Tips and Trends to Improve Your MSP
Managed service providers continue to look for ways to grow their businesses, despite the uncertainty. The Managed Services Community meeting was held at the Communities and Councils Forum. It was discussed how to achieve this growth. Managed service providers continue to look for ways to grow their businesses in 2022, despite the uncertainty. The Managed Services Community meeting was held at the Communities and Councils Forum, Chicago. “For the most part we are finding that despite all of the tumult over the last couple years, there is optimism among MSPs,” Carolyn April, senior director of industry analysis, said during Level Up! Increase Your MSP’s revenue to new heights. “I call it cautious optimism.” April shared with the group the latest Trends in Managed Services 2022 survey. It focuses primarily on key areas of change that MSP partners face. Trend Watch
It’s all about the Customer Experience
MSPs who want to grow their businesses must be focused on customer experience.
April said that customers today are fickle. April said that customers today are fickle and will choose to communicate with you by phone or online. How can you offer your customers the most flexible and pleasant experience?
MSPs must invest in innovative technologies and products that allow for omnichannel communication. This will give them the opportunity to do business with ease.
This is an investment in your growth. April said, “This is an investment for you profits.”
Cybersecurity is at the Center of Attention
It’s not secret that cybersecurity is important and no longer a “nice-to-have” for businesses of any size. According to the Trends in Managed Services 2022 survey MSPs expect to earn more than half their revenue from cybersecurity services in two years.
April stated that MSPs are realizing this is the market, customers need this, and this provides customer stickiness. “If you are your customer’s trusted advisor in cybersecurity, you are part of the team.”
MSPs that are serious in adding cybersecurity services are focused on skills. This could be done by investing in cybersecurity specialists, training and upskilling existing staff, or partnering to managed service security providers (MSSPs), and vendors.
Growing an MSP IRL
After pursuing a technical career, it’s not unusual for MSPs to start their own business. Juan Fernandez, founder of MSP Growth Coalition and CEO, shared his story about being an “accidental entrepreneur”, with the Managed Service Community.
He learned many lessons as a new MSP. One of those lessons was that it is difficult to find customers. It’s also hard to be successful with your product or services. As a small business owner, you are on your own and have limited time.
Fernandez’s first MSP failed to pan out as he had hoped, but he used what he learned to build another one.
Fernandez said, “I am a product failure, but I decided that I would keep going and help others along the way.” “I was determined not to let failure stop me from pursuing my dreams.”
He went back to the drawing boards, this time avoiding accidental entrepreneurship and carefully planning his business.
Fernandez said, “It took seven years to fix what I had done wrong.” “I discovered how people buy, why they purchase, and what the transactional models are–the way they buy. Then I began to pay more attention to the industry’s business practices.”
With strategic planning and focus, Fernandez was able to take his next venture from $0 million to $19 millions in revenue in six years. His success is due to strategic planning and focus. He identified wealth targets and defined the type of company that he wanted, as well as his desired business outcomes.
Fernandez is now committed to helping other businesses grow and thrive. Fernandez encourages MSPs take advantage of the resources they have through CompTIA, including peer-to-peer networking opportunities and partnership opportunities. He also recommends the Marketing Toolkit For MSPs and Video Playbook for Tech Small Businesses as well as the MSP Profit Building Course.
Fernandez, who is part of a group of over 100 MSPs, stated that CompTIA was a foundation for his success. “Take advantage of the resources CompTIA has to offer you.”
Are you ready to take your MSP to a higher level? Learn more about the MSP Profit Builder Course.