One of the great opportunities in business advisory service delivery is to develop a niche market with clients or prospects. Wikipedia define a niche market as:
“The subset of the market on which a specific product is focused. The market niche defines the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact. It is also a small market segment.”
So how does that enable my business to excel? I know of accounting firms who have specialised and developed a niche in aged care facilities, hotels, caravan parks, pharmacies and medical practices. One such niche is the golf industry.
For many years the Professional Golfers Association of Australia (PGA) have taken calls from members asking “Can you refer me to an accountant who can help me run my business, not just do a tax return?” Many members further advised that “we do not see our accountant”. They just email out a report and what needs to be signed. For some members that is all they need, however, for others it is well short of what they need from their most trusted advisor.
The PGA in 2014 launched an Approved Accountants program to address this issue. 14 practitioners from 11 firms spent two days at Royal Melbourne Golf Club in February. The first day included nine holes on the famed West Course followed by dinner and an entertaining dinner speech by Ian Stanley, winner of the Senior British Open.
Day two focused on providing delegates with a strong understanding of the golf industry from a variety of speakers including:
– The on course contracted Golf Professional focused on the KPI’s he used to manage success in his business including Gross Profit, Inventory Turnover and Net Profit rates on key inventory lines. Also on what he demands from his advisors to create and maintain a successful business.
– The PGA Training Manager who explained how PGA members are trained in business skills from trainee through to head professional.
– PGA Career Development Manager on career paths for members from tour professionals to on course professionals, to members owning golf warehouses to some who follow a pathway into club management.
– The final session focused on analysing a golf professional business using key analysis software and systems to frame a service offering that offers value to members.
Some firms at the 2014 workshop have returned to their practices and created success. The outcomes have been varied from acquiring one to multiple new clients, sponsoring a deserving PGA trainee and planning to run a dedicated seminar for PGA members on managing a pro shop for profit.
The PGA are running another Approved Accountants Workshop on March 12 and 13, 2015 at the NSW Golf Club La Perouse Sydney. This year they are again looking for proactive practices in particular areas of the country that are not represented on the panel (*see below). Additionally, some existing panel members may find it useful to attend the days again as a refresher or to train other staff. Click here to view the invitation and to register for the training.
So where is your firm now? Have you taken the first step forward to preparing your business advisory implementation plan and identifying your niche markets? Are you looking for guidance, systems and processes, templates and ideas from experts and experienced practitioners?
Start your review by attending the Smithink 2020 Business Advisory Conference on February 12 and 13, 2015 at Palazzo Versace, Gold Coast. Click here for more information.
Don’t wait for other firms to pass you by. The time for action in now!!
* specific areas the PGA are looking for firms:
– WA (outside Perth)
– Far North QLD
– Northern NSW
– Country NSW (excluding Dubbo)
– Country VIC
– Country QLD
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