12 Must-Knows for Niche Markets

Ed Mendlowitz CPA The Practice Doctor Q and AMake sure you fully understand their needs.

QUESTION: I have a couple of clients in a number of industries and when I ask for referrals they tell me they do not want me to handle competitors of theirs, yet I know of many CPA firms that have large amounts of clients in concentrated industries. What am I doing wrong?

MORE PRACTICE DOCTOR Q&A: How Much Should You Pay To Buy, Sell or Merge an Accounting Practice? | Is Joint Representation a Conflict? | When Large (or Any) Clients Need Backup Assurances | When Is It Time to Merge? | What Goes in a Client’s Permanent File? | 6 Ways to Take a Client Beyond Tax Prep | 18 Ways to Blow a Partnership Opportunity | 6 Ways to Know What You Don’t Know | 6 Simple Steps to Impress a Prospect | 10 (Nearly) Painless Ways to Keep Up to Date with Technology | 10 Ways to Get New 1040 Clients | Tax Return Reviewer Ticking and Tying | 23 Reasons Clients Really Need YOU for Taxes

ANSWER: I’ve had clients tell me that, but I think back to my early jobs and each firm I worked for had industry specializations, so I think the current trend is just a continuation of what has always been done.  I attribute your lack of getting client referrals to an inability to recognize, sell and communicate the advantages of your firm to your clients.