Vertical Specific Challenges and How to Handle Them
Using your CPA expertise to handle challenges that only come with specific verticals.
Do you know your vertical, or your niche? It can absolutely be difficult to find a common denominator amongst all your clients.
If you can narrow it down, that’s great. If not, no worries! We’ll help you find your vertical(s) and determine what challenges you may face throughout each.
As a CPA, with multiple clients spanning many industries, when you’re looking at financials it can be easy to forget that there are sometimes extreme differences between industries. So, understanding the vertical you work in (and the verticals your clients are in) can be crucial to running a successful business.
For example, a CPA with clients primarily in the tech industry could deal with a whole host of challenges that are much different from CPAs specializing in the small business retail industry.
When dealing with vertical specific challenges, like what to charge clients for advisory services, it is important to conduct market research.
If you have already positioned your CPA firm as a major player, helping clients in a certain industry, it is important to research your competitors, their services, and the prices they are charging for each service.
Consider what your clients are currently paying for and the amount they have dedicated, and price your additional services accordingly to show value to your existing clients.
Once you have established your CPA firm as a vertical-specific firm, you can ensure your messaging across your website and any applicable ads or social channels matches the vertical you are targeting. For a successful partnership to happen, there needs to be an intersection of cost and value for the clients in the industry your firm is targeting.
Finally, keep in mind that a vertical-focused business model may not work for all CPA firms. Or your firm may target a few different verticals with different CPAs handling specific clients because it is their specialty.
This model can encourage growth because, if you’re not currently focused on a specific segment, your firm will be able to narrow down the type of client they currently attract and alter or finesse their marketing strategy. Refining your targeting can help attract new clients in the same vertical or help provide more suitable offerings to your current clients, building your business by working more with the same people.
As long as the market for your vertical is not currently saturated, there are huge opportunities for CPA firms looking to improve their revenue. By understanding your vertical and your clients’ verticals, it can help you provide a better service to your current clients while attracting new ones through your expertise.
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