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Friday 18 November 2016 11:45am
Niches: why differentiation is vital for survival
ICAEW Practice 2016
We think differently, are inno
va tive and
to challenge the status quo.
we are social
@aynsleydamery @tayabalitomlin
Tayabali Tomlin & Tayabali Entrepreneurs Group
Tayabali Tomlin & TT Entrepreneurs Club
Download the Tayabali Tomlin App
#icaewPractice
Purpose
“…. we want to enable the UK small business community to thrive through innovative accounting solutions, inspirational advice and powerful connections”
Small business is BIG business
5.5m small businesses in the UK - (up by over 2m since 2000)
Combined Turnover of £1.8 trillion - (½ of the entire private sector)
Incredibly, 1 in every 3 new jobs in the UK in 2014 was created by high growth small businesses
..and, if 1 in every 3 small businesses employed another person, there would be no unemployment
Profit distribution in accounting profession
Why is that? - well everything has changed!
Increased competition and downward pressure on pricingProliferation of small firmsBarriers to entry generally low and exit relatively highTechnology is cheap making scalability easierOffshore accounts production facilities are easier to accessGlobal market - open 24/7
Internet and social mediaOperational excellence and adopting best practice, now only get you in the game!
Think back 10 years ago……….
Tony Blair was PMWindows Vista was releasedSaddam Hussein was aliveThe first tweet was sentFaceBook wasn’t open to the publicEngland lost in the 1/4 finals of the World Cup to PortugalWe still used floppy disksYouTube was launchedBluray was introducedWe had no iPhones…….
Just think what the next10 years is going to belike……….?
Uber Ford
6 years old Valued at $70bn
103 years old Valued at $60bn
Airbnb Marriott
8 years old Valued at $25bn
58 years old Valued at $21bn
“too many opportunitiesare lost simply because youcan’t see them”
Change in technology
1998: Annual revenue of $3.9bn Founded1999: Debuts subscription service
2000: Declines offer for Netflix at £50m2007: Hires new CEO Jim Keyes, formerly of 7-Eleven who says
Rents 1 billionth video and commences steaming service
“I’ve been frankly confused by this fascination that everybody has with Netflix…..Netflix doesn’t really have or do anything that we can’t or don’t already do…….”
2010: Files for bankruptcy 20m subscribers, $2.2bn revenue Valued at $24m Market cap £3.55bn
2015: $6.77bn revenue Value $32.9bn
There hasNEVER
been a timelike this!
4 significant
(global) shifts
Willyam Bradberry / Shutterstock.com
01BABY BOOMERS TURNING 70
Joseph Sohm / Shutterstock.com
MILLENNIAL ADVANCE
02
What the heck has happened?
We are at an inflection pointwhere we need a fundamental shift inbusiness strategynothing less is sufficient
Andy Gove - Intel
The knee of the curve
Automation v efficiency
3 Billion new Internet Users
Technology Advancement
04GOVERNMENT
AUSTERITY
Government Austerity
Rising health care costs - from Baby Boomers Fewer jobs and lower income taxesGlobalisation - tax bases overseas
10/15 years to sort
…..what doesthis all mean forus……?
…..this is what#icaewPractice is allabout……
The benefits of a niche practice
Less price sensitivityStickier clientsLess competitionMarketing and pitching becomes easierYou become a KPIEasier for prospects and referral sources to remember youRecruitment becomes easierUltimately leading to an increase in profits
CULTUREENTIRE ECOSYSTEM
THAT ENABLES A COMPANY TO DELIVER
EXCELLENCE, VALUE & MAKE A DIFFERENCE
AYNSLEY DAMERYAndrey Armyagov / Shutterstock.com
What the niche for me?Niche by service area, sector or industryWhat do your top 20 clients have in common, what do they value, why did they choose to work with you and what makes them love you?Don’t have too many…..The focus must be on the clientBe authentic
There is no one way!
But remember: sustainable market, with a need, a large pool of prospects, who want to pay….
Jim Goetz - Sequoia Capital
The best products and services in the world don’t simply invite people to say ‘this is awesome’; they remind people of how great they are themselves.
Bernadette Jiwa
People are choosing to spend their money with companies whose actions resonate with their values—companies that thrive by doing the right thing and by making things customers love instead of trying to get customers to love their things.
Bernadette Jiwa
Our job is not simply toobsess about thefeatures and benefits ofwhat we’re making: it isto wonder and careabout the difference wecan make to people andto our world.Bernadette Jiwa
believe
#icaewPractice
…..let’s together create an amazing business in amazing times!
we are social
@aynsleydamery @tayabalitomlin
Tayabali Tomlin & Tayabali Entrepreneurs Group
Tayabali Tomlin & TT Entrepreneurs Club
Download the Tayabali Tomlin App
#icaewPractice
Friday 18 November 2016 11:45am
Niches: why differentiation is vital for survival
ICAEW Practice 2016