Slides from the Friday morning session by Aynsley Damery on Niches and why differentiation is vital for survival. Aynsley is the CEO of Tayabali Tomlin, a multi-award winning firm of accountants that believes in thinking differently, challenging the status quo and transforming the lives of its clients, team and those less fortunate around the world. The firm is recognised by a number of organisations for the strides it has made in becoming a 'Firm of the Future' and for using brand, marketing, PR and social media to great effect. All of which have helped the form stand out from the crowd.
3. we are social
@aynsleydamery @tayabalitomlin
TayabaliTomlin &Tayabali Entrepreneurs Group
TayabaliTomlin &TT Entrepreneurs Club
Download theTayabaliTomlin App
#icaewPractice
4.
5.
6. Purpose
“…. we want to enable the UK small
business community to thrive through
innovative accounting solutions,
inspirational advice and powerful
connections”
7. Small business is BIG business
5.5m small businesses in the UK - (up by over 2m since 2000)
CombinedTurnover 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
9. Why is that? - well everything has changed!
Increased competition and downward pressure on pricing
Proliferation of small firms
Barriers to entry generally low and exit relatively high
Technology is cheap making scalability easier
Offshore accounts production facilities are easier to access
Global market - open 24/7
Internet and social media
Operational excellence and adopting best practice,
now only get you in the game!
10.
11. Think back 10 years ago……….
Tony Blair was PM
WindowsVista was released
Saddam Hussein was alive
The first tweet was sent
FaceBook wasn’t open to the public
England lost in the 1/4 finals of the World Cup to Portugal
We still used floppy disks
YouTube was launched
Bluray was introduced
We had no iPhones…….
17. Change in technology
1998: Annual revenue of $3.9bn Founded
1999: Debuts subscription service
2000: Declines offer for Netflix at £50m
2007: 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
25. What the heck has happened?
We are at an inflection point
where we need a fundamental shift in
business strategy
nothing less is sufficient
Andy Gove - Intel
31. Government Austerity
Rising health care costs - from Baby Boomers
Fewer jobs and lower income taxes
Globalisation - tax bases overseas
10/15 years to sort
34. The benefits of a niche practice
Less price sensitivity
Stickier clients
Less competition
Marketing and pitching becomes easier
You become a KPI
Easier for prospects and referral sources to remember you
Recruitment becomes easier
Ultimately leading to an increase in profits
36. What the niche for me?
Niche by service area, sector or industry
What 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 client
Be authentic
There is no one way!
But remember: sustainable market, with a need, a large pool of
prospects, who want to pay….
38. 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
39. 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
40. Our job is not simply to
obsess about the
features and benefits of
what we’re making: it is
to wonder and care
about the difference we
can make to people and
to our world.Bernadette Jiwa
44. we are social
@aynsleydamery @tayabalitomlin
TayabaliTomlin &Tayabali Entrepreneurs Group
TayabaliTomlin &TT Entrepreneurs Club
Download theTayabaliTomlin App
#icaewPractice
45. Friday 18 November 2016 11:45am
Niches: why differentiation
is vital for survival
ICAEW Practice 2016