Scaling Accounting Business

Business, niches and the rainmaker

The amount of businesses per country are unfathomable and turning the lense to zoom out to look at the whole planet and see that figure is close to inconceivable, but let me keep moving forward so i can get closer to the point that I am pursuing. Now lets zoom back in times 2, times 3, times 4, shoot while we’re at it,... (for the workaholics)  let's go to 8… you get the drift… what do you see?... Business within business if you wanna keep it simple stupid, but to the astute investor or the sophisticated business owner they see niche. A micro business of BIG business and I’m sure they run fast all day on that with a smile and never out of breath :). So what is a niche and how are they more profitable in their strategy than casting a net over the whole business market itself. A phenomena yes but that’s the way reality works sometimes. According to dictionary.com the definition of a niche or niche is “ the function or position of a species within an ecological community. A species’s niche includes the physical environment to which it has become adapted as well as its role as producer and consumer of food resources.” (See also competitive exclusion principle) According to businessdictionary.com a niche business is: “A small but profitable segment of a market suitable for focused attention by a marketer. Market niches do not exist by themselves, but are created by identifying needs or wants that are not being addressed by competitors, and by offering products that satisfy them.” And to saturate you even further with data according to quora.com: “It generally means that one finds  place where one fits in and feels comfortable with the situation. A person newly employed might take some time “to find their niche”, to make friends or be able to fit in.”.... And that’s, that!   Now that we have covered academia or close enough. Let us look at some real world scenarios “k”. For example: imagine a medical professional such as an M.D., but what kind?...Aaahaah! Very good question as the frustration sets in and does its damage but there is reward for this pain so hang in there… pain is always + appreciated. Now for the reward...I believe you just identified the power switch to the niche search engine but remember that according to businessdictionary.com …..”Market niches do not exist by themselves, but are created by identifying needs or wants that are not being addressed by competitors,” but i’ll get to that later. Let’s get back to med school or in this case niche school and we’ll use doctors as the prop. You have so many to choose from right,…. so all of these would most likely be the general market that your looking at if your on like google or something right?! Ok...let's just say that the one you picked from the list was a medical doctor who happen to practice just general medicine or your regular around the corner family doctor and you booked an appointment for some discomfort you had. You show up for your examination and everything and he comes back to you shaking his head and says that it seems like you have the space flu and he can’t help you any further because he does not specialize in that. Naturally concerned you ask... “what do ido”? He replies… “you need to go see a specialist”. I remember being young , I was always going to doctors for asthma and they were always referring me to a “specialist” and i was like wow those guys must make no money... I mean how many kids like me are there? At least that's what i thought. I’m going to share with you something that was shared with me. The man who chases two rabbits catches none. Specialist earn more money, get more respect, and have way more fun. Those are fact. I was told a story a time about a general practitioner vs. a brain surgeon. The general practitioner who sees a whole bunch of patients and is a general doctor. Typically, they sit in a small office. It usually has no windows. It is a pretty depressing little office, and they work very long hours, and they just see back to back patients all day probably for fifteen minutes at a time, because it’s a numbers game...right. They see as many patients as they can, just rolling them through. A patient comes in, they diagnose their problem and it’s on to the next one and the next one. They have to see a lot of patients. They have to work long hours. They get worn out. They work in a very small, not very nice office, at all, and they don’t get very much respect. You never hear about a general practitioner getting praised  for their work in the news paper and magazines. You don’t hear about them being geniuses or anything like that. They don’t get paid very much, either. That’s the general practitioner, the generalist. Then, you’ve got the brain surgeon. So the brain surgeon is still a doctor, but this time, it’s a doctor with a specialty. The brain surgeon typically works in an awesome office. It’s designer. Everything’s laid out nicely. It looks amazing. Then, they only have to see a couple of patients each week. Sometimes, it’s only two patients a week. They don’t have to work as many hours. They just just come in for those two surgeries, and that’s it. They come in, work their magic, then their out. They are often praised as geniuses and celebrities. They get write-ups in the news. They get put in the news paper. They get put on the news. Everyone respects them for their work and their craft. They think that they’re just a total genius. They get paid, on average, 30 times as much money as the general practitioner. Imagine that, 30 times. We’re not talking about a small little pay rise here. We’re talking about someone making 30 times as much money. They’re both doctors. Both of them went to med school. They’ve both got the D-R thing in the front of their name, so why is there such a massive difference? The difference is because one’s a generalist and one’s a specialist. A general practitioner is a generalist, and a brain surgeon is a specialist. In business and in life, specialists earn more money, they get more respect, and they have more fun. So I know, you're saying, I’m an accountant not a brain surgeon. Exactly, that you are and in accounting and its profession you have layers and layers of categories of the type of accounting tasks or “specialties” that could be translated as “niches” that you most likely are familiar with; Tax Accounting: tax legislation, Internal Revenue Code; Forensic Accounting: may be one of the most fascinating types of accounting specialties, involving the investigation of financial crimes such as embezzlement, illegal transactions, investigative procedures and law; Forensic Accounting: investigation of financial crimes, embezzlement, illegal transactions, investigative procedures and law; International Accounting and Finance: international procedures and regulations; Business Accounting, the needs of businesses; Public Accounting: accounting, auditing, taxation; Bookkeeping, accounting, payroll, administrative tasks for businesses; Certified Quality Auditors: industrial management, quality evaluation and control system; Accredited Financial Examiner: balance sheets, income/expense accounts, policies and procedures. As you can see there is a big WORLD of business out there and there are a many choices and it’s pretty easy to just pick one out and go full throttle just like the brain surgeon. But, but remember that according to businessdictionary.com, market niches do not exist by themselves, but are created by identifying needs or wants that are not being addressed by competitors,”. Well that's how you brainstorm the brain surgeon. Nobody said victory is easy however very sweet and sweet i can deal with every day. So for the pay off there’s always a little bit, if not a lot, of work involved to be done. So to dominate, not only do you have to find your niche but you have to study your market and constantly check its health condition to be on point for you to solve its current problem, create the curve and be in front of it. This creates value in that market and trail blazers are created while the rest of the accounting world is sleeping. Not a task for the timid. If you’re still here and made it this far, I would think it would be safe to say that you are probably not timid. You have gone the stretch, sailed the seven seas, know and understand things about your industry in a way that the others don’t or aren't aware of. If you relate and understand all of this, if you are “specialist” in your accounting field, you’ve identified problems you can solve and are ready to scale your business exponentially and make it rain, feel free to reach out .......and bring a lunch. (more…)

By Admin, ago