Building Niches to Drive Revenue

If obtaining new clients is a top area of focus for your firm, you’re not alone.

According to the 2015 PCPS CPA Firm Top Issues Survey, bringing in new clients is an issue for firms of all sizes. As firms look for sources of new revenue, many consider strategies successfully implemented by other firms. And the formation of niches – industry or service line specialties – is a tactic at the top of the list.

Implementing a niche strategy is one way firms can differentiate themselves from their competition. While it’s difficult for one firm to claim it does better work than the CPA firm down the street, it can say it has an area of expertise the competition doesn’t. Firms with niches bring something extra to the businesses they serve. They can translate sound experience into better advice; hence, specialization demands a higher fee than compliance work.

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