Five Components of a Niche CPA Practice

Many smaller CPA firms and solo-practitioners “dabble” in non-traditional and/or specialized industry engagements and services. For a variety of reasons (i.e., risk exposure, staffing challenges, market opportunity, etc), increasing numbers of these part-time specialists are deciding to get serious about developing their niche practices.

As depicted on the accompanying diagram,  there are five key components which I believe are fundamentally essential to any successful “specialized-services” practice. These elements represent the building blocks of the “Niche+ Methodology” I use in my own firm and with other firms with whom I consult. Each component is briefly described below:

Niche Strategy – Identification of the niche-practice areas in which to specialize, establishment of specific goals, and development of clear plans for successful achievement.

Branding/Messaging – Design and creation of corporate identity, website content, social media, and other tools…and the development and delivery of proper marketing messages to the firm’s internal (e.g., staff) and external (e.g., clients and referral sources) audiences.

The Team – Selection of the firm’s niche-practice “Champion” and establishment of a strong team comprised of salaried and contract professionals employed on full-time, part-time, and/or as-needed basis.

Processes/Tools – Development and utilization of well-designed processes, procedures, and technology that will ensure cost-effective marketing and sales, engagement planning and execution, staff training and education, and profitability of the niche-practice area.

Education/Training – Creation of an ongoing and comprehensive, niche-specific skills development program, comprised of formal and informal learning opportunities balanced between self-study courses, webinars, seminars, and conferences.

Posted in Practice Administration, Practice Development, Practice Operations, Practice Strategy | Leave a comment

Niche+ for CPA Firms…a New Blog

“Niche+ for CPA Firms” is a new blog established to help small and mid-sized CPA firms increase revenues and profits from their existing (and new) clients and referral sources in “non-traditional” and “niche-industry” practice areas.

My firm, JE Moore Accountants and Consultants, has operated for over 25 years…essentially as an outsourced provider of specialized services to other CPA firms.  These organizations, from solo CPAs…to the world’s largest accounting firms, often will refer me into their clients or retain me as a subcontractor, to help them solve client problems in service areas that don’t fit neatly into traditional audit or tax practice areas.  I’m hoping this Niche+ blog will facilitate a knowledge and idea-sharing dialogue between firms and practitioners interested in the following types of client services:

  • Part-time and interim CFO/Controllership services
  • Forensic accounting and litigation support
  • Troubled-business and bankruptcy service
  • Profit improvement services
  • Financial staffing and recruiting
  • QuickBooks consulting
  • Inventory management
  • Dentists and physicians
  • Law firm operations
  • Architects and engineers
  • Ad agencies, PR firms, and graphic designers

I appreciate your interest in Niche+ and hope you’ll comment on this post and future ones as well. Your ideas and input will always be welcomed and encouraged.  I look forward to the journey ahead!

Posted in CFO Services, Contractors, Distributorships, Forensic Accounting, Law Offices, Litigation Services, Medical Practices, Nonprofit Organizations, Practice Administration, Practice Development, Practice Operations, Practice Strategy, QuickBooks Consulting | Leave a comment