Chris Farmand of Small Batch Standard an accounting firm specialising in craft breweries talks about the challenges of developing a specialised knowledge firm. Profit comes from risk.
Chris talks about the revolving door of clients in the traditional accounting firm. Whilst the numerous sleepless nights as he started the process of narrowing the focus of the firm he continued developing the specialisation and now some years later has created a business which is unique and special.
The key is build relationships. It is a slow burn but rewarding.
Slow down client selection. It is important to have a process to on-board new clients. Now he has a third party talk to any prospective clients and go through a questionnaire. From that point there is a follow-up call.
Keeping prices high has ensurd positioning.
As you go narrower you see more opportunities.
3 Action steps :-
1. Pick industry interested in and then focus on what we love to do.
2. Embrace the risk.
3. Give it time.
Wear the badge of knowledge.
An wait to the end to hear about the name of the accounting firm – Small Batch Standard and what it means.
Website – Small Batch Standard
Twitter – @cfarmand