ICAEW Practice 2016 Niches: why differentiation is vital for survival
-
Upload
aynsley-damery -
Category
Business
-
view
26 -
download
0
Transcript of ICAEW Practice 2016 Niches: why differentiation is vital for survival
![Page 1: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/1.jpg)
Friday 18 November 2016 11:45am
Niches: why differentiation is vital for survival
ICAEW Practice 2016
![Page 2: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/2.jpg)
We think differently, are inno
va tive and
to challenge the status quo.
![Page 3: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/3.jpg)
we are social
@aynsleydamery @tayabalitomlin
Tayabali Tomlin & Tayabali Entrepreneurs Group
Tayabali Tomlin & TT Entrepreneurs Club
Download the Tayabali Tomlin App
#icaewPractice
![Page 4: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/4.jpg)
![Page 5: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/5.jpg)
![Page 6: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/6.jpg)
Purpose
“…. we want to enable the UK small business community to thrive through innovative accounting solutions, inspirational advice and powerful connections”
![Page 7: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/7.jpg)
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
![Page 8: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/8.jpg)
Profit distribution in accounting profession
![Page 9: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/9.jpg)
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!
![Page 10: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/10.jpg)
![Page 11: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/11.jpg)
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…….
![Page 12: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/12.jpg)
Just think what the next10 years is going to belike……….?
![Page 13: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/13.jpg)
![Page 14: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/14.jpg)
Uber Ford
6 years old Valued at $70bn
103 years old Valued at $60bn
![Page 15: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/15.jpg)
Airbnb Marriott
8 years old Valued at $25bn
58 years old Valued at $21bn
![Page 16: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/16.jpg)
“too many opportunitiesare lost simply because youcan’t see them”
![Page 17: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/17.jpg)
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
![Page 18: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/18.jpg)
There hasNEVER
been a timelike this!
![Page 19: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/19.jpg)
4 significant
(global) shifts
Willyam Bradberry / Shutterstock.com
![Page 20: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/20.jpg)
01BABY BOOMERS TURNING 70
Joseph Sohm / Shutterstock.com
![Page 21: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/21.jpg)
![Page 22: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/22.jpg)
MILLENNIAL ADVANCE
02
![Page 23: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/23.jpg)
![Page 25: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/25.jpg)
What the heck has happened?
We are at an inflection pointwhere we need a fundamental shift inbusiness strategynothing less is sufficient
Andy Gove - Intel
![Page 26: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/26.jpg)
The knee of the curve
![Page 27: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/27.jpg)
Automation v efficiency
![Page 28: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/28.jpg)
3 Billion new Internet Users
![Page 29: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/29.jpg)
Technology Advancement
![Page 30: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/30.jpg)
04GOVERNMENT
AUSTERITY
![Page 31: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/31.jpg)
Government Austerity
Rising health care costs - from Baby Boomers Fewer jobs and lower income taxesGlobalisation - tax bases overseas
10/15 years to sort
![Page 32: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/32.jpg)
…..what doesthis all mean forus……?
![Page 33: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/33.jpg)
…..this is what#icaewPractice is allabout……
![Page 34: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/34.jpg)
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
![Page 35: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/35.jpg)
CULTUREENTIRE ECOSYSTEM
THAT ENABLES A COMPANY TO DELIVER
EXCELLENCE, VALUE & MAKE A DIFFERENCE
AYNSLEY DAMERYAndrey Armyagov / Shutterstock.com
![Page 36: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/36.jpg)
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….
![Page 37: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/37.jpg)
Jim Goetz - Sequoia Capital
![Page 38: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/38.jpg)
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
![Page 39: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/39.jpg)
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
![Page 40: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/40.jpg)
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
![Page 41: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/41.jpg)
believe
#icaewPractice
![Page 42: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/42.jpg)
…..let’s together create an amazing business in amazing times!
![Page 43: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/43.jpg)
![Page 44: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/44.jpg)
we are social
@aynsleydamery @tayabalitomlin
Tayabali Tomlin & Tayabali Entrepreneurs Group
Tayabali Tomlin & TT Entrepreneurs Club
Download the Tayabali Tomlin App
#icaewPractice
![Page 45: ICAEW Practice 2016 Niches: why differentiation is vital for survival](https://reader031.fdocuments.us/reader031/viewer/2022030223/58825fe01a28abd40e8b6901/html5/thumbnails/45.jpg)
Friday 18 November 2016 11:45am
Niches: why differentiation is vital for survival
ICAEW Practice 2016