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ICAEW Practice 2016 Niches: why differentiation is vital for survival

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.

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ICAEW Practice 2016 Niches: why differentiation is vital for survival

  1. 1. Friday 18 November 2016 11:45am Niches: why differentiation is vital for survival ICAEW Practice 2016
  2. 2. We thinkdifferently, are inno va tive and to challenge the status quo.
  3. 3. we are social @aynsleydamery @tayabalitomlin TayabaliTomlin &Tayabali Entrepreneurs Group TayabaliTomlin &TT Entrepreneurs Club Download theTayabaliTomlin App #icaewPractice
  4. 4. Purpose “…. we want to enable the UK small business community to thrive through innovative accounting solutions, inspirational advice and powerful connections”
  5. 5. 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
  6. 6. Profit distribution in accounting profession
  7. 7. 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!
  8. 8. 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…….
  9. 9. Just think what the next 10 years is going to be like……….?
  10. 10. Uber Ford 6 years old Valued at $70bn 103 years old Valued at $60bn
  11. 11. Airbnb Marriott 8 years old Valued at $25bn 58 years old Valued at $21bn
  12. 12. “too many opportunities are lost simply because you can’t see them”
  13. 13. 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
  14. 14. There has NEVER been a time like this!
  15. 15. 4 significant (global) shiftsWillyam Bradberry / Shutterstock.com
  16. 16. 01 BABY BOOMERS TURNING 70 Joseph Sohm / Shutterstock.com
  17. 17. MILLENNIAL ADVANCE 02
  18. 18. 03 TECHNOLOGY ADVANCEMENT winui / Shutterstock.com
  19. 19. 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
  20. 20. The knee of the curve
  21. 21. Automation v efficiency
  22. 22. 3 Billion new Internet Users
  23. 23. Technology Advancement
  24. 24. 04GOVERNMENT AUSTERITY
  25. 25. Government Austerity Rising health care costs - from Baby Boomers Fewer jobs and lower income taxes Globalisation - tax bases overseas 10/15 years to sort
  26. 26. …..what does this all mean for us……?
  27. 27. …..this is what #icaewPractice is all about……
  28. 28. 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
  29. 29. CULTURE ENTIRE ECOSYSTEM THAT ENABLES A COMPANYTO DELIVER EXCELLENCE, VALUE & MAKE A DIFFERENCE AYNSLEY DAMERY Andrey Armyagov / Shutterstock.com
  30. 30. 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….
  31. 31. Jim Goetz - Sequoia Capital
  32. 32. 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
  33. 33. 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
  34. 34. 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
  35. 35. believe #icaewPractice
  36. 36. …..let’s together create an amazing business in amazing times!
  37. 37. we are social @aynsleydamery @tayabalitomlin TayabaliTomlin &Tayabali Entrepreneurs Group TayabaliTomlin &TT Entrepreneurs Club Download theTayabaliTomlin App #icaewPractice
  38. 38. Friday 18 November 2016 11:45am Niches: why differentiation is vital for survival ICAEW Practice 2016

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