This is great advice for accountants thinking about positioning! CPA's/Accountants are under a lot of fee pressure as a result of automation/outsourcing. A lot of our work is being commoditized so setting yourself apart in the ways Hector describes is perfect for long-term strategic growth.
I think niche is good when you have a lot of clients but when you're starting out, it's probably not good to turn away clients as you need the income. I feel you can market yourself as a niche but also take on other clients. The issue is those other clients might ask you "if you only do that industry"
Patrick, I personally have learned that Hector is 100% correct. My practice is absorbing complex clients from Regional and National firms where the fees were high and service low. Lots of my clients are international and in some divergent businesses (Software, cannabis, law firms, multi-national). This all sounds exciting, but I'm having to screen them out because I have so much variety, I am not efficient. I'm more excited about the prospect of simplifying.
@@HectorGarciaCPA What about all the local CPA and Accounting firms?? Whenever I look at their websites, 90% of the time, it caters to all industries. Here and there, you'll see a niche like "The real estate cpa." Even cpa youtubers like Mark Kohler and CPA Strength don't have a niche.
@@patrick553 what point are you trying to Make? That it’s not a good idea to niche because many don’t do it? Or that is an incredible opportunity because many don’t do it?
@@HectorGarciaCPA That it could be better to not niche too aggressively than to niche. The goal is to make the most revenue. Niching aggressively could very well hurt that. I guess if someone were to pay for advertising, it's better to niche since the cost per click would be lower and there would probably be a higher conversion rate. That's if someone used paid advertising.
What are your thoughts on taking a new client who insists on using QB Desktop on their bookkeeper's desktop? Are you able to work with monthly Accountants Copy files? I've had some difficulty working with other clients and dealing with versions. This is just a retail place with a POS system and payroll with no API capability to QB.
@@HectorGarciaCPA Thank you kindly for your reply. Do you have a preferred software? It seems like every QB Enterprise client has a different RDT and it seems like a lot of them cause popups saying something like, "The server is not secure" or something like that. Also, the logins have multiple steps and usually 2 passwords; one for the RDT and another for QB.
Hi Hector! I am trying to use the link above for the 50% off and it keeps say error. Can you please help with this? I have tried on several of your videos.
This is great advice for accountants thinking about positioning! CPA's/Accountants are under a lot of fee pressure as a result of automation/outsourcing. A lot of our work is being commoditized so setting yourself apart in the ways Hector describes is perfect for long-term strategic growth.
Thank you Hector for this insightful webinar.
I think niche is good when you have a lot of clients but when you're starting out, it's probably not good to turn away clients as you need the income.
I feel you can market yourself as a niche but also take on other clients. The issue is those other clients might ask you "if you only do that industry"
I think the opposite... if your niche you will get more clients, but you will need to make a short term sacrifice to adjust
Patrick, I personally have learned that Hector is 100% correct. My practice is absorbing complex clients from Regional and National firms where the fees were high and service low. Lots of my clients are international and in some divergent businesses (Software, cannabis, law firms, multi-national). This all sounds exciting, but I'm having to screen them out because I have so much variety, I am not efficient. I'm more excited about the prospect of simplifying.
@@HectorGarciaCPA
What about all the local CPA and Accounting firms?? Whenever I look at their websites, 90% of the time, it caters to all industries.
Here and there, you'll see a niche like "The real estate cpa." Even cpa youtubers like Mark Kohler and CPA Strength don't have a niche.
@@patrick553 what point are you trying to Make? That it’s not a good idea to niche because many don’t do it? Or that is an incredible opportunity because many don’t do it?
@@HectorGarciaCPA
That it could be better to not niche too aggressively than to niche. The goal is to make the most revenue. Niching aggressively could very well hurt that.
I guess if someone were to pay for advertising, it's better to niche since the cost per click would be lower and there would probably be a higher conversion rate. That's if someone used paid advertising.
What are your thoughts on taking a new client who insists on using QB Desktop on their bookkeeper's desktop? Are you able to work with monthly Accountants Copy files? I've had some difficulty working with other clients and dealing with versions. This is just a retail place with a POS system and payroll with no API capability to QB.
I prefer remoting into the file
@@HectorGarciaCPA Thank you kindly for your reply. Do you have a preferred software? It seems like every QB Enterprise client has a different RDT and it seems like a lot of them cause popups saying something like, "The server is not secure" or something like that. Also, the logins have multiple steps and usually 2 passwords; one for the RDT and another for QB.
Right. That’s how it works.. login to Remote Desktop and then login to QB..
Mediators ?
That one.
Hi Hector! I am trying to use the link above for the 50% off and it keeps say error. Can you please help with this? I have tried on several of your videos.
Are you in US?
@@HectorGarciaCPA Yes, I am
It worked! Thank you!