Because craft breweries have unique needs and usually combine manufacturing, wholesaling and distribution, sometimes with retail and/or sevice (restaurant ), they offer opportunities for an accounting firm to not only act as a recordkeeper, but also as a consultant on everything from operations to strategy to wealth generation and tax planning.
Admittedly, graduating from a single craft beer brewery, Chris sort of fell into his niche and has grown to learn the nuances of fifty different states regulatory stance on a regulated industry. But, that becomes a competitive advantage and allows him to position himself as the industry expert at trade shows and other industry gatherings.
Chris’ knowledge extends from knowing the costs of manufacture, to the cost of distribution and when a brewery can or cannot distribute, to restaurant and bar operations, costs and controls. He makes his practice invaluable to his clients, with training, education, consulting and coaching.
Chris practice takes advantage of all the advantages of a niche practice, including the positioning and branding strategies available to practitioners in a small market with few competitors (as defined in the ‘Developer’ quadrant of the Rainmaker Simplified Strategy Matrix).
Here at Practice Builder Publishing, our opinion is that you, as a bookkeeping, accounting or tax professional, are in the knowledge business, and when you try to compete using automation and all that efficiency based stuff, you are working to compete in Porter’s (Micheal Porter, Harvard) Low Cost Leasership Quadrant, and are potentially making yourself vulnerable to better financed competitors, whose only requirement is that they can purchase the required software.
By competing based on your knowledge, you have the opportunity to differentiate your practice, whether it is in a niche, as Chris has done at Small Batch Standard, or a practice specialization as one of our Practice Builder Publishing subscribers, Robin ‘A’ has done with Valuation services. Either method, niche or specialization, builds upon your knowledge and gives you the opportunity to establish a competitive advantage.
And, without an advantage that fits your target market, you are doomed. Doomed, I say.
Join us here at Practice Builder Publishing and become a part of the community, whether you become a contributing author, a peer recruiter, or merely a raving devotee of the Practice Builder Publishing resources, I'll work with you personally so you can reach the goals you set.
Best to you and yours,
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I would love to see you become a part of the Practice Builder Publishing, and work with you personally to reach maximum profit potential this year! Nothing I teach or help you with damage your credibility. It will simply get you more clients and help you make more money.
If you stop searching for the next magic trick, the perfect software, the "shiny object" that's going to do all the work for you (note: it doesn't exist)- and just focus on building & serving your market - you'll actually start seeing GREAT results. FAST.
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