The Referral Code is your marketing and business growth strategy. You will not need to do any other marketing with the exception of having a website in place. The Referral Code is your Marketing and as such will reduce your marketing expenses by 80%.
• The Referral Code science shows us that one ‘ideal-client’ will be the catalyst for 14 new clients over a three-year period.
• What this means is - if your ideal client’s value to the firm in any given period is say $3000 then over the next three years you can expect an extra $66,000 in revenue as a result of one client. If we’re dealing with more than one ideal client then the revenue growth would become a multiple of $66,000. For example – 6 clients – 6x$66,000 = $396,000 over the next three years.
• The Referral Code is fast becoming the ‘start-point’ for any firm wanting to grow their revenue exponentially and build on the good-work’ already done with your clients.
• The Referral Code gives you the knowledge, skills and HOW to – for growing your revenue, training, inspiring and motivating your team and positioning you as the pre-eminent firm in your location.

And here is the most important factor – The Referral Code gives you a ‘stand-out’ point of difference that separates you from your competition.

It’s my view that every firm should be using the Referral Code for attracting NEW client business. 

There is nothing that will come close to it including acquisitions and add-on financial services business for growing your revenue. It is the ‘heart’ of your client advisory services.

If there is a be all and end all for growing your firm’s revenue – the Referral Code is it.

This is what a world - leading business author, trainer and speaker has to say...

“Used by top-selling professionals worldwide, the Marchant Dallas Referral Code is the most innovative and comprehensive prospecting method available anywhere in the world. It puts the elusive art of getting more referrals than you can poke a stick at - at your finger-tips and delivers a simple, step-by-step process of HOW-TO skills, tools, techniques and strategies for you to become a Referral Code Champion.”

STRATEGY # 4

Give your Business Clients what they want – More Time, Money, and More Life...

Give them:

• More TIME to do the things they want to do...both business and personal
• More Money so they have the freedom to do those things and
• More Life. A feeling where reward exceeds the effort, energy is high, and the passion is as strong as it was when they started.

At the end of the day, we only have three ‘things’ to put into our business:

1. Our time
2. Our money and
3. Our energy – physical, emotional, and intellectual.

And what do we want out of our business – MORE TIME, MORE MONEY, AND MORE ENERGY, meaning MORE LIFE.

If we get the ‘mix’ right we stand a reasonable chance of getting what we want ...but most of us, in fact about 87% get the mix wrong and end up with less time, less money and less energy ...and that’s when the real problems start. This is when we begin to question the effort/reward ratio. We begin to question the toll on our time, our money, our health, our relationships, and the whole work/life balance equation.

One of your business advisory services has to be a consulting/coaching program that

• Shows them HOW to grow their business meaning how to increase sales and profitability.
• Helps them create an enduring culture that no matter what happens they never lose sight of the goal
• Shows them the difference between leadership and management and puts the systems in place to help team members produce extraordinary results.
• Shows them how to use their business as the fuel, the energy to achieve their personal goals, dreams, and ambitions.

A recent worldwide survey of 4000 SMEs revealed the following challenges and frustrations:

• Cash Flow problems
• Not enough time
• Attracting and retaining top-quality talent.
• Can’t get personal life and business life into any sort of balance.
• The rewards don’t match the effort.
• Personal income less than desired or expected.
• No fun anymore.
• Always looking for new ideas to grow the business.
• A feeling of being ‘burnt out’ from wearing too many hats.
• Always working IN the business – rarely ON the business – they don’t know how to create a business that works without them.
• No way of doing business that produces predictable results every time, on time and within budget.
• Business doesn’t serve their lives; Business consumes their lives.
• They don’t have a ‘Personal Success Plan’ that purposefully guides their daily actions.
• Can’t find a practical, workable system for recruiting, hiring, and training effective people.
• They feel their business is almost entirely organised around people rather than effective systems. This creates havoc when someone goes on holiday or leaves.
• They feel trapped in the business and tend to blame poor performance on their people.
• They don’t know who their most probable customer is, and they don’t know how to appeal to the emotional needs and wants of their customers and WORST OF ALL they don’t know how to sell the thing they make or the service they provide...
• They feel all their marketing efforts are largely ‘by the seat of their pants.’ No plan; no structure.
• They don’t really understand the dynamics of business strategies and the effect they have on the business and their customers. They don’t understand the ‘holistic’ nature of business.
• It’s easy to forget why they went into business in the first place.
• They don’t understand or accept that in business, systems run the business and when that’s happening properly it doesn’t take extraordinary people to run the systems.

There is a clear message here isn’t there – and a wonderful opportunity for you to do something about it...instead of a business coach or management consultant who generally doesn’t have anywhere near the experience and qualifications as you, charging excessive amounts of money to help these folks – this is your domain, and it falls right in your ‘wheelhouse.’

All you need is a ‘coaching program’ tailored for you to use with your clients and can easily be included in your advisory offerings.

A coaching program ( which can be exclusive to you – in your location ) that delivers the following:

...and specifically:

• How to implement the five key business strategies used by every successful business on the planet.
• How to create a compelling Vision for your Business – One that keeps you and your team focused and motivated.
• How to attract and retain top-quality Vets and support staff.
• How to ‘stand-out’ from the crowd and create your core ‘talkable difference.’
• How to build a winning Sales and Service Culture that gets everyone on the same page.
• How to use the greatest Productivity Secret ever discovered to drive your Sales and Marketing efforts.
• Identify your ideal Client/Customer and maximise the use of your resources. Learn how to get the most out of everything you’ve already got.
• Learn to action your optimum Sales Strategy for more sales in less time.
• List the Critical Success factors in your business and learn how to use them to achieve your personal and business goals.
• How to activate the 7 Key Profit Drivers in your Business to generate high growth, exceptional profits, and a premium valuation for your Business.
• How to Build a ‘Referral Engine’ for your business – one that delivers a consistent flow of quality buyers wanting to do business with you.
• How to focus your attention and time on those few things that give you the best return on your efforts and enable you to maintain control of your business.
• How to better juggle the ‘balancing act’ of life and business with your Personal Success Plan...and much, much more...

That said, this coaching program is not for everyone.

Thousands of success stories are the best proof of all, and we have them. Over 5000 business owners from all walks of life have completed the NEXT LEVEL Business Improvement and Growth program in one form or another over many years.

But I must warn you – the NEXT LEVEL Business is not for everyone.

The investment in the NEXT LEVEL Business is miniscule to the results your client’s will get but that’s not what I’m talking about.

Having now run this program – under various names and entities for many years a pattern of success has emerged.

A pattern that suggests your business clients need to be open to certain criteria – open to certain thinking and a certain attitude and willingness to get the most out this program,

Here is what we’ve discovered –

The most successful business owners and we’re talking about people like:

• Kate and Jarrod – Builders. Now doing in a week what they used to do in a month.
• John – a butcher. One shop working famously and another not at all. We fixed it and now he has three successful butcher shops.
• Claudia – Landscape Gardener. Her turnover has doubled, and she has now won several national awards.
• The Radio Station who are on target for an extra $200,000 pa, simply by shortening the length of their ads by 5 seconds
• The Agri-Business that won every local and state award possible by implementing and actioning the strategies we teach.
• Michelle – the Mobile Vet. Started from scratch and is now the #1 Vet in her area.
• The Hire-a-Ute specialist in country NSW. Started with one – now has 51.

…All these business owners were open-minded and embraced the following criteria:

• They are growth oriented. They wanted to grow their businesses.
• They want to grow professionally and improve their knowledge and skills and they want to grow personally.
• They want to contribute and are prepared to do whatever it takes to make a difference and get better in all areas of their lives.
• They are rapid responders. Talk today; done tomorrow. They are action oriented.
• They are resilient and courageous. They face their fears and keep coming back.
• They think BIG. Their ideas and projects benefit large groups of people. They know they can get anything they want providing they help enough other people get what they want. They know if they multiply their goals by ten – they must multiply their efforts by ten.
• They embrace selling as a critical skill in life and business. They know that nothing happens until something is sold.
• They are value oriented. They gain value from their relationships both personal and business. They value sound, practical advice and are happy to pay for it. They in turn create value in all selling situations.
• They are naturally collaborative. They contribute to and focus on solutions.
• They are positive and naturally optimistic.
• They are true leaders and know that for a leader to be successful they must have a clear and compelling vision of what they are creating.

To make it easy, here’s five questions for you to consider and ask your clients:

1. How important is revenue growth to you?

2. Would you like to see your cash-flow improve?

3. Is increased profits and more money to do the things you really want to do essential to you right now?

4. What about time. Do you feel you have enough time to do all the things you want to do ?

5. Is your business giving you a life or is it consuming your life? Do you feel you've got the balance right?

STRATEGY # 5

In many ways high-growth firms aren’t all that different from average firms. They put a high priority on getting good people, doing quality work, and maintaining technical competence.

But there are a few things they do differently that set them apart...one of which leads us to our fifth growth strategy:

High - Growth Firms pursue a well-defined group of target clients – what we might call ‘niche’ clients, and almost always have a strong ‘point of differentiation.’

So, two ideas in this strategy:

High growth firms specialise and are more likely to have easy to understand differentiators...and those differentiators may be found in their ‘niche’ market.

Niche marketing as you know is a form of marketing that is geared toward a very specific population, or niche.

From your viewpoint this could be any industry/profession you feel you would like to pursue – for any number of reasons – including profit potential and/or your firm’s expertise.

Figure I below shows the difference in revenue growth for those firms who have a strong differentiator ... taken from a survey of 100 firms – where 40% responded.

Figure 1.- Strong Differentiators

Figure 2 shows the growth differential where firms who specialise also do significant on-going ‘niche’ research:

Figure 2- Research

...which means if you are going to specialise...the research is on-going.

With a niche strategy, you leverage your expertise in one area to stand out from your competition. 

You may provide other products or services, and you may serve a broader audience, but specializing in one area helps you to distinguish your business.

The size of a business’s niche relative to its target audience can vary. Some niches make up the entire target audience, while others make up a small percentage. Depending upon the size of the niche, a niche strategy may consist of any of the following:

• Marketing only to your niche
• Marketing to both your niche and your larger target audience, refining your content slightly more for the niche

Here are a few of the benefits of Niche Marketing

Niche marketing isn’t for every firm, but if you have the opportunity to cater your business toward a niche, there are many benefits to be had.

1. Enhanced Client Relationships

Niche marketing targets a very specific kind of client, so depending on what you’re promoting, your niche market may be very small. For example, you might choose the Health Industry and focus only on Podiatrists.

A small client base has its benefits. When you are engaging with fewer people, you can focus on the quality of those engagements and on nurturing your relationships. Your emails can be more personalized, your follow ups more diligent, and your thank yous more frequent.

You can also accommodate special requests, offer customise services, and get to know your clients on a more individual level. Each of these practices enable you to better serve your clients, further enhancing your relationship with them and solidifying their loyalty to you.

However, if you have a small niche, be careful not to pigeonhole your marketing. If your niche is just a part of your target audience, make sure your efforts on your niche are boosting, and not detracting from your efforts on your target audience. This is one of many important considerations to make when forming a niche market strategy.

2. Reduced Competition

When you have a highly specific product or service, there will be less firms out there with the exact same offering. For example, ( and this is not an accounting example – but one we’ve worked with)there are millions of companies out there that sell knives. There are fewer companies that sell knives with handmade wooden handles, and yet fewer that offer customized knives with your initials on them. The more specific your product or service, the less firms there will be to compete with you for clients, and the harder it is for them to duplicate your strategies.

So, if you going to target Podiatrists – what can you do to specialise even further – in this niche.

While it’s important for firms to have competitors, reduced competition is not necessarily a bad thing.

The less competitors you have, the less you have to worry about monitoring prices and keeping tabs on what they’re up to.

At the same time, the more specific the product is, the less people there will be looking for it. Reduced competition is only a benefit of

niche marketing when there is a significant audience to compete for. If your competitors aren’t targeting a niche because they can’t meet their needs, then that’s great news for you. If they aren’t targeting that market because it’s not lucrative, then you may not be at an advantage.

3. Increased Visibility

Increased visibility is a benefit of niche marketing that not only leads to more clients but can also improve your online presence.

Firms with a unique product or service tend to stand out, and often get featured in media outlets such as talk shows, radio stations, or newspapers.

With niche marketing especially, getting in front of the right people is more important than getting in front of a lot of people. However, getting in front of a lot of people through these media outlets also has its benefits. The more people who know about your firm, the more people there are to recommend your business to a friend who fits your niche market.

4. Word of Mouth Growth

Another benefit of niche marketing is - it is very word-of-mouth friendly. People in a niche tend to be in frequent contact with others in that niche, which means more opportunities to get the word out about your firm.

5. Honed Expertise

Niche marketing requires more concentrated practice in one area, so it can really fine tune your expertise in a shorter time period. The benefit of niche marketing is that it enables you to become an expert or thought leader in your niche.

For most clients, expertise is more important than size or brand name. A small accounting firm that specializes in Podiatrists may be chosen over a larger accounting firm with a familiar name. You probably already know when it comes to accounting, legal, financial, or health services, people want the business that has the most knowledge and experience in their area of concern.

When you are an expert at something, not only do you obtain more client trust, you also gain more brand recognition. If you do everything, you’re going to be average at everything, and you will blend in with the crowd.

If you do a lot of things but are really good at one specific thing, you will stand out. You may be even become known for that specific thing. This won’t detract from other services you provide. The key here is that you become known. People may learn about your firm because of a specialty you provide, even if they’re looking for a different service you provide.

6. Less Resources

One important part of effective digital marketing is identifying and understanding your audience, which requires an investment of time and money on data and analytics tools. The benefit of niche marketing is because you are confined to a specific person and a specific need, less focus is required on digging into your data to understand and keep up with their needs. You will also be doing less trial and error with your methods, which also can be resource heavy.

Another cost-effective benefit of niche marketing comes from audience segmentation. 

Firms with a broad audience will have various segments within that audience. Successful content, ads, and communication channels will look different for each segment, and catering your methods to each segment requires more effort and bandwidth. When you serve just one demographic, you have less work to do. You can also operate more seamlessly and give your undivided attention to this one area.

7. More Fun

Firms don’t always pick their niche and pursue it. Oftentimes, they accidentally find their niche in the process of serving their target audience..

You may find that you work better with Tradies or Cafes. The benefit of niche marketing is that since your niche arises from your interests, passions, or special abilities, you are doing more of what you love.

Whether your business serves only your niche, or a niche among other audiences, the purpose of niche marketing is the same. You want to find a small pond in which you can be a big fish. If you compete for everything, you’re going to win at nothing. However, if you pick one area to concentrate on, you can focus your efforts and stand out in your market.

Differentiation...the second string to this Growth Strategy is clearly an advantage when it comes to revenue growth.

When a firm appears no different from its rivals, it’s forced to compete on price alone and over time you just become ‘another commodity.’

That said, differentiating an accounting firm can be a challenge. It’s all too easy to fall back on “We’ve got great people and superior technology, and we’re devoted to our clients.” Problem is, that’s not newsworthy (or remarkable) and nobody wants to hear it. It’s difficult to prove and sounds like marketing puffery...which reminds me of one of my favourite cartoons...

Your Point of Difference ( also called a USP – Unique Selling Proposition) is essentially your answer to the question, “Why should anyone buy from, or do business with, you?”

Here is a short list of questions to ask yourself as you begin to develop your Point of Difference-

• What makes you unique in the marketplace?
• What need does your product or firm fill or address?
• What pain or discomfort does your product or service alleviate or take away (Think of Nyquil – “the night-time, coughing, achy, sniffling, etc…”)
• What do you do better than the competition (are you faster, more thorough, more knowledgeable, more reliable, etc.) and why, SPECIFICALLY, does that make a difference to your potential client?
• Do you have a technological edge, a process or equipment no one else has, and why does that make a difference in what you can provide your clients?
• What needs are going unfulfilled in the accounting profession – can you expand or enhance what you do to fill those needs, and how can you express that?
• Education – do you do a great job of educating your clients? What does that provide for them (e.g., peace of mind in their purchase)?
• Are your products the very best quality available, and if so, why, and how will that make a difference?
• What hopes, fears or concerns do customers have about purchasing your product or service, and what can you or do you do to address those hopes, fears, or concerns?
• What about your product or service makes life better for your customers?

If you find these questions hard to answer, even daunting, please remember you are having exactly the kind of reaction most

people have, and that is exactly the reason why most people never develop a compelling USP for their firm.

But there is some good news...

The good news is this – we’ve been helping accounting firms and their clients identify and craft their point of difference for many years and perhaps we can do the same for you. You decide if it’s important.

So, in summarising this publication we go back to the five growth strategies that will grow your revenue by 30% or more pa.

1. Teach and coach everyone on your frontline to sell. To sell professional services in a professional manner.
2. Get everyone from the newest employee to all the Partners/Directors on the Same Page.
3. Implement a structured, scalable referral method that ensures you get as many referrals as you want, of the type you want, when you want.
4. Implement a consulting/coaching system to help your clients get what they want – more time, more money, and more life.
5. Identify a niche market and pursue it as well as clarify your firm differentiators.

Finally, if any of these strategies resonate with you and you would like to know how we can help you implement any or all of them – just let us know.

Once again, thank you for taking the time to read – we trust there is something in here for you think about and take the action necessary to improve and grow the revenue of your firm by at least 30% pa...

Just be a 1 percenter...

THE GROWTH FACTOR BUSINESS SYSTEM

for holding on to what you’ve got and attracting more of the same ...

“ A business improvement and growth system for ALL business owners.”

There’s a common thread that runs through those few businesses who are just bursting out the top - all the time.

They’re meeting and exceeding goals.

They’re realising their visions and aspirations.

They’re always over and above expectations….and these robust, energised, continually successful businesses seem to have a secret. And frankly, we have studied it, we have gone to school, we have consulted, we’ve done everything we can to find the formula that says – “We will be one of these businesses in this very small, select group that achieves perpetual success.”

The secret, the clue, the common thread is simply how you treat people.

It’s how you treat your fellow man, and how you treat your team members and how you treat your clients, your regulators, the public, your audiences, your communities. How you value the worth of an individual, how you bring the human factor into real importance and not just a statement you make in your ‘wish list’ of strategic objectives.’

If you treat people with respect, then you are well on your way to earning respect…which is what every business leader must have to even have half a chance of becoming successful.

If people don’t respect you, it follows they usually don’t like you either and therefore they won’t trust you….and trust as you know is the one thing that changes everything.

Without trust – you may as well go home.

So, if you want to improve your retention rate and remember a 5% improvement in retention will lead to a 25- 60% increase in profits and if you want to grow your revenue exponentially and all of this makes sense to you then a closer look at THE GROWTH FACTOR BUSINESS SYSTEM for ALL business owners is an essential NEXT STEP...