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Why niches make sense
Episode 2528th March 2022 • Strategy and the Virtual Controller • Penny Breslin & Damien Greathead
00:00:00 00:36:50

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It’s been said many time before - the riches are in the niches. However making the most of an industry vertical requires more than marketing. It’s actually the systems, process and the tools you use that will bring the riches. With the April 15 deadline looming, you may not have the space to be thinking strategically about your niches, but you might be able to start building that list of clients you like working with and the services you enjoy providing. Just doing this exercise will likely identify potential industry verticals to focus on once tax season is behind you.

As always get in touch if you’d like to talk through any of the topics we discuss on Strategy and the Virtual Controller.

Penny Breslin - LinkedIn | @PennyB57

Damien Greathead - LinkedIn | @Damien_GH

Transcripts

AUTOMATED TRANSCRIPTION

00:02.21

penny

Oh.

00:06.23

satvcpodcast

Ladies and gentlemen. We're back with another episode of strategy in the virtual controller. My name is Damian Grater delighted to be here with you. My co-host Penny Breslin how are you today.

00:17.82

penny

I'm doing fine Damien I'm so glad March Fifteenth is over.

00:20.44

satvcpodcast

March Fifteen is behind us another deadline um fast approaching on on the the money penny side of things penny does the is April Fifteen a big deadline for your firm.

00:32.29

penny

Yeah, it is but it's it's big for our tax team. But but January through March Fifteenth is like you know can I say a gu for her.

00:38.66

satvcpodcast

Yep, yeah yeah.

00:44.48

satvcpodcast

Ah, right yet? Yeah yeah, so it's so so it's basically that that January first because of payroll because of ten ninety nine s all the way through to March fifteen that that's a real busy season for you? um.

00:51.79

penny

It yeah out. Yeah yeah, yeah, yeah in and everybody is shotstaffed. Everybody is shot timed and everybody is shot tempered and she rolls downhill and it always rolls to the out. So what's up. Ah yeah.

01:04.51

satvcpodcast

Short tab it. Yeah.

01:10.95

satvcpodcast

Well folks, um, you might not necessarily be thinking about outsourcing between now and and April fifteen but but as you are doing your after action reviews and and taxis and reviews and I know penny we were just chatting about a couple of post marchch 15 reviews. You've been doing with a couple of firms.

01:11.15

penny

And.

01:29.77

satvcpodcast

Um, maybe we've got to think about the capacity side of things. So so check out http://moneypennylllc.com for for more information on on how pennies firm can help alleviate some of the stressors in your firm from a capacity standpoint but that's not what we're here to talk about today. Um on this. Ah.

01:44.68

penny

Oh what.

01:47.91

satvcpodcast

On this episode of strategy and the virtual controller we're going to talk about the the the old well not old saying but the saying the riches are in the niches and um I'm sitting here in Sydney Australia and we say niches down here but it doesn't quite roll off the tongue.

02:00.33

penny

He too eating was a philosopher. Yeah.

02:05.40

satvcpodcast

The the riches are in the niche. The riches are in the niches so it doesn't quite have the same um ah same roll off the tongue as easily. But um, the riches certainly are in the niches. But before we get to the riches we've got to get some. We've got to get some fundamentals right? and I think that's where. Some firms go slightly awry that they they think that specializing in one area is as simple as saying that you're an ah a dentist an accountant for a dentist or bookkeeping for dentist. But there's actually a lot more that goes into it and um and what we might just start off with penny is. Why are the riches in the niches. Um and what are some of the things that you're seeing that are holding firms back from actually growing. Um my sort of thought is I can't specialize I can't develop my systems I can't develop my tools but it's also I can't dell it well. May not feel comfortable delegating if I if I have a client base. That's that's a broad spectrum of Businesses. What are your thoughts.

03:08.95

penny

Well in those reviews that we did I had 3 reviews in one day I blogged about it but 2 of them were similar in size but different in their approach and the business that did a niche.

03:28.19

satvcpodcast

Um I think.

03:28.89

penny

Ah, niche. However, you want to say it I have an accent too. You know, um, they they rolling man they like I go okay, how many hours are you do in a day with us I said well 16 hours a day they said can you take do you have capacity to take more. I mean and this is this is a 1 partner. Well I think I think he's now one of is um, his his other people became a partner firm with 1 office and clients customers all over the United States but they are a niche. They have 1 group and he's become the guru he goes to their trade association meetings. He goes to that groups. He writes articles for them and um, we have 2 account managers that we deal with. That are in the Philippines and then he has 2 account managers in the us and so he he almost has a 24 hour support system there and what's virtual. Oh um.

04:37.20

satvcpodcast

Um, well, what's the vertical penny. What's the vertical go got it.

04:44.87

penny

Dental offices and smart guy. Love working with this guy Too. He's just a real sweetart and you know and it's the conversation. His operations manager was there so gratefully hired and you know what he did. He hired somebody who already ran a dentist office.

05:05.91

satvcpodcast

Wow I love that operations manager though like 1 of the things that we've been talking about is not is not secretary is not receptionist but operations manager and I know on one of the episodes we talked about operation managers in your firm. But I love this idea that the the.

05:08.93

penny

Oh yeah, so.

05:24.89

satvcpodcast

Previously I'm sure though those operations responsibilities were on his shoulders. But now he's freed himself up by by bringing in an operations manager for his accounting practice. All right.

05:31.31

penny

No, it wasn't because previously when he worked yes and it and it it dropped off is because the operations manager was an accountant who then had to turn and put on the accounting hat half the day and so.

05:40.75

satvcpodcast

Ah, right, not an operations person. Yep.

05:49.64

penny

Consequently it was not well formulated when she came in what a difference because you know what he hired the right person for the job that needed to be done.

05:54.31

satvcpodcast

Um e.

06:03.18

penny

And it's made a huge difference and his growth has been phenomenal and it's not just her. He's made some good changes and stuff but the conversation was so how much more capacity can you can you give us and and you know my team talks to his filipino team and the filipino talk. Talks to the us team. It all works out and my team loves it because they're having their Zoom meetings at one o'clock in the afternoon for them instead of you know, early in the morning and having to get their kids off to school and then come into our office ah a staying late at night

06:28.79

satvcpodcast

Ah.

06:38.50

penny

So it's kind of a very like fun job and the onboarding is simple because his processes are there and they're done and defined by the type of dental offices. He has this all detailed out and he.

06:42.38

satvcpodcast

And.

06:57.98

penny

He said to me goes and if you're listening to this? Um, hopefully you're not upset with me for using your great company as ah as a proof that a niche niche works but he said he goes. Wish I could just do the advisory stuff and I said well you can't do the advisory stuff without baking the cake so you need to have this bookkeeping and and he values that though he understands the value of having that number in there correctly and that's huge then. After that call the the third call of the day. The first one was great because we had saved them a ton of time and that's a it's a totally different type of firm business and firm. But the second one is similar in size single partner 1 person. But. Um, has a couple of us based count managers and then one bookkeeper with us and for her it was horror it she was it was just she's exhausted. She was fried she she's got people. Clients in 3 different states. She feels like and they're all in different types of industries and she has a detailed service level agreement that she uses but they're always calling her for something that they have to talk to her about and she's the one that has to respond nobody else on the bit in the company can do it. Doesn't feel like they can do it the the clients don't feel like she they can do it so they wait for her call and so she's always running loose and then it's like well you didn't really give me what I wanted. Yeah but I gave you your bookkeeping It's clean. It's ready to go to your tax account and everything's done. And but she's right and I just said I've I've actually seen that her clients and I said you know you letting the client stickctate to you how you're gonna do business with them and I said you know maybe you need to. Give up some of those clients and I mean if then if they're gonna argue about every bill and nickel and dime you like that are they really worth having and maybe you just need to think about what you really like to do and just do that and. Take the leap and give up all that other stuff and just focus on what you like to do and you'll get more of it and she said and I said I know that sounds really a thrill and you know all like yoga style and all that and it's not me she goes penny if you say something like that to me. It's got to really work because.

09:37.99

satvcpodcast

But I think I think you know you you sort of said something there where the client's dictating the process and everything but just to confirm. She's got she's got 2 people in the us like in her in yeah but but it sounds like as well. Um, she's also.

09:41.18

penny

But on that.

09:49.59

penny

Okay.

09:58.10

satvcpodcast

Keeping control of everything and she's she's not actually delegating the work. She's um, my guess is maybe not bringing the team along the journey maybe just sort of giving them tasks but not., But the team doesn't really understand what's going on the team doesn't really understand the why I remember 1 of the the last episode we spoke about really important to bring the team along for this this why conversation and so I think that's part of it as well. Not just the clients dictating but I see that a lot that the the partner. The.

10:18.74

penny

Um, absolutely.

10:30.24

satvcpodcast

The the person that bought the client in the person whose name's on the door just that unwillingness to bring the the team along and give full transparency. They sort of give they give the team members sort of little morsels and little tasks for them to do so at the end of the day. The team's like well I've done my tasks and push it back to. Push it back to to the the boss so to Speak. So I think that's part of part of it as well.

10:50.22

penny

Yes, you get you got you get? yeah right? So you get the good quality people leave because they want to have that ability to have ownership and and the what you get and not and not in this in this case I know. Person that we're dealing with is not like that. But um, it is it is difficult when um, you're not getting a fast response because the person who has the answer is traveling all the time and going from place to place and always dealing with stuff and there's no. No focus and there's so many different um I mean a variety of of what the clients is allowed to do on their side that then you don't have any foresight into control over.

11:36.88

satvcpodcast

Um.

11:46.43

penny

You just have to deal with the way everything comes in and even being in the traffic. It's like being a traffic cop on a street there like where I grew up in bostonsm where everything comes in at angles and and there's no, you know there's no right? no left. It's It's just a like a you know it's. Like a huge rotary with like six lanes going around it. Um, yeah, think she's she's fantastic and she's really good at what she does. But I think that in the things that she likes to do a fantastic.

12:07.65

satvcpodcast

But it but it sounds like there's some some good work has been done on a detailed service level agreement and all that type of stuff.

12:24.19

penny

She's extremely good at ahead and I'm just like going. Why don't you just paint a picture right now in your head imagine that perfect client. You've got them. She goes. Yeah I do said you've you've got these 3 that are killing you. Why are you wasting time on.

12:39.79

satvcpodcast

And at the end of the day there is enough workout there to go to be able to go and find more of that that client that we like doing work or that that industry that we like doing work for that industry that we know that we're becoming the experts in that.

12:46.56

penny

What? yeah.

12:55.86

penny

I Think he's hard at this level. You do get to know the customer and they become your friend and it's like you've made a promise that you're gonna help them but at some point they have to help themselves too.

12:57.68

satvcpodcast

That that suits out.

13:02.10

satvcpodcast

Yeah.

13:15.24

penny

And you can't take on the ownership. It'll kill you and in lis 2 sharp life's too dam shot. Um, this is this is this is not as much as everybody would like to think it that we sit there and all we do is move numbers around.

13:20.85

satvcpodcast

Yep, yeah.

13:34.12

penny

It's not exactly a non-thinking norr a non-stressful job at times because of compliance. Obviously this time you everybody's feeling it. So if you do it, You're not doing it unless you're masochist. Um, you know you must live.

13:50.71

satvcpodcast

I Think it's ah it's an incredibly stressful job because I think that because you've got you've actually got the livelihood of your clients you you play a role in that and and I think it absolutely very stressful. Yeah.

13:53.67

penny

You.

14:01.25

penny

At every level at every level. Um, you know you do you? You know I watched what hot bookkeepers and our as Cas do and you know even they stress a little bit about you know. Where we gonna ah just put the transaction in there and ask the question nobody somebody told me this a long time ago and I say it a lot nobody died because the bank accounts weren't balanced and you know you can go in and fix it. That's the beauty of a lot of these apps Now. Um.

14:35.48

satvcpodcast

The.

14:38.25

penny

And the thing is sometimes a client doesn't give you the answer until they see that you did it wrong for them and then we got to go if that happens more than once That's not a good client because you know what I don't need to feel like this.

14:45.77

satvcpodcast

Yep.

14:55.72

penny

So go somewhere else. Go somewhere walls take your business somewhere else.

14:56.10

satvcpodcast

Yeah, agreed and and I think and and and and and and unfortunately the the this that the the client gets away with it for too long that it becomes the norm doesn't it and and it becomes.

15:10.80

penny

And yes, in fact, this lovely this this lady the the person that we work with I was looking at a message she put into slack because my team's like going. We've been given this task and we can she goes listen I've called them I've emailed them and I set up an appointment.

15:14.11

satvcpodcast

It becomes a.

15:29.28

penny

And they didn't bar this show up. They blew me off I Suggest we move along and hike but I went Yay and slack away way to go good Tell what you you know? there's only so much you can do um.

15:34.66

satvcpodcast

Um, yeah, yeah, finally yeah.

15:46.27

penny

You know if the client's going to be that way or the customer is gonna be that way move on. Yeah, they're not worth it. There are so many people out there that really won out.

15:52.76

satvcpodcast

And and I think I think well and I think as well when you are sort of spread thin across different industries you you probably lose sight of the real value that you can bring to the relationship and it it takes you a long time to have the confidence to say. Move along whereas I think if even if you've got 3 Let's just say dental practices or something you know you've you've developed some systems you've developed some protocols you've you've developed just some insights into that industry and so you actually just have much more confidence and probably it's a. My guess is if you picked up 3 or 4 of them probably a bit more enjoyable than the the other clients that ah that are spread across various Industries. So I think that's I think that's a really interesting point is the the niching actually gives you the confidence to. To say no to everyone else or to to slowly move things along and not suggesting that you get rid of every single client. That's not in that particular vertical but over a period of time. Yeah, yeah.

16:57.14

penny

You know, but eventually time may know time you will which is what this dental vertical did over time he is slowly has while he already has gotten rid of those that aren't and and the other thing too is this.. It's always better. To get business through a referral and then it is through ah the marketing marketing's necessary but it's it's better to get it through a referral and a along those lines we had that happen. Um, and this is another peck peve of mine.

17:18.23

satvcpodcast

Um, yeah.

17:28.27

satvcpodcast

Well I think.

17:37.70

penny

we haven't done our taxes for:

18:18.93

satvcpodcast

Um, um.

18:26.90

satvcpodcast

Website looks good.

18:33.90

penny

And I felt like oh damn that sucks so I'm on the phone with them and it's okay, invite me into a cubio I looked at it I went can I have some questions I'm gonna send the questions back to you I'll send you a pricing sheet. Um, said. Ah it's you know it's you know it's beginning a match I probably won't get started on this till mid next week. Are you good with that and he said yeah so I got him I said a practice I sent him a practice ignition contract I'm already in his qbo. Helped him reconnect his bank feeds put him in a slack channel and I said okay in the next forty eight hours we'll give you a review of how much time we think it's going to take he said I have already sold he said you've already given me more information than other from that took my books. For three months and never talked to me. We had done in a week and a half I just sent him the bill yesterday this morning he paid it through Quickbooks into it payments and he said do you have a referral program that you can give me because I'd love to refer refer you to some people.

19:44.54

satvcpodcast

Um, but yeah.

19:46.67

penny

Nice. But thank you anyways, you're not my usual customer I don't usually do this I you know typically we go through but I said but you need a cpa. He goes you like I do I need a good cpa and I go here's 4 in them if you don't like those four come back and I'll give you another.

19:56.66

satvcpodcast

A.

20:04.10

satvcpodcast

Um, I'll give you some more? Yeah, so we So you'll be what you'll be working for them somehow.

20:05.75

penny

To talk to I said and then I'll do the work for that Cba What and I'm commit to both yeah and but um, it it was like it kind of made me. Angry and sad. But then at the end when he said thank you, you know because I never I never touched it after that My team took care. He was on slack talking back and forth with them I could see the the communication going and I think I bopped in once just to clarify a word because it was a you know a miscommunication and then I mean that it was done. Work was done. It was done in a matter of like fine days with most of it waiting for him to respond so you can be the firm with the Future. You just use all the damn tools they give you ah um.

20:44.63

satvcpodcast

Um, wow.

20:56.51

satvcpodcast

But again it's it's about how do you pull these tools together to actually create this experience and and it's what you say on the website and then what you deliver if you're going to fall. You're going to um, lose a lot of customers probably quite quickly if what what you say on.

21:11.13

penny

Yeah, yeah I guarantee you this guy wants to refer me. What do you think he's going to say about the firm that.

21:16.93

satvcpodcast

Yeah, yeah, and and and I think if we if we sort of think about what does that mean from the from the from from our target audience who are accounts and bookkeepers in public practice. First and foremost we've got to deliver on our promises. But I think the other side of it is is we've also got to learn to say no because if we're not delivering on promises to our current customer base our current client base then they're likely going to go somewhere else. Um I must admit. I. Ah, sent a couple of emails out to 2 accountants looking for a tax accountant to help our personal situation and still haven't had a response and I was sort of like you know what? it's it's march ten so I'll give them a bit of breathing room. But um, still still where we are now later on in March still haven't heard anything. Um, so I I wonder. Um, heads down bums up, but ah all right.

22:13.65

penny

I'll get somebody call you then I got so because my daughter called me and yeah and they just bought their second home and so now they have 2 houses and he got a huge raise and you know and she's like she started her own business and she's going. Think we're going to have a little bit of a problem I said well have you talked to you dad and she goes I don't want to do that and I went okay just I don't want to be involved here's the name. There's 2 people you could talk to and the person I that she went with was somebody who said, send her an email back said. Um, at my daughter is wedding some little with taxis and she's at his wedding. Yeah close about that and then and you know what she took care of him. She took it. She got his mental taxis and and she took care of them. She took him on and and I know she does she uses all this process too. Here's the other thing I do with this guy just you know, not only was it practice ignition getting in this qbo.

22:50.44

satvcpodcast

Yep.

23:06.89

penny

And putting in a slack but we have we do these cleanups all the time So we have a standard process and a checklist that goes along with it. So I know how long it's typically going to take so I have this like templated project and so I created the template of project.

23:21.63

satvcpodcast

Yep.

23:23.68

penny

And populated I assigned it to the team I put the start date and the end date everything populated in and then I could create a link from that project and I sent him a copy of so he could hyperlin and he could see every step that we were going to do for him and when we expect it to complete it. And all of that took less than 3 hours for me to put together while I was having coffee and playing with my dogs and talking to him.

23:48.32

satvcpodcast

Will be because your business is very focused. Your niche is this or one of your niches is this um enabling I was gonna say you.

23:58.74

penny

Get them done and get em on in my life.

24:05.21

satvcpodcast

emplate there. You've done it:

24:53.51

penny

Um, yes, do.

25:00.83

satvcpodcast

Maybe not new terminology but but learn new business processes and that sounds exhausting.

25:04.36

penny

And you do need terminology. You need to speak in their terminology. You can't speak in your own because that's they that'll that they'll feel like you're good talking above their head. The other thing too is that comes from niches is that you get niches inside of niches. So if I niche.

25:24.84

penny

I'm going to do all the accounting work and all the back office bookkeeping now I've got I got a niche and I got an industry I can understand now I could take that to advisory that is different I could take it to not just advising me 1 taxes. We had. We have a and ah a client that worked throughout us. She started off as that she's not accountant. She's not a bookkeeper. She's Mba with finance degree and she took on a vertical and she started with 2 clients 2 customers. And she now is with us for 2 years She's up to 15 um, but she hired her first pad time person in the us she it took her six months for me to convince her to get an op a project management. But. When she got that in it really started to rock. We have everything is checklisted but we know exactly what day she's going to meet with her client because we have to have everything ready for her to review 48 hours before she goes 72 hours before she goes to the client. Because she wants to have time to make any corrections but she sits down with that with that customer in that vertical and she then the bookkeeping's all done the accounting's all done. She doesn't want to do tax Returns. We got her a tax company would be willing to do those tax returns for she sits down and talks to them about growing their business. So she's got a niche but on top of that she's got another niche now. She's got this story and this what she does is the bookkeeping the accounting that just goes along with that. Her real thing is the consulting she does for the group as a grower of their business has a catalyst. Somebody who helps them cat. You know, moved that make those strategic moves to to to grow their businesses whether ah like sometimes it's my this client I'm gonna have a meeting and she'll tell us we're gonna have a meeting with them. They're looking at buying a new building opening up a second location and and this is why we need these reports to look. And we have to review this and this is what we're gonna be talking about we know what she's gonna be talking about so we know what she's gonna need from us and she knows what she's gonna do with the client and she didn't even have run the accounting firm. We had a teach how to do that.

27:46.63

satvcpodcast

And and probably some ah but but probably some quite detailed notes following the meeting as well. That guide you in terms of okay, we've obviously got to do the day-to-day work. Get that done. But here are the talking points that come from that.

28:01.63

penny

She has a meeting she doesn't and she won't miss a man Even what I'm like like can we have a no I I don't care we have to move it to a different time. She meets with our team once a week she goes through everything she she she talks about every client and each client has their own.

28:04.10

satvcpodcast

Come from this meeting.

28:12.70

satvcpodcast

Oh wow.

28:21.10

penny

Moment of fame in those meetings but and then she never misses those meetings those are critical for her and the team to kind of get a cohesiveness of where we are. Everything's moving smoothing sometimes and they sometimes they take an hour sometimes they take an hour and then so. Then she meets with a client and she never misses a meeting those meetings. Ah way she makes her bread and butter. She makes she makes her her value added that's and also works from home has four kids that she runs around to school and all all that and a husband and.

28:44.72

satvcpodcast

Um, yeah, well and and then 9 times out of 10 probably identifies the next up. But but but also has those meetings which is where she identifies the next opportunity. So add value. But then here's here's the next project we're going to talk about and here's the next thing and and actually we don't need to talk about that now. Let's let's put that.

28:58.62

penny

You know.

29:01.90

penny

Out. What's full of.

29:11.48

satvcpodcast

Put some time in the calendar in three months or put that on the agenda for three months time because we've got to focus here. But I think what I let's come back to the the first example that we use using their penny and the guy said can I just do the advisory work and I'm like the answer is yes.

29:26.79

penny

Yes.

29:29.60

satvcpodcast

But you still need those numbers getting done so you still need to work out how that's going to get done so that you can you can have these timely valuable conversations. Just as this example of this lady is doing. Yeah yeah agree. No I know I get that.

29:36.55

penny

Oh he's aware of that. Oh wait that black neck comment came out of his frustration of ah of the bank feeds breaking all the time.

29:47.31

satvcpodcast

But I think a lot but I think a lot of a lot of people that sort of go down the firm. The future path they want to jump straight to advisory not recognizing that? Yeah yeah, not recognize so you may not you you your firm. You may not want to do that that.

29:55.95

penny

Oh you can't do that? Sorry yeah, sorry.

30:05.84

satvcpodcast

The the bookkeeping the the the day-to-day numbers. But you've got to work out how to get it done and have have complete confidence in it getting done in that timely manner so that so that you can then have the numbers have the space and then have the the time with the client to have those.

30:21.74

penny

You got to control. Ah we we're about to do a conversion ah for a firm that they they call me because they I had helped them years ago with a similar business.

30:25.30

satvcpodcast

Catalyst-like conversations.

30:40.36

penny

And he goes remember when we set this all up. You remember how we owes. Well well this is an offshoot of that business where he sold it. The employees took it and they've and they've had 3 bookkeepers and they've totally messed up.

30:51.78

satvcpodcast

Um.

30:54.29

penny

And every bookkeeper did it differently and there's tons of journal entries in there and there's offsets and nobody had rmil lees and he goes. We're just gonna stop fresh and now they want us back these new employees want us back and I and he said I basically told them I said I'm only gonna do this is if you give me full control.

31:11.20

satvcpodcast

Um.

31:13.80

penny

So we're gonna be and I said you want me to keep them in the same application. He goes? Yeah but I want all that historical data out of my way I want it set up properly I'm going to give you the tax return the opening balances and we're gonna start January forward and go and I went. Okay. So. That's what we're can do um and it's it's it's kind of like. In fact, as soon as we get off this call I got that's the call we have to to kind of dig deeper into with talking with the the actual original account who.

31:33.45

satvcpodcast

Nice.

31:51.39

penny

Came on board and then six months later, she's selling herb and she's moving away retiring and so and she goes and she said this is a mess and and then and and so she called up the the original accountant that was with.

32:00.90

satvcpodcast

Ah.

32:09.11

penny

The original owner is years ago and so hes bringing us back in but and you know I You can't You can't say if you don't know what the bookkeeping Firm's doing so that you can do the advisory you have to have also an input in that and you have to direct it because you need to know those numbers are real and most. Numbers are good and that you can depend on them to help that business make a decision. So.

32:30.97

satvcpodcast

Because you you certainly can't be waiting three months and books not be touched. Yeah yeah, yeah, actually that's a really good point and I think that's we don't have things are moving so quickly these days and that literally is three months

32:34.60

penny

And no nobody has time to take three months anymore consistent

32:49.68

satvcpodcast

Could be the the difference between survival and and going out of business for for a bunch of small businesses. Yeah right? Well penny. We've got to get you to that call. Um, how to how do we cloat I got I gotta to go to work I probably got a nappy to change before then.

32:52.85

penny

Absolutely yeah, right now especially is you got to go to look it.

33:09.36

satvcpodcast

Um, what? Um, what's what sort of last last last minuteut thought in in terms of for listeners around today's episode around that this this importance of of niching. What's what's your final thought for the day.

33:26.50

penny

Picky Battles Um, you know, ah hackamedes said give her give him a decent lovever and he could move anything. You could be aamedes if if you pick the right tools and you pick the right team.

33:26.27

satvcpodcast

Ah, yeah.

33:43.84

penny

And you take the time after this tax season to sit down review. Everything process it out and you know what you can do this and you just don't have to do with everybody to start just pick a couple pick a couple of people think of those ones you like. Picture that client that you like not just you but everybody else in your team likes them too.

34:09.59

satvcpodcast

And maybe yeah and you sp and if it is just you your spouse or your partner or or whatever as well that the people that support you in business I Love that I think you you don't have to you don't have to bring the hammer down on everything and and all of a sudden you'll have this whack-a-mole sort of issue. But.

34:18.59

penny

It's keep a bit up behind you and around you.

34:28.34

satvcpodcast

Take some time to think you know what I'm just going to focus on my customers my clients and and do that do that? do that analysis of them both from the financial analysis but also just the relationship analysis and and am I enjoying working with them.

34:38.94

penny

Yes, that's huge to help that. Yeah yeah, you got to have a good relationship and so do the people that interact with them when you you're not the one who's interacting with them every day your front office is interacting with them. You have back offices interacting. How did they treat each other you know and you'll find a common thread. You will find 3 maybe 4 common threads where you'll go. This is good and not only that I like this kind of business and I like the people in this kind of business now we're going somewhere.

34:59.69

satvcpodcast

Oral.

35:14.46

satvcpodcast

And and my my last thought would be and I'm probably opening another can of worms here. But if if your team isn't interacting with them and you're the bottleneck then that might be the problem that we need to solve is how do we get which is what we were just talking about. Yeah.

35:28.13

penny

And which is what I think that's so.

35:33.90

satvcpodcast

So penny. Um, let's put a pin there because again I think we can we be able open ah another line of a line of discussion. But um, ladies and gentlemen or yep.

35:40.42

penny

Oh yeah I am just cause asked me to promote this accounting what conference because it's in my backyard I will be up there at San Diego doing a presentation on this kind of stuff.

35:52.57

satvcpodcast

Yeah, and so that's the the accounting web conference in San Diego in may fantastic. Um I'll be at the accounting and business expo in Sydney.

35:57.15

penny

So yeah, may 9 through the Twelfth Countingweb Dot com

36:07.91

satvcpodcast

Um, at the end of April I think April Twenty Eight Twenty nine so if if any of our Australian listeners. Hopefully um, come along and say hello as well. But penny um satvc dot co is the website if you want to find our Linkedin details connect with us send us any questions. Also big, big. Big favor if if you have enjoyed listening to the series do leave a review on on Apple Podcasts it just helps lift our lift our lift our little podcast but otherwise penny we'll see you next time. Yeah, you too.

36:38.94

penny

Alright have a good one Damien

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