Specialization means you need to say NO to new opportunities. Right?
Wrong. Read before watching the video.👇
It’s true that specialization will give your firm the best shot at attracting ideal clients who pay more, agree to your payment terms, value your work and send you more referrals. 💰 💬
But it’s not true that once you decide to specialize, you need to start saying NO to other opportunities overnight.
Specialization is more about the journey than the destination.
The journey to becoming specialized must be managed so that:
👉 Your firm is positioned as the only choice for a specific segment of the market
👉 Your firm has enough cash flow during the transition period from generalist to specialist
For example:
My firm Springboarders was largely positioned as a strategic planning specialist for Academic researchers and scientists. Our target audience included business development offices at large universities. Very specific. 🎓🏛️
However, when we received strategic planning opportunities from other markets, we would evaluate them on merit and take them up if we were able to execute them. ⚡
Our decision to specialize in the Academia segment allowed us to build brand awareness in a growing market, acquire specialist skills and build a competitive advantage.
However, while we were building that speciality…
We kept an open mind and took on opportunities that fit our team’s skill set, which gave us the necessary cash flow to keep our engine running.
So, specialization doesn’t mean you say NO a lot and reduce your opportunities. It means you say YES when it suits both the short and long-term needs of your firm.
Watch the video for more on this 👇
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