Strategy is a difficult thing for small business. We always believe that we have found the perfect niche in the market and that we will make the most of it. But sales don’t always come as quickly as you hope and you start to spread the service offering to get more customers in the door.
Are you guilty of this? Have you strayed from your niche? Have you become a bit of everything to everyone in your field to make the most of the potential sales on offer? Have you lost your way a little for sales?
One book I love is called “Strategy and the fat smoker”. In the words of the author David Maister, he knew that being fat and smoking was really bad for him but did nothing for 37 years until a vital organ failed. He had to change his ways. And fast. He describes strategy as deciding whose business you are going to turn away. What will bring a point of differentiation to your customers or help you establish your reputation.
Nudge Accounting was built around these principles. We often get asked why we are focusing just on small business “Aren’t you limiting yourself by having one focus?”, “You can get higher fees if you go for bigger sized businesses too”, “Are you sure you don’t want to focus on SMEs more broadly and include the medium sized businesses too?” are some of the comments we often receive from others in our industry.
Yes, it means we have lost some potential clients and some really good fees. But, we want to stick to our strategy and looking after small businesses is just that. Our team have all come from small business families, so it’s something we have a genuine passion and concern for. We just want to focus on providing the best service to our small business customers with real value. Our clients are telling us that it is making a real difference.