Accounting advice is like a pair of shoes – Why professionals need to think strategically

Most professionals seem to forget that their business is essentially like a shoe shop. Every business is selling a product to a consumer, whatever industry they are in – in the case of professionals like lawyers, doctors, accountants etc. it is their educated advice and work – but really, that’s not so different to a retail item, and professionals should never forget that the same business rules apply.

Why choose you? Strategic difference is key.

It wouldn’t make smart business sense to open a food shop in a strip with hundreds of other already established outlets without selling a different cuisine, or having a secret recipe, or a marketable green chic layout – in short, without having first identified a niche market they could fill. Why should professionals think they are any different?

In this increasingly globalised world it’s not enough just to set up shop and rely on being the only Widget advisor in town. Clients can now source Widget advisors in Japan, or see a Widget advisor on the other side of Australia is treating their clients better than you.

Nor can you simply tell your clients you are ‘The Best’ either. The response nowadays will probably be “Oh yeah? Why?” followed by a “Uh-huh. Prove it” or “Ten other guys told me that today too.” And remember: no one ever wins in a price war.

Tips and Tricks:

• Think about what strategically sets you apart from other operators in your profession besides cost and your confidence in your services.

"It's not brown darling, its cognac" - Turning Business Naming Tactical

From Flickr by TheCulinaryGeek

The Argyle diamond mine had a problem. One of the leading producers of rare coloured diamonds worldwide, their famous fancy pinks sought after by connoisseurs internationally, they nevertheless were faced with a dilemma: eighty per cent of the diamonds their mine produced were brown. In an industry were rocks are prized for clarity, these were regarded as practically worthless by jewellers and consumers.

That was until they rechristened these brown castoffs with clever new monikers. Common sounding ‘brown’ diamonds were transformed into ‘Cognac’ and ‘Champagne’ stones. Glamorised with these new elegant sounding titles, and accompanied by alluring marketing campaigns, the brown diamond was elevated from trash to treasure. Formerly sold in bulk to medical tool manufacturers for inclusion in dentist instruments and the like, Argyle began to sell brown diamonds as ‘pieces’ for drastically higher amounts.

More than anything this story drives home the importance of naming in business. From company names, to product names, names can shape how we relate to a product and the values we attach to it.

It’s not just a case of finding something that sounds good. Consideration of strategy needs underpin every activity you undertake within your business, from the naming of the business itself, to the labels you assign to products and services.

That said, I will admit to not being much of a wordsmith myself. The name of my company Stratacore was actually composed by my daughter, who, aged eleven, expressed distaste for my admittedly not very creative composition ‘Debco’. She was right, it did need changing. As I grew and refocused my business, ‘Debco’, with its casual simplicity, became unsuitable.

Her creation ‘Stratacore’ alludes, she informed me, to ‘strategy’ and ‘core issues’. It’s formal she said, it could be on the side of a building in the Sydney CBD and hold its own – and that was very necessary for the professionals market Stratacore now targets.

A 'slave to freedom' wearing a Cookie Composites helmet.

So in my case, a serious name worked, however just as often a homely tact can capture customer attention. A great example is Cookie Composites, a company that manufacturers skydiving helmets that can have specialised cameras attached. Not only does their business stand out in a sea of sky themed company names, it also captures a slice of the company owners’ likeability. Who doesn’t like cookies? Something along the lines of “Specialist Skydiving Helmets Pty Ltd” doesn’t quite have the same ring.


How the company got the name is equally interesting. One of the founders, James Cooke, was nicknamed ‘Cookie’ in the industry. No matter what he called his helmets they were always ‘Cookie helmets’ to his buyers. Sometimes it’s best to go with the flow, rather than fight it.

Tips and Tricks:

• Consider your business’s overall strategy and ask yourself what image you want to project. Who is your target market and how do you want them to perceive you? What do they find engaging in a business name?

• Can you use an unexpected name to distinguish your company and product in the minds of consumers? It’s difficult finding the right balance between informative/catchy/solid/etc but well worth the effort. 

• How do the customers you already have talk about your company? They might have done the hard work for you.