Should you diversify or specialise your advisory services? Here’s what you need to know

Two of the best ways to create new opportunities for yourself in business is to either diversify your services or specialise in an area.

How do you know which one to opt for?

Both will get you results, but which best suits your business? With the amount of time and effort you need to invest to expand your skillset, you need to be sure that the avenue you’ve chosen is best for you.

In this article we’ll look at the advantages of both diversifying and specialising for yourself and your advisory business.

What do we mean when we say ‘diversify’ and ‘specialise’?

In business terms, to diversify means to broaden your services; to bring new aspects to your existing offering to attract a wider client base. The idea is that the more types of service you can offer a customer, the more likely they are to become a returning client, using the other things you offer because they already know and trust you.

To specialise is pretty much the opposite of this, though it is equally as advantageous. Specialising means to concentrate all your energy into learning one subject so deeply that you are able to offer clients something they simply can’t get anywhere else.

By focusing on one aspect of your offering you can become an expert in that area and maybe even innovate some new way of utilising your knowledge to fill gaps in the market you will be able to recognise because of your extensive skill.

The big question: which is better?

The truth is neither is a better choice than the other. The only thing to consider is which one serves your business best.

Do you want to broaden your offering and potentially capture a wider range of clients, or do you want to focus more on one aspect and offer a more in-depth and competitive service?

What are the advantages of diversifying?

The top 3 reasons to diversify are to:

1. Protect your business from risk

If you experience a downturn in business due to seasonal fluctuations or economic hardships, having a more diverse offering means you are more likely to be able to weather these times easier, helping you to avoid financial risk to your business.

2. Expand your market reach

Incorporating related services into your offering allows you to reach new customer groups you would have previously been locked out of. Capture a larger market share by literally offering more services.

3. Offer more growth potential

It goes without saying that expanding your reach in the market and generating a more stable income stream will result in the growth of your business. Obviously, we can’t say it’s a guarantee, but diversification is an avenue that gives you a much better chance of growing your business significantly.

What are the advantages of specialising?

Top 3 reasons to specialise are to:

1. Give you a competitive advantage

Being more specialised in one area means you can offer a much more unique service. Your knowledge and skill will be in much more demand than a generalist offering the same thing.

2. Provide in-depth expertise

With in-depth knowledge in a particular niche, you can develop a very strong reputation for excellence in that niche. This helps you create a loyal customer base who will sing your praises with good word of mouth.

3. Improve efficiency

Focusing on specific aspects of your service naturally leads to becoming aware of better ways to carry out that service; this leads to optimisations that are likely to increase efficiency and reduce costs.

How does CTT help you diversify and specialise?

As a support mechanism for professional advisors, we have developed comprehensive courses to help you either diversify or specialise your services. Each offers you the knowledge and tools you’ll need for business growth.

Add estate planning to your existing advisory services

If you are a mortgage broker, financial advisor, accountant, or solicitor, diversifying your services with estate planning and will writing is a natural way to broaden your client base and help increase your revenue. Our Foundation Course teaches you everything you need to know to offer estate planning to your clients. Find out more about diversifying with CTT here.

Specialise with CTT’s advanced estate planning training

If you wish to specialise in certain aspects of your offering, CTT has many courses providing in-depth knowledge, allowing estate planners and will writers to gain advanced proficiency in subjects such as LPA’s, Trusts, and Probate.

Conclusion:

Whether you decide to diversify or specialise, you will access significant business growth with CTT and our training courses. Expanding your business is the path to stronger revenue streams and a more varied client base, growing customer relationships for long term gain.

Get in contact with us today to discuss your needs and how we can help you bring a more diverse or specialised approach to estate planning.