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Rob founded Accountancy Firm, Clear Vision Accountancy, in January 2004 following a buy out from another firm of Accountants. Rob quickly decided to establish a different firm than a traditional firm of accountants. The innovative approach led to the firm winning the AVN Firm of the year for 2 years running.
Of particular interest is Clear Vision's development of niche market sectors to help drive the growth of the firm.
Why did you decide to establish your own business?
At the time I was part of a larger firm of accountants. It was clear to me that the type of firm I wanted to grow was somewhat different from the firm I was part of. I therefore decided to negotiate an amicable buy out.
What type of firm did you want to establish?
It was clear to me that clients were going to be increasingly demanding of Accountants. The provision of compliance accounting and tax services, whilst important, were not differentiators and were becoming more competitive resulting in eroding margins. Also I wanted to be involved in helping businesses in identifying and solving the key problems they face – that is making a real difference to my clients lives.
What steps did you take to establish this ‘different firm’?
There were a number of things I did to make sure we could change. Firstly I had to ensure the traditional services were managed to a high level to ensure the fee revenue from this source provided a solid foundation for the business, whilst establishing the new services. Secondly, I appointed a Board of Directors which consisted of like minded individuals who I knew could help me in taking the business forward.
Where did the competencies come from to give businesses ‘business’ advice?
I had been interested in this area for a number of years and had acted as Accountant to hundreds of different businesses. For a number of years I read and studied profusely and helped businesses where I could. When I really decided to take this area more seriously, I made sure that I had the tools at my disposal to provide the advice – the Business Edge Programme which is a comprehensive tool kit that enables us to analyse most business issues and come up with solutions.
How did you start developing a niche market?
Initially we decided that our niche was to provide value added services to small, medium sized businesses with a turnover of under £2.5m. We believed we had a considerable amount of experience in dealing in this sector and that we had real credibility. We began undertaking a number of business improvement projects with clients.
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Why did you start to narrow your niche?
The small and medium business sector is huge. Whilst we feel we have something to offer most businesses of this size we decided we wanted to develop unrivalled expertise in narrower sectors, to become real specialists where we could devote ourselves to meeting the needs of particular clients in particular circumstances.
How did you choose the niche?
We were introduced to an Orthodontists Practice. The owners were kind enough to ask us to undertake an extensive business improvement project. We were successful in the work we did (leading to the Firm being named Private Dental Practice of the Year), enjoyed the work and became aware of the huge potential in the sector. We therefore decided to establish a niche in Orthodontists/Dentists.
What advantages does niche focus give?
The advantages are huge. Firstly we really understand the sector and we are able to provide value added services to our clients at reasonable rates because our knowledge in the area enables us to be highly productive. Secondly it makes marketing that much easier. Business partners are always looking to align themselves with specialists. (For example we have been invited to work with Michael Gerber the world renowned author and business consultant). Our conversion rates when pitching for new work are significantly higher because of our credibility in the sector. Thirdly it is easier to train our staff to be experts because of the narrower focus etc. etc.
What overall benefits to the firm has niche focus brought to the firm?
A couple of years ago we were a provincial firm of Accountants acting for businesses in our local area. Today we are an international practice providing help throughout the UK and beyond (such as Ireland and Dubai.) We are asked to speak at conferences alongside key leaders in our field. The momentum in our business is huge.
Apodi’s role
Tony Swift is Chairman of Clear Vision. He has helped Rob define the strategy for the business and has been active in developing the niche focus.
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