Becoming known for one thing can be a powerful proposition for practices in increasingly competitive and expansive markets. Expertise in a specific sector or service offers a clear identity, opportunities for referrals and the prospect of more efficient delivery. But what happens when that market slows, or clients want help beyond their chosen niche?
For South Asia’s SMPs, the choice between specialising and generalising involves more than marketing. It shapes recruitment, investment and the relationships firms can sustain over coming years. But perhaps the strongest model is more of a hybrid path, one combining a broad foundation with recognisable areas of expertise.
‘Clients still prefer a firm that can handle everything for them’
The debate has a longstanding advisory dimension. The International Federation of Accountants’ 2018 Global SMP Survey, covering 6,258 respondents across 150 countries, found that 86% provided business advisory and consulting services. That historical benchmark illustrates how widely smaller firms had already expanded beyond traditional compliance; it does not establish that narrow specialisation is the best route today.
Client priorities
For Drishti Khandelwal FCCA, former manager at India-based SandMartin and currently pursuing an MBA at Cranfield School of Management in the UK, breadth remains important. The organisation works across sectors and services, with its generalist profile shaped largely by its business-to-business structure and client assignments.
‘In general, I believe clients still prefer a firm that can handle everything for them, rather than going to multiple specialists for different needs,’ she says.
Working across industries also develops practitioners’ understanding of what businesses need from their accountants. Khandelwal sees technical accounting expertise as the primary factor in winning and retaining clients, although familiarity with clients’ particular problems supports that relationship.
The picture is more mixed for Zahirul Islam FCCA, CEO of Bangladesh-based Axora Global. Larger organisations seek advisers who understand their specific compliance and reporting burdens, he says, while many SMEs favour convenience and affordability through one provider.
That distinction matters: a practice’s positioning needs to reflect the clients it can realistically attract, rather than an assumption that everyone wants a specialist.
Services or industry?
Specialisation can also mean concentrating on services rather than an industry. Axora began with a broad business process outsourcing offering encompassing accounting, finance, procurement, HR and tax/VAT support for corporates and NGOs. As a start-up, it has narrowed its focus to HR, accounting and tax/VAT.
The decision followed an assessment of market needs and where the business could add value quickly. Islam identifies referrals and repeatable delivery as important benefits.
‘The advantage of specialising is that it builds strong client goodwill’
‘The advantage of specialising is that it builds strong client goodwill and recommendations for similar work, plus the efficiencies gained from doing similar work, such as minimising costs, improving quality and letting us offer better pricing to clients,’ he says.
This is an important qualification to the idea that specialists automatically command higher fees. Greater efficiency may support competitive client pricing as well as the practice’s economics.
Moosa Nabeel FCCA, managing partner at Audit & Assurance Partners in the Maldives, is equally cautious about claiming a premium. His relatively young firm prioritises relationships, consistent service and partner judgment; he does not claim its positioning has already produced a measurable pricing uplift.
Commercial understanding
Nabeel has deliberately retained a broad core covering audit, tax and advisory. Growing businesses in the Maldives may need support with reporting, controls and financing at different stages, making continuity valuable.
‘For us, being a generalist does not mean offering every possible service; it means meeting a range of client needs with clear standards of quality,’ he explains.
Breadth can help advisers identify connections between an accounting issue and weaknesses in costing or collections. Sector understanding then makes the advice useful: construction, for example, requires familiarity with work in progress and collection cycles, while hospitality demands attention to seasonality and operating models.
‘Growth has to be supported by the ability to deliver’
The implication is that specialisation and generalisation need not be opposing strategies. A firm can remain a client’s ongoing adviser while developing deeper knowledge in selected areas.
Know the limits
Both approaches carry risks. A narrow practice can become dependent on a few clients or irregular demand. A broad practice can stretch a lean team beyond its competence.
Nabeel says: ‘The balance is to have a clear core offering, understand our limits and develop further capabilities where there is a sound commercial case; growth has to be supported by the ability to deliver.’
Building that capability takes deliberate investment. SandMartin recruits both generalists and specialists, tailoring training to individual and client requirements. Nabeel’s firm uses development objectives, regular reviews and partner coaching, with future recruitment intended to address identifiable gaps.
Collaboration offers another route. Axora draws on an established accountancy firm for manpower support and engages subject specialists for individual assignments. Accessing expertise externally can help smaller firms meet complex needs without employing every specialist themselves.
Tech transition
Technology adds another consideration. ACCA’s 2025 Digital Pathways Playbook positions accountants as guides to SME digital transformation, including the transition from manual processes towards AI. For firms choosing a niche, the question is how that niche will evolve as delivery changes.
Islam recognises that routine HR, accounting and tax work is being reshaped by automation. Specialisation therefore needs continual reassessment.
Market size matters, too. As Nabeel puts it: ‘Larger markets may support narrower specialisms, while smaller markets may require more flexibility.’
For the next decade, the practical starting point is sustained client demand, backed by capabilities the firm can deliver reliably. A recognisable strength is valuable; so is knowing when clients need something broader.
