Business Model
So you're going to break out on your own. Leave the corporate rat race, changed from an entrepreneur. You've got what it takes and you're going to show those back at the office peons. Heck, you were the resource persons the only one with an imagination there anyway.
Why, all it takes is a little bit of planning and you'll be Able to Start Bringing in clients like it was nothing. You've already started writing your press releases, speeches for the civic clubs and planning the classes you're going to give. You're hip to all the Rainmaker tricks. You read the book.
Yeah. And pigs fly.
Have you thought about WHO your target market is? Why Would They Want To retain you? Or even how you're going to deliver your services? Have you thought about your "Business Model?"
Yes, the working model for accounting practices differ from practitioner to practitioner. What does one office to stay in touch with clients Could Be totally different from what another office does. How one processes the daily office work Could Be totally different from what another office does. Every feature of every office Could Be different, and That affects how clients perceive Their Them, and what They retain clients.
How can you tell what other accounting practitioners are doing, and what they're going to do? How can you figure out Their strategy?
Well, Actually, you can not always tell what they're going to do, but, you cans tell a lot about what Their current strategy is by looking at the way They are currently set up. Just by Observing the way They do Things and WHO does it, by seeing the WHO Their clients are and what the fees charge They are like, you get an idea of cans Their business model.
From what you see, tell what you cans Because Their strategy is a strategy for businesses is a reflection of Their business model. Once you know a competitors strategy, you cans plan your attack to carve out your own market niche. And that's a key.
Yeah, I said "plan your attack."
Not Because I think of a business strategy like a lot of folks do, as a military campaign objectives your Nowhere is to defeat your opponent. But rather, as an attack on a new or Abandoned territory in order to establish your own colony and subjugate the natives.
Why? Hey, you're the newcomer here, right? Do you really think you have even the slightest chance of winning in a head-to-head fight with "the big boys?" You have about the Same as the proverbial Snowflake chance in Hades. None, tone, squat, zip, zero, zilch. There Is not No Way in Sam Hill you're going to be Able to Compete on Their terms.
You've got to define your own territory, Nowhere cans you establish a presence and build a loyal following, Quickly and definitively, before the behemoths have a chance to REACT. Once you've slipped in under Their radar, you're the establishment, and they're the outsider, playing catch-up.
So, how does this fit in with yours.
The moment you offer your first service, the moment you target your niche first, the moment you first create your specialty, you have added a component to your business model, and That defines your strategy.
Your business model defines what you are going to do, how you are going to do it, and WHERE you are going to do it. Your business model defines the who, what, Pls, Nowhere, how and why of your strategy. Your business model and strategy for your business are inseparable, but different. They are not the Same.
The structure of your model defines the structure of your business, while your business strategy defines your plan of action. Your plan of action is what you do, your structure is what you got. Tactics (another subject entirely) are the minor threads of your strategy. They are the weapons you use to implement your strategy.
Need Some examples? Okay, let's start with the idea That you've Identified a territory Nowhere does the empire have a presence. (Work with me here folks. It was an analogous. What I'm saying Is That Actually you've Identified a niche That your bigger and more established competitors has overlooked, or Is not devoting any resources to.)
You Were Able to identify That territory (or niche, for those non-absorbent analogous here), Because You Were Able to make an outline of your competitors business model, Their who, what, Pls, Nowhere, how and why, and compare That to your own.
You Were Able to visualize what Could They do what They were the resource persons from doing, and you were the resource persons Able to see what you Could do by looking at your resources. The areas Nowhere They did not overlap yours is WHERE you Identified the opportunity, and WHERE you began to target your forces (your strategy). The tactics you use to begin acquiring clients in this niche are defined by your strategy.
Voila! You have successfully penetrated a new market.
Now for a lesson in reality. Maybe That Is not so slow behemoth to REACT.
You see, there is a strategy Their That part of your examination of Their business model does not disclose. Contingency plans. That's right, contingency plans are not usually exposed.
You thought you'd found the magic answer I toll you Pls That Could you identify a competitor's strategy by understanding Their business model, Did not you.
Well, there is no single magic answer. You have to stay Awake.
In the beginning, I toll you That you Might be Able to slip in under the radar of the behemoth and establish a niche That Could you claim as your own. But, what the behemoth was Happens Pls Smart Enough to have a contingency plan?
Now, I'm not talking about the majority of the big boys. Most of Them are "winging it," just like you were the resource before you learned one of the main secrets of marketing accounting services, and before you learned about the difference Between Business Models and Business Strategy. Most of your competitors will from Slough behemoth you off and not worry about you. After all, if the niche was really That Important, They would be marketing to it.
At this point you Wants To Be quiet about what you're doing. Remember, you did a little bit of Industrial Espionage Identified Pls you this niche, Did not you? Keeping the results of your successes to yourself will of help you protect your new territory. Staying alert to changes in your competitors business model will from the keep you alert to changes you have to make in your strategy.
Until you are strong Enough to meet your competitors in the open "warfare," you must stay flexible and be Able to adapt to Their changes.
By learning to read and interpret the business models of your competitors, and learning to design your own, you're Able to visualize not only your strategy, but your competitor's. And, by the Staying alert to changes in your competitor's, you will from be Able to Recognize Their changes in business strategy and adapt your business model and strategy to meet the new challenge.
To read more about starting and building your own bookkeeping, accounting or tax preparation practice, visit Kirk Ward's business blog at the Consultant Supply Room (http://consultantsupplyroom.com). To find the resources you cans use to implement the Marketing Efforts you develop after reading his pearls of wisdom, visit Secrets of Marketing Accounting Services at http://secrets-of-marketing-accounting-services.com.
Kirk Ward is a retired tax expert, accountant and auditor. He Provides the Same resources he Used in building his practices to start-ups Accountants through his Instant Practice Builder website and rants about the commercial finance industry on "Kirk's Blog" (Wonder Nowhere he got the idea for the name of That blog?) Nowhere he describes his career as an auditor with "Bucket Of Blood" finance companies and banks.
So you're going to break out on your own. Leave the corporate rat race, changed from an entrepreneur. You've got what it takes and you're going to show those back at the office peons. Heck, you were the resource persons the only one with an imagination there anyway.
Why, all it takes is a little bit of planning and you'll be Able to Start Bringing in clients like it was nothing. You've already started writing your press releases, speeches for the civic clubs and planning the classes you're going to give. You're hip to all the Rainmaker tricks. You read the book.
Yeah. And pigs fly.
Have you thought about WHO your target market is? Why Would They Want To retain you? Or even how you're going to deliver your services? Have you thought about your "Business Model?"
Yes, the working model for accounting practices differ from practitioner to practitioner. What does one office to stay in touch with clients Could Be totally different from what another office does. How one processes the daily office work Could Be totally different from what another office does. Every feature of every office Could Be different, and That affects how clients perceive Their Them, and what They retain clients.
How can you tell what other accounting practitioners are doing, and what they're going to do? How can you figure out Their strategy?
Well, Actually, you can not always tell what they're going to do, but, you cans tell a lot about what Their current strategy is by looking at the way They are currently set up. Just by Observing the way They do Things and WHO does it, by seeing the WHO Their clients are and what the fees charge They are like, you get an idea of cans Their business model.
From what you see, tell what you cans Because Their strategy is a strategy for businesses is a reflection of Their business model. Once you know a competitors strategy, you cans plan your attack to carve out your own market niche. And that's a key.
Yeah, I said "plan your attack."
Not Because I think of a business strategy like a lot of folks do, as a military campaign objectives your Nowhere is to defeat your opponent. But rather, as an attack on a new or Abandoned territory in order to establish your own colony and subjugate the natives.
Why? Hey, you're the newcomer here, right? Do you really think you have even the slightest chance of winning in a head-to-head fight with "the big boys?" You have about the Same as the proverbial Snowflake chance in Hades. None, tone, squat, zip, zero, zilch. There Is not No Way in Sam Hill you're going to be Able to Compete on Their terms.
You've got to define your own territory, Nowhere cans you establish a presence and build a loyal following, Quickly and definitively, before the behemoths have a chance to REACT. Once you've slipped in under Their radar, you're the establishment, and they're the outsider, playing catch-up.
So, how does this fit in with yours.
The moment you offer your first service, the moment you target your niche first, the moment you first create your specialty, you have added a component to your business model, and That defines your strategy.
Your business model defines what you are going to do, how you are going to do it, and WHERE you are going to do it. Your business model defines the who, what, Pls, Nowhere, how and why of your strategy. Your business model and strategy for your business are inseparable, but different. They are not the Same.
The structure of your model defines the structure of your business, while your business strategy defines your plan of action. Your plan of action is what you do, your structure is what you got. Tactics (another subject entirely) are the minor threads of your strategy. They are the weapons you use to implement your strategy.
Need Some examples? Okay, let's start with the idea That you've Identified a territory Nowhere does the empire have a presence. (Work with me here folks. It was an analogous. What I'm saying Is That Actually you've Identified a niche That your bigger and more established competitors has overlooked, or Is not devoting any resources to.)
You Were Able to identify That territory (or niche, for those non-absorbent analogous here), Because You Were Able to make an outline of your competitors business model, Their who, what, Pls, Nowhere, how and why, and compare That to your own.
You Were Able to visualize what Could They do what They were the resource persons from doing, and you were the resource persons Able to see what you Could do by looking at your resources. The areas Nowhere They did not overlap yours is WHERE you Identified the opportunity, and WHERE you began to target your forces (your strategy). The tactics you use to begin acquiring clients in this niche are defined by your strategy.
Voila! You have successfully penetrated a new market.
Now for a lesson in reality. Maybe That Is not so slow behemoth to REACT.
You see, there is a strategy Their That part of your examination of Their business model does not disclose. Contingency plans. That's right, contingency plans are not usually exposed.
You thought you'd found the magic answer I toll you Pls That Could you identify a competitor's strategy by understanding Their business model, Did not you.
Well, there is no single magic answer. You have to stay Awake.
In the beginning, I toll you That you Might be Able to slip in under the radar of the behemoth and establish a niche That Could you claim as your own. But, what the behemoth was Happens Pls Smart Enough to have a contingency plan?
Now, I'm not talking about the majority of the big boys. Most of Them are "winging it," just like you were the resource before you learned one of the main secrets of marketing accounting services, and before you learned about the difference Between Business Models and Business Strategy. Most of your competitors will from Slough behemoth you off and not worry about you. After all, if the niche was really That Important, They would be marketing to it.
At this point you Wants To Be quiet about what you're doing. Remember, you did a little bit of Industrial Espionage Identified Pls you this niche, Did not you? Keeping the results of your successes to yourself will of help you protect your new territory. Staying alert to changes in your competitors business model will from the keep you alert to changes you have to make in your strategy.
Until you are strong Enough to meet your competitors in the open "warfare," you must stay flexible and be Able to adapt to Their changes.
By learning to read and interpret the business models of your competitors, and learning to design your own, you're Able to visualize not only your strategy, but your competitor's. And, by the Staying alert to changes in your competitor's, you will from be Able to Recognize Their changes in business strategy and adapt your business model and strategy to meet the new challenge.
To read more about starting and building your own bookkeeping, accounting or tax preparation practice, visit Kirk Ward's business blog at the Consultant Supply Room (http://consultantsupplyroom.com). To find the resources you cans use to implement the Marketing Efforts you develop after reading his pearls of wisdom, visit Secrets of Marketing Accounting Services at http://secrets-of-marketing-accounting-services.com.
Kirk Ward is a retired tax expert, accountant and auditor. He Provides the Same resources he Used in building his practices to start-ups Accountants through his Instant Practice Builder website and rants about the commercial finance industry on "Kirk's Blog" (Wonder Nowhere he got the idea for the name of That blog?) Nowhere he describes his career as an auditor with "Bucket Of Blood" finance companies and banks.
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