“The subset of the market on which a specific product is focused. The market niche defines the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact. It is also a small market segment.”
So how does that enable my business to excel? I know of accounting firms who have specialised and developed a niche in aged care facilities, hotels, caravan parks, pharmacies and medical practices. One such niche is the golf industry.
For many years the Professional Golfers Association of Australia (PGA) have taken calls from members asking “Can you refer me to an accountant who can help me run my business not just do a tax return?” Many members further advised that we do not see our accountant. They just email out a report and what needs to be signed. For some members that
The PGA in 2014 launched an Approved Accountants program to address this issue. Fourteen practitioners from 11 firms spent two days at Royal Melbourne Golf Club in February. Two years later another workshop was run at the picturesque New South Wales Golf Club with 15 practitioners from 10 firms.
The first day included golf on the championship links followed by dinner and in 2014, an entertaining dinner speech by Ian Stanley, winner of the Senior British Open. In 2016 delegates heard an equally entertaining speech by past Sydney Kings player and coach Ian Robilliard. Ian, after leaving basketball as a player, held the role of Chief Operations Officer at the PGA of Australia.
Day two focused on providing delegates with a strong understanding of the golf industry from a variety of speakers including:
The on-course contracted Golf Professional who focused on the KPI’s he used to manage success in his business including Gross Profit, Inventory Turnover and Net Profit rates on key inventory lines. Also on what he demands from his advisors to create and maintain a successful business.
The PGA Training Manager who explained how PGA members are trained in business skills from trainee through to head professional.
PGA Career Development Manager on career paths for members
fromtour professionals to on course professionals to members owning golf warehouses to some who follow a pathway into club management.
The final session focused on analysing a golf professional business using key analysis software and systems to frame a service offering that offers value to members.
Some firms since the workshops have returned to their practices and created success. The outcomes have been varied from acquiring one to multiple new clients, sponsoring a deserving PGA trainee and planning to run a dedicated seminar for PGA members on managing a pro shop for profit.
Additionally, existing panel members will need to attend the days again as a refresher, at a reduced rate, to retain their firms listing on the Panel.
So where is your firm now? Have you taken the first step forward to preparing your business advisory implementation plan and identifying your niche markets? Are you looking for guidance, systems and processes, templates and ideas from experts and experienced practitioners?
Start your review by attending our Business Advisory Conference on February 15 and 16, 2018 at the Sofitel Hotel Broadbeach. Click here for more information and to register.
Don’t wait for other firms to pass you by. The time for action is now!!