Summer is a great time to consider new ideas to grow your practice. One of the most popular ones is concentrating on adding or growing a specialty, or niche in your service offerings. So you follow all the best practice recommendations to help inform your decision-making:
- You analyze your current client base to see if there are common elements
- You review your internal skills and resources to determine what you are good at
- You look at the competition in the area and size up their services
- You review market and industry data to understand the opportunity
If you do your homework and make a solid, informed decision you’ve got a good shot a being successful, right? The answer depends on your readiness to integrate the new niche into your service delivery model.
Adding a niche can be disruptive and potentially impact your existing business negatively. To be successful you typically need to customize your processes and your content to the specific niche. You may learn that the technology you have in place does not adapt well to your new niche. Or your content management solution is a bear to customize.
Before you decide to look at opportunities to grow your business, look first at the potential obstacles that may be in your way:
- How complex and siloed out is your technology footprint?
- How consistent and standard are your audit and tax methodologies?
- How much control and visibility do you have over your engagements and process?
Ask these questions first. Fix what’s broken. Then scale your business.