Managed Services Providers need to find ways to scale up their business in order to stay on top of the industry. As many companies shift to virtual work and concerns on cybersecurity continue to increase, MSP solutions have to proactively respond to these challenges to keep the ball rolling.
In this article, we will discuss how to scale your MSP business this 2024. Here are some tips that you should take note of.
Make the Most of What You Have
The first step to increasing efficiency is to have a good understanding of your cash flow. Knowing where every dollar goes will quickly expose wasteful spending and areas where more investment is needed.
If you want to improve your MSP solution’s efficiency, take a step back and evaluate your setup by answering the following:
- What are my goals for the year?
- How many people do I have in my group?
- How many more people would I like to hire?
- What tools and platforms do I have access to?
- What tools and platforms do I want to use?
- What are the bottlenecks or pain points in our process?
You may need to invest in new tools to scale up while other issues can be resolved by reallocating your resources. For instance, automating repetitive tasks with tools like RMM software, MSPs will free up technicians' time for more important and/or profitable tasks.
Cultivate the Correct Clientele
Some MSPs choose to focus on a specific industry while others may choose to diversify their target market -- it’s up to you on how you will strategize.
If you’re targeting the hospitality businesses such as restaurants and hotels, they might not need expanded MSP solutions right now. On the other hand, clinics or doctor’s offices may be facing a surge in virtual patient visits, requiring further IT solutions and support.
By identifying what kinds of clients you want and carefully building a customer base that fits those criteria, you can set your MSP business up for strategic growth not only this year but in the coming years.
Explore New Offerings
There are service offerings that your MSP solution is known to be handling well. It may be anything as simple as system management or software patching. However, several companies have shifted priorities especially after the pandemic hit. Both current and new consumers are likely to face new threats. These difficulties may be an opportunity for your MSP to provide additional assistance.
As remote work became more of a staple since last year, it has changed many elements of businesses such as:
- The need for better security as more people work from home
- Different internet speeds/quality
- Devices used for work/home
- Increase of use in virtual tools, such as video conferencing and collaboration
- Transition from on premise servers to the cloud
- Requirement to use VPNs or other security services
Improve Security
Many MSP solutions that didn't have existing security offerings or don't have a strong background in the field can feel overwhelmed when deciding what security solutions to deliver. But that's not an excuse to give up on this specific area. MSPs that broaden their skills and services to include cybersecurity support could help SMBs to grow their businesses.
Fortunately, extending an MSP's offerings to include security no longer necessitates the development of new goods or services—or even the hiring of new employees. An MSP may offer an outsourced SOC, threat identification with specialty software, security information and event management (SIEM) services, and so on.
Invest in Training & Education
Investing in your employees' training and education will allow you to grow, serve better, and attract the right customers by demonstrating expertise. Many fields for MSPs, such as cybersecurity, need the acquisition of new skill sets and other resources. While other certifications aren't needed, these can help customers trust that your team has the knowledge and experience to help them. Learning about new things can be a great way for MSP owners to set a good example and find new market opportunities.
Takeaways
Spending time and resources on training, security, and tools may seem daunting at first, but it’s a great way to improve the skillsets of your team, foster customer relationships, and continue to provide quality customer service.
If you’re looking for an MSP solution that works hard to help achieve your business goals, ITarian is the company to call. Contact us now to speak with our IT experts.
