Feras Alhlou explains why accountants and other professionals make more money by specializing. Instead of competing with thousands of generalists, focus on a specific industry like manufacturing or service businesses. Vertical expertise beats horizontal reach.
failure to differentiate from competitors, and lack of niche focus. Let me give you an example from the accounting profession and walk you through a process that you can also apply to your own area of expertise, be it IT, HR, finance, or process automation. There are over 1.4 million accountants and CPAs in the US, according to the California Board of Accountancy. There are over 115,000 licenses issued. How do you stand out? They say riches in the niches. I work with an accountant who's very strong at working with service-based businesses and also with startups and doesn't want to touch manufacturing and all the hassle to do with tracking and inventory. Now, I know another accountant who's totally the opposite. Now, they both shine in their respective area of specialization. So you can think of differentiation in 2 ways, vertically or horizontally.
