I hope our last conversation about always leading with your best price causes you to more seriously look at how you price your services. Enough said.
On to this week. You know claiming a niche is important. But you’re not convinced that you could specialize. Or you are convinced but are afraid to take the leap. It’s time to dig in. Let me tell you why.
And if you’re new here, welcome aboard. This is what we do!
The value of our services is simply this:
PRODUCT – MEANING = COMMODITY
PRODUCT + MEANING = BRAND
There are BVFLS professionals who specialize in a niche and are successful.
One might argue they are successful because they have a niche.
You know them. So you know it can be done.
But you’re not convinced that you could specialize …
Or you are convinced but are afraid to take the leap.
Hi. I’m Rod Burkert. And welcome to my Practice Development Corner, the place where business valuation professionals like you come to learn how to turn the practice they have into the practice they want.
Many BVFLS practitioners resist focusing their services on a niche market.
They’re concerned about missing out on other opportunities, don’t know which niche to pick, or believe that serving a single niche would be boring.
Claiming a niche is important because I’m finding more prospects who are looking for specialists for high margin work.
They want a master craftsman, not a jack-of-all-trades.
What’s the difference?
The jack-of-all-trades practitioner:
- Is busy and scattered because they cover a lot of ground.
- Knows a little about a lot.
- Is not on any shortlists for any engagements.
- Provides in-the-box advice for problems.
- Earns less because they compete on price.
The master craftsman appraiser:
- Is productive and focused because they only cover their ground.
- Knows a lot about a little.
- Is on the shortlist for all relevant engagements.
- Provides creative solutions for problems.
- Earns more because clients pay a premium for expertise.
There is a lot of disruption going on in our industry – from Accounting/BV firm mergers to big data valuation solutions.
Now is the time to either leave or dig your heels in.
One way of digging is by specializing in a niche and being so damn good at it that you can’t be ignored.
And are you forever tied to your niche? Absolutely not.
In my INSIDER interview with Chris Mercer, he said he has specialized in a series of niches that have carried him throughout his career.
In my interview with Jim Hitchner, he also believes in specialization as well as taking on projects outside of your specialty if they fall in your wheelhouse.
So that is this episode’s practice development tip. Hopefully, it’s been helpful.
How can I help you move in this direction?
Let me know by taking just a few seconds to like, comment on, or share this video.
Even better – if you are looking to grow your BVFLS practice faster and smarter so you can get more time, money, and freedom from it – subscribe to my YouTube channel.
Thanks for tuning in!
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