Owning and operating an MSP will be more challenging in the new year. Still, I think that’s good for many of our TruPeer members practicing self-accountability — and here’s why.
Self-accountability is crucial to the success of MSPs, especially in generating new monthly recurring revenue (MRR) at optimal pricing. Adopting this approach helps you understand your customer base, seize the right opportunities, and streamline processes for your team and customers. Following these critical aspects gives you a significant competitive advantage over your competitors.
Consider exploring these six TruMethods blog posts to fully embrace self-accountability as an MSP owner in 2024.
Decisions by MSP Leaders: Balancing Input and Action
I reviewed the results of the Schnizzfest 2023 event surveys with my team, and I’m pleased to share that our members rated the event highly in all aspects. During the review, my team inquired about my focus when evaluating feedback. My response, which might surprise them and you, was that my primary goal isn’t to achieve the highest ratings.
What Does Your Customer Base Say About Your MSP?
In the MSP industry, the phrase “operational maturity” is often used to describe the level of sophistication in an MSP’s operations. However, my approach to evaluating an MSP begins with examining its “customer base maturity” rather than just focusing on operational aspects.
A Minimum Will Get You the Maximum
A key indicator of success for an MSP is the average MRR. This metric influences various aspects of the business, including scalability, profitability, sales strategy, financial calculations, and customer acquisition costs (CAC). It also plays a vital role in determining your business’s overall value. Therefore, a straightforward action that can positively affect your average MRR is establishing a minimum MRR threshold.
An Exercise in Opportunity Cost
The introduction of new technology frequently leads us to make comparisons with existing or past innovations. This is evident with the launch of Apple’s Vision Pro, which has sparked comparisons to Google Glass, a product that debuted a decade ago. While many focus on the technical aspects and distinctions between the two devices, an intriguing dialogue about the concept of opportunity cost has emerged, capturing my interest.
Stuck Mid-Air: The Importance of Processes in Business
Earlier in the year, I hired a team to paint the trim of my house, which is situated at a considerable height, necessitating using a bucket lift for access. Initially, the process began without any issues, but as time progressed, unexpected complications emerged.
Overlooking Productivity: A Common Oversight in Business Leadership
The measure of personal productivity plays a crucial role in determining an individual’s or an organization’s success. The efficiency of your productivity, rather than the intensity of your efforts, significantly influence outcomes. However, many business leaders often undervalue this aspect and seldom address it in interviews or incorporate it into their training programs or performance evaluation criteria.
