In a book I read recently (Love, Power & Money), written specifically for families in business, the author makes the point of sharing case studies of successful companies with his readers. One of the common characteristics of the most profitable businesses he studied was the development of niche strategies. Rather than trying to compete on a broad basis, the leaders of these mid-size organizations had a vision for finding opportunities within very narrowly defined markets. The more specialized they were, the more profitable they became.
This is much the same situation for accounting firms - both large and small. Those firms that understand their competitive advantage, rely on the strength of their core competencies, and respond to the real needs of their clients, are the ones that will most likely rise to the top. If you can spend some time this summer identifying the right market for your firm, and the champions to lead the niche initiative, you will be well ahead of the game as you role into the fall and winter seasons! Let me know if embracing a niche focus has helped your firm.