Diversify or Double Down?

"I've recently been approached by people asking me to quote projects that are much better suited to other types of software than the one I use. Should I learn something new or stick to what I know"?

This is a question that popped up on LinkedIn recently and one, as an Accountant I have been asked many times over the years. It is also something I had to grapple with when starting out with my accountancy practice many years ago. There are many many software choices out there for bookkeeping so did I need to use them all, should I position myself as a jack of all trades or simply as a master of one? So what's the answer?

Fork in the road, go a new way or carry on with the old.

There isn't, a simple yes no answer to this question, as you'd expect, there are a lot of considerations to look at. It is, however usually better to double-down on your strengths, unless of course learning something new clearly reinforces or extends those strengths. Diversification for its own sake is rarely the best move.

When to Stick to Your Strengths—and When Diversifying to something New Actually Makes Sense

At some point in most businesses, an interesting tension shows up. You start getting asked to quote projects that don’t quite fit what you’re currently doing—but they’re close enough to make you wonder whether you should adapt. Learn a new tool. Expand your offering. Say yes and figure it out.

That’s exactly where my client found themselves recently. He'd been approached about projects that are clearly better suited to other types of software than the one he currently uses. What’s more, there are already plenty of companies out there doing these projects extremely well—tools, workflows, and experience perfectly aligned to the job.

So the question becomes:

Is it worth his time trying to compete, or should he double‑down on what he already does best?

After reflecting (and having a few honest conversations), here’s where I’ve landed.

This way or that signpost

The temptation to diversify

Learning something new is appealing for all the right reasons:

• It feels like growth

• It opens new potential revenue streams

• It reduces the fear of missing out

• It makes you feel “more versatile”

And to be clear—diversification isn’t inherently bad.

In the right circumstances, it can unlock real opportunity. But there’s an important distinction that often gets overlooked.

Adjacent growth vs. distraction

Not all “new skills” are equal. Some skills build directly on what you already do well. Others pull you in a completely new direction.

Healthy diversification usually looks like:

• Using similar thinking and problem‑solving skills

• Extending your existing workflows

• Making your core service more valuable

• Helping you deliver bigger or better versions of what you already do

Risky diversification looks like:

• New software with different mental models

• Different kinds of clients and expectations

• You competing head‑on with established specialists

• A steeper learning curve while clients are paying you

If a project is genuinely better suited to a different tool—and doesn’t strengthen your existing advantage—that’s a signal worth paying attention to.

Running the race in business

Competing against the specialists

One thing has become very clear to me: If a market already has companies doing a particular type of work exceptionally well, you need a very good reason to jump in, it is far better in my opinion to call on those people in your network who you already know, like and trust to collaborate with.

Specialists tend to have:

• Faster estimation

• Battle‑tested workflows

• Fewer surprises

• Stronger case studies

• More confidence in pricing

  
  

Trying to compete means:

• Higher risk

• Lower margins (especially early on)

• More cognitive load

• Greater chance of over‑promising and under‑delivering

  
  

Unless you bring a meaningful differentiator, you’re not just learning—you’re entering a game where everyone else already knows the rules better than you do.

The hidden cost of saying “yes”

There’s also an opportunity cost that isn’t immediately obvious.

Every time you say yes to a misaligned project, you’re saying no to:

• Deepening your expertise

• Improving your strongest processes

• Attracting more of your ideal clients

• Becoming known for one clear thing

  
  

Focus is often framed as a limitation—but in practice, it’s one of the strongest growth strategies available.

Many of the most successful service businesses grow by narrowing, not expanding:

• They become easier to understand

• Easier to recommend

• Easier to trust

Clarity compounds.

A better alternative: be the guide, not the generalist

One approach I’ve seen work extremely well—and that I’m increasingly confident in—is staying in your lane while building strong partnerships.

When enquiries come in that aren’t a perfect fit, you can still add value by:

• Helping define the real problem

• Explaining why a particular approach or tool is better

• Referring trusted specialists

• Collaborating where appropriate—each person playing to their strengths

This reframes the conversation from:

“Sorry, I don’t do that”

to:

“I know exactly how to get you the right outcome—and I’ll help you get there.”

That builds trust, reputation, and long‑term relationships without forcing you to dilute your craft.

When learning something new does make sense

To be fair, there are times when investing in a new capability is absolutely the right move.

I’d strongly consider it when at least two or three of these are true:

• My existing clients are asking for it repeatedly

• It directly enhances my current service,  for example the emergence of MTD

• It increases project size or lifetime value

• I can reach competence reasonably quickly

• It strengthens my positioning instead of confusing it

What matters most is intentional expansion, not reactive expansion. Curiosity is valuable—but focus is what turns curiosity into momentum.

The road forward

Where I’ve landed (for now)

For me, the takeaway is this:

• Depth usually beats breadth

• Competing with specialists rarely ends well

• Focus creates clarity—and clarity attracts the right clients

• Partnerships often outperform trying to do everything yourself

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That doesn’t mean never learning something new. It means choosing which new things deserve your time, energy, and reputation. I’d genuinely love to hear from others on this.

Have you found success by diversifying? Or did doubling down on your strengths move the needle more?

And when those “almost‑right” enquiries come in—how do you decide whether to expand, partner, or politely say no?

Let’s compare notes.