Your MSP business will fill a necessary niche in the market, but it’s not the only business filling that niche. This means that though you provide a necessary service to your community, you’ve got an uphill climb ahead of you. You need the highest levels of optimization in regular operations. You’ve got to trim the fat and ensure that your efforts pertaining to client acquisition and outward growth are effective.
You need to know the numbers, and you need to know how to expand those numbers. This information will definitely help you achieve rapid growth if properly utilized. Looking more deeply, five strategies that can help expedite your business’s growth are:
- Determining what makes you unique
- Knowing your ideal client
- Finding key indicators demonstrating performance
- Ensuring you’re investing in effective talent
Determining What Makes You Unique
Every MSP business has unique qualities which specify it above competitors. Some of those qualities may not be immediately apparent. The best way to ensure you’re maximizing what makes you unique is to know your competition. What are they advertising as unique? Ensure you’ve got something different— unless their core individuality is represented in a marketing effort that you must also apply to your efforts. In that case, offer what they do plus your own unique offerings.
A great example right now might be Thanksgiving. Perhaps you’ve got a history of providing excellent support around the holidays. Maybe your MSP has some community involvement. In certain communities, it may make sense to emphasize the holidays. Perhaps your next marketing campaign includes blogs, ads, or video spots about having the right support during the holiday. Maybe you specify support on Black Friday or Cyber Monday.
Perhaps your business works regularly with artistic clients like bands, filmmakers, or graphic arts companies. Emphasize this in your marketing. Whatever you can find to specify your services, use it.
Knowing Your Ideal Client
You’re not going to get many clients among small-ticket contracting agencies specializing in construction. However, it’s possible for you to attain the patronage of a large construction conglomerate. The more complicated a build, the more expensive it is. Cloud communication can float a DaaS (Desktop as a Service) network which allows for consolidation of clock-ins and clock-outs. Managers can monitor certain aspects of a larger build, and it can be explored in real-time. So, in this case, going for the larger construction conglomerate makes more sense than going for the smaller contracting agency. What you’re looking for as an MSP are adequately-sized clients with an emphasis on technology in their operations, or who have yet to apply cost-effective innovations. Define what is your business’s ideal client and look for candidates.
KPIs (Key Performance Indicators) are going to differ per business. You need to look at the numbers and find those which are most representative of your growth as a business. Profit is likely going to be one. Spending will be another. If you’re spending more than you’re bringing in, these KPIs are showing a loss. But if you’re bringing in more than you’re spending (after expenses), you’re likely “in the green.” Work to increase the “good” indicators and decrease the “bad” ones. You can also use corporate performance management (CPM) software that could help you streamline this entire process of tracking key performance indicators and align your business objectives with operational plans and other processes like financial consolidation and reporting.
Investing in Effective Talent
You’ve got to have the right people for the right job. You should look at each employee as an investment in your business. It’s going to cost you a lot to process, train, and remunerate that employee anyway. If you hire a dud, you’ve got a personified “money pit.”
Now, this is often easier said than done for a new business. You’ve got, as mentioned at the beginning of this writing, an uphill climb ahead of you. You likely can’t offer the kind of financial incentives requisite talent require right off the bat. But if you’ve got a clear vision, and the potential to see that vision through, you can get the right kind of help. They know they’ll grow as you do.
Upgrading Your Operation
An MSP business that demonstrates its uniqueness, seeks the right clients, has identified effective KPIs, and invests in the right talent will likely see sustainable growth very quickly. Just do the things mentioned in this article and you will surely succeed.