When the COVID-19 pandemic hit the U.S., we at TruMethods began carefully assessing the rapidly changing situation to determine the best way for us to assist our members through what was quickly shaping up to be a challenging time for all of us.
The TruMethods team eventually developed a strategy designed to not only protect our members but also guide them to the other side. The approach we came up with was a simple one: protect, look beyond and thrive.
While we’ve been delivering an enormous amount of content around how MSPs can protect themselves in today’s volatile business landscape, we began directing much of our focus last quarter to helping our members look beyond the coronavirus crisis. What we’ve learned since then is they’ve been listening to our advice, implementing it and making money.
A week or so ago, we held our quarterly peer group meetings. For Q2, we had more than 120 MSPs in our peer groups (you can learn more about our peer groups here). At the end of the quarter, we asked our peer group members to upload their smart numbers into a platform that provides analysis and benchmarking.
The results were as follows: In terms of adding new MRR, the group added as much new business, in terms of new logo MRR, as in Q2 the previous year.
Even more impressive was that nearly 35 percent generated net profits of more than 20 percent. That’s 20 percent of the bottom line after true owner salary — in a pandemic.
The moral of the story is it’s time for all of us to look beyond. Command, discipline and execution yield results. COVID and the changing economic cycle have created a window of opportunity for quality MSP business operators to shine.
So, what if you’re reading this and asking, “Well, Gary, what should I do differently?”
Well, first, if you’re a TruMethods member, reach out to your TruMethods Member Success Advisor to have a conversation about where you are and your goals (if you’re not a TruMethods member, contact us today to learn more what we can do for you).
Your advisor will guide you through the key resources in our program to help you with developing an actionable business plan, ensuring you’re making progress toward alignment using the TruMethods framework and gaining command over key business drivers in your business.
I told our peer members last week that investments in improving your command delivery, discipline and efficiency sales process will pay much bigger dividends today than they would have pre-COVID.
Use the next three to four weeks to reset your business and sales plans (we’re closing in on the beginning of selling season). Review your TruMethods smart numbers and set priorities that will make an impact during the remainder of 2020.