If you want to send your MSP profits through the roof and increase your monthly recurring revenue, you should take a closer look at the fundamentals of your business. Whether you’ve been operating for 10 years or you started six months ago, there’s always room for improvement in three key areas: your business plan, your pricing strategy and your sales effort.
Learn about the importance of each of these aspects of your business, and find out what you can do to improve your approach to these areas.
Business Plan
Your MSP business plan is the road map for the future for your company. It’s essential that you have one and use it regularly to guide your business decisions. This plan encompasses your 10-year, three-year, annual and monthly goals for your MSP. Before you make any business move, ask yourself how that decision aligns with your business plan.
For more guidance on developing an effective business plan, download this free business planning worksheet.
Pricing
MSP pricing is a major challenge for any IT service provider. When you’re competing against so many other MSPs in your marketplace, you may be inclined to lower your prices as much as possible, in an effort to attract more business. This is a huge mistake! World Class MSPs are able to charge more for their services, not less.
So you have to find out a way to charge more for your services while remaining competitive. One way to do that is by leveraging your Super Power for added business value. Your Super Power is a unique service or benefit your that MSP offers, but your competitors don’t. Identify what your Super Power is, and use it to justify charging more for your services.
Sales Strategy
How much effort are you investing into your MSP sales strategy? To close more MSP sales and generate new leads for future business, evaluate your sales process and ensure it has the following characteristics:
- Repeatable processes: Have sales pitches and processes that are easy to repeat. This leads to maximum efficiency for your sales team.
- Dedicated resources: Are you dividing your attention between running your business and driving sales? If so, you need to hire a dedicated sales staff that can give this responsibility 100% of their focus.
- Accountability measures: Through measuring and evaluating your MSP sales metrics, you can determine how successful your sales efforts are, and you can identify areas that need improvement.
Invest time and resources into making your MSP sales efforts successful. When you do, you’ll increase monthly recurring revenue and bring in more clients.
When you turn your focus inward to these three key aspects of your business and take actions to improve them, you’ll be one step closer to becoming a World Class MSP.
Learn more about how to take your MSP to World Class status in this free whitepaper.
