#IntuitTHRIVE

8 PILLARS FOR EXPONENTIAL BUSINESS GROWTHA PRACTICAL GUIDE TO BUILDING YOUR BOOKKEEPING BUSINESS OR ACCOUNTING FIRM

Jeff Borschowa• Author, educator, and consultant to the accounting

industry• Technology agitator• 25 years in the industry• Social Media convert and advocate

What are the 8 Pillars?

#IntuitTHRIVE

Pillar 4: Niche DevelopmentNiche development is the intersection between marketing and sales and, arguably, the foundation for both. What is your ideal client? We focus on defining your niche and discuss a 12 step process to deliberately build a niche that can provide a never-ending stream of referrals.

Audience QuestionsDo you currently focus on a specific niche?• Yes• No• Working on it

Caveat• I talk only about products or services that I know• Each product or service I use was selected based on

specific requirements• Use these materials as a starting point for your own

research

Overview• Working ON not IN Your Business• What is Growth?• Firm metrics• 12 step process for niche development• Ideal client• Niche development example• Leveraging the cloud• Conclusion• Action steps

Learning Objectives• Why you should focus on a niche• Why you need to define your ideal client• How a niche can help you grow

Working ON not IN Your Business• Creating a marketing plan

• Developing systems and processes

• Choosing tools to facilitate growth

• Invest time and energy in technology and services to build a solid infrastructure

• Creating new services to offer to your customers

• Strategic thinking to determine goals for the business

• Selecting business advisors to assist with the unique complexities of your business

What is Growth?• Gaining more customers• Increasing production or capacity• Increasing efficiency and effectiveness

•Offering new services to increase fees

•Specializing in a niche to earn higher fees

Firm Metrics• Percentage of new clients referred by current clients• Percentage of fees from new clients• Percentage of fees from new services to existing

clients• Total number of top clients required to generate

twenty percent of your revenues• Total number of next tier of clients required to

generate the next twenty percent of your revenues• Total number of remaining clients that generate the

final sixty percent of your revenues

Audience QuestionsDo you have multiple clients in the same industry or sector?• Yes• No• Not sure

12 Step Process for Niche Development1. Document ideal client2. Identify training sources3. Identify professional

associations4. Develop channel partners5. Engage through social media6. Take action

7. Study niche-specific software8. Cultivate lead sources9. Offer training courses10.Create value added services11.Charge accordingly12.Cull clients that are not

within your niche

Ideal Client• What defines your ideal client?• Document in detail• Identify their needs• Market to your specific niche

Audience QuestionsWould you build a niche around your ideal client?• Yes• No• Not sure

Niche Development Example• We will focus on “dentists in the Calgary area”• Walk through the 12 steps

Leveraging the Cloud• Research – Google search, Zoho CRM• Documentation – XMind, ProWorkflow• Presentations – Prezi (prezi.com), Apache OpenOffice

(www.openoffice.org)

Conclusion • Focus your efforts on an “Ideal Client”• Follow 12 step process for niche development

Action Steps• Determine a niche for your business. If you already

have a cluster of clients in the same industry, consider whether this is a niche that you want to develop.

• Review the current performance of your business. • Clearly define your ideal client.

2020 Membership (2020groupcanada.com) Membership Includes:• The Innovator (monthly newsletter)• Free Web-Based CPD• Access to the 2020 Resource Center• Phone/Email Support• Discounts on 2020 Seminars• Preferred Pricing with Select Providers• Discounts on 2020 Products• Annual Performance Review• Group Coaching and mentoring

PrePresented by byJeff Borschowa

Growth Strategist2020 Canada

jeff@dreampractice.cahttp://2020groupcanada.com