My dad said, “If nothing changes, then what will change?” Too often in business and life, we fool ourselves by thinking that our results will change if our intentions change. Our peer groups have a process called “The Hot Seat.” At each quarterly meeting, one business breaks down its...
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The opportunity for MSPs to grow new logo sales has never been better. Our target markets have improved in every way. The sweet spots for the number of users in our target customers are rising. (Even our seat prices are increasing!) More targets willing to pay more for our...
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To be honest, the best time to join an MSP peer group was 10 years ago, but here’s the good news — today is the second-best time to join a peer group! There’s only so much you can do sitting in your office. If you want to increase your...
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Business email compromise (BEC) attacks are some of the costliest cybercrimes companies face now. In BEC attacks, criminals impersonate a legitimate email account and use it to send messages that appear to come from a known source. For example, they may send an invoice with an updated mailing address,...
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Let’s talk about profitability. For many MSP leaders, profitability is an elusive goal — and, sometimes, it’s not even a goal. I meet MSPs every month that have been in business for several years and have never had annual profitability above 12 to 14 percent after a true owner...
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Putting all your eggs in one basket is never a good strategy. It’s always best to diversify most aspects of your business, especially your customer base. Most of us have been there before. We score a big customer and tout it as a big win, which is a significant...
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I remember when I first started training MSPs and speaking at MSP events, probably around 2008 or 2009. At that time, many IT providers were trying to change from an hourly business model to a recurring revenue model. I told people they had to get to $150 a seat....
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Marketing is still one of the top challenges managed services providers (MSPs) face today. When you’re a one-person shop, marketing sometimes falls to the wayside, as there are typically urgent matters to tackle. But if you don’t have a presence in your community, someone will. Remember: Your local community...
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In a previous blog post, I talked about how MSPs today have many more tools and technology than ever before. Most of these tools provide integrations to other tools. Of course, this is done through APIs. While integration can help efficiency and make a technician’s job easier, it can...
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Every MSP has more tools and technology than it did a few years ago. Think about it: The average number of tools in your stack has probably increased dramatically. But tool costs have gone from 10 percent to 20 percent to 30 percent of your seat cost! So, it’s...
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