The One Industry Niche That Has No Limits
There are two ways you could innovate within the world of finance to advance an accounting firm: through industry niche and competition niches. Industry Niche means focusing on those aspects of the business that aren’t being taken advantage of. Competition Niche identifies those areas that are being under-served. For example, financial regulatory agencies regulate banks, which may be an under-served market. Competition Niche focuses on identifying the similarities among many firms’ offerings as well as finding new and unique solutions that can be used to serve the marketplace better.
There are two types of industry niches
that accountants can consider. The first is where there isn’t a lot of activity. You can start up a firm that provides accounting services to individuals or business management teams. A good example of this is a CPA Marketing firm. The second type is where the competition isn’t as stiff. This is where you might find yourself in a position of weakness – a situation where you’re providing accounting services to a big business management team.
is a large industry niche that demands specific skills that accountants who specialize in accounting can provide. One skill that an accountant with training can provide is strategic thinking. Strategic thinking is a combination of analysis and creative problem-solving. Business management requires accountants to think out of the box, to come up with creative solutions for complicated problems. Accountants in this industry can also help business management by offering budgeting tools and advice about strategic decisions.
Another industry niche is Public Accounting.
Public accounting refers to firms that do audits, reviews, and compliance work for government entities, nonprofits, and other tax-exempt groups. In this niche, there is a great deal of paperwork involved. It’s a good idea for accountants to have some background in legal issues and a background in public law. Accountants who are in this industry niche should also be able to produce quality books and reports in a format that’s acceptable to clients. Clients will also want to know that their financial reports are prepared correctly and according to federal and state tax codes.
Finally, there’s another niche that’s very specific industry niche:
The insurance industry niche. Many insurance firms target this particular sector because they have direct connections with insurance clients and lots of client contacts. Clients can also use insurance industry niche brokers to find the right people to talk to. These brokers will have strong connections with insurance providers and will be able to let clients know what they need to know.
New construction industry data entry workers
can also be found in this one industry niche. Construction project managers can use these workers to take care of several tasks for them. These include data entry of insurance quotes, appointment sheets for planners, and such. For someone who wants to be part of this growing industry niche, finding one or more construction project managers can be a great way to start.