From Generalist to Specialist

Tips to Successfully Transition to the Expert Level

There are several steps to making the transition from generalist to specialist. For those who have gone through this process, the primary regret is often that they did not make the transition earlier. To help anyone sitting on the fence, I am sharing some brief tips from my own experience.

There are several benefits to being highly specialized. One of them is the reduction in the number of competitors. This tends to result in higher billing rates and less time needed for business development. Generalists tend to devote significant time to looking for prospective clients; on the other hand, specialists find that prospects are looking for them.

There are several steps to making the transition from generalist to specialist. For those who have never been through that process, it may seem scary. But, for those who have, the primary regret is often that they did not make the transition earlier. To help anyone sitting on the fence, I am sharing some brief tips from my own experience.

The first step is to choose carefully when selecting an area of specialization. Be sure you genuinely enjoy learning about the topic. Also consider whether clients will have the ability to pay. (I once met someone who chose to specialize in helping individuals who were behind on their income taxes. It was noble of him, but that may not have been the best choice in terms of having clients who were prepared to pay his fees.)

Share your decision and get the buy-in of those close to you, including family and coworkers.

Do not terminate existing clients that are outside of your new area of specialty.

Begin getting continuing professional education that relates to your niche. You are getting CPE already, just start getting more of it related to your niche. But if you are a solopreneur, you will always need training on technology since that is the alternative to staff.

Join an association related to your specialty. As time permits, become active. If you want to avoid increasing your dues expense, consider giving up another membership that no longer serves your needs. For example, after I began specializing in compensation consulting with a national focus, I gave up my membership in my state CPA society.

Join one or more LinkedIn groups related to your specialty. Begin reading and sharing in those groups periodically.

Expand your focus. For most generalists, the market is local. For specialists, the market is national. For example, only about 15 percent of my revenue comes from clients in my home state. Do not be concerned about how you will reach prospects in other states, they are already looking for the specialist you are becoming.

Set up a website with a URL specific to your specialty. Business owners tend to be skeptical of those who claim to be specialists. But when I refer contacts to my website at ReasonableComp.biz, they realize I must be serious about serving as an expert witness on reasonable compensation. Add to your website by getting consent to repost materials from the association you joined or from LinkedIn, but you will soon develop your own website content.

Leverage your work. Clients will begin to pay you to devote considerable time to researching issues within your niche and writing reports. Once an engagement has been completed, consider sanitizing some of your report content to create an article for publication. After an article has been published, share it on LinkedIn and repost it on your website noting that you wrote it and where it was published. This content will be a catalyst for developing your practice.

Look for occasional speaking opportunities at conferences, webinars, or trade groups. Just be sure your subject matter is directly related to your niche. Preparing for your first presentation will take time, but you will be able to update and use the same material again in the years ahead, and it will get better each time.

Develop relationships with others who work in your niche. Even competitors can be great referral sources. For example, due to a conflict of interest or lack of independence, a competitor may refer a project to you once they feel comfortable with your level of knowledge. And you may do likewise at times.

Along the way, raise your billing rate. Significantly. And enjoy the leadership role you will have assumed.

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Stephen Kirkland, CPA, CMC, CFF, is a compensation consultant and expert witness at Atlantic Executive Consulting, LLC. He serves as an expert witness in cases involving potentially unreasonable compensation.

Mr. Kirkland may be contacted at (803) 724-1414 or through ReasonableComp.biz, at Stephen.Kirkland@AECG.biz.