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As we move further into the second half of 2020, it’s hard to predict what may come next, but that shouldn’t stop managed service providers (MSPs) from finding ways to adapt and move forward. One of the key learnings from this global pandemic is the need to be proactive, agile, and adaptable. One could argue that MSPs are even more valuable to their small and medium sized business (SMB) clients in this time of great change. With cybersecurity threats on the rise, remote working environments to support, and a digital transformation across many industries in full swing, now is a great time to assess where you’re at and what you can do to provide even more value and vital support services.
With overall SMB spending on managed services growing at 15% per year (Canalys, 2020-2023 market forecast), it’s no surprise that most MSPs are growing. Our annual State of the MSP Report identified two consistent drivers of MSP growth: generating a higher portion of total revenue from managed services and setting specific revenue and growth goals.
Shifting to managed services, rather than project work, a break/fix model, or relying on hardware sales, allows you to capture more revenue. A higher portion of revenue from managed services also helps you improve your business resiliency by maintaining steady cash flow and revenue during times of economic uncertainty. As more SMBs are faced with accelerated digital transformation, offering managed services becomes more important. If you work with clients in the healthcare or education market, there’s a great need for ongoing IT support that’s beyond the scope of one-off projects. In many cases, MSPs working in collaboration with internal IT teams can be a much-needed lifeline.
Setting specific growth goals
MSPs who set specific growth goals see about 2 points of additional annual growth compared to MSPs who don’t. Whether you’re looking to expand or stay at your current level, you’ll perform better when you set business growth goals and build a plan to achieve them. Focusing your plan on areas where you can provide specialization for specific industries as well as valuable expertise can lead to revenue growth.
To set yourself up for high-growth, strengthen your business by offering managed services and set a strategic plan. Not only will this help you differentiate from other IT providers, you’ll deliver more value to clients and new prospects.