There are many stumbling blocks that may arise when you’re trying to grow your MSP company. No business is immune from challenges, and how you handle them ultimately determines whether you succeed and thrive or wither and fail. Many of the common challenges have everything to do with your mindset and approach to business. The good news is that you can make the necessary adjustments to avoid these pitfalls.
Exercise Wisdom in Decisions-Making
It’s not uncommon for startups business owners to rely on sentiment and emotions when making decisions. This can lead to a lot of unnecessary obstacles. The better way is to make objective choices based on sound business principles. This applies particularly when dealing with people and money.
- Relationship management – How do you make decisions about who to hire, fire, or partner with? Make sure you prioritize the experience and competence of the individual. Having the wrong employees and business partners can derail your effectiveness as a business. You must be very cautious about the kind of people you bring close to you to in business.
- Money management – Decisions about how to price your IT support products and services must be determined by industry standards and the value you are offered. Refrain from pricing too low or too high without a research-based reasoning. Your business must also avoid excessive spending after business successes. It’s better to be prudent with money and focus on building the business.
Be Adaptable and Progressive
The IT industry is always changing and evolving, so it’s impossible to succeed as an MSP company if you refuse to embrace change. There’s always room for improvements in how you handle customer service to what channels you use to market your IT support services. Your clients are changing and favoring platforms such as social media and blogs as ways to learn about your company. As your competitors adapt, you must do the same.
Focus on Big Impact Objectives
Your business must be able to abandon products and channels that do not work. Your time, effort, and money are invaluable, so if any business activity is not yielding any returns at the moment, or promising any in future, it’s best to discontinue it. Focus instead on objectives that positively impact your business. Answering the following two questions can help to narrow your business focus:
- What is the biggest challenge facing the business and restricting growth? Once you identify this bottleneck in your business growth, you can direct your focus on resolving it. It could be that your IT support plans/packages are not comprehensive and leave out key services that your customers may need. You can conduct some customer surveys to get their feedback and restructure your offerings. By addressing your main challenges, you can position your business for greater success.
- What are your strengths and core competencies as a business? Deciding what to focus on is crucial, especially when your business is in the startup phase. By diversifying too quickly, you may struggle to establish your brand. Your focus should be on delivering products and services based on your expertise.
As you streamline your business’ focus, you must never neglect your sales team. After all, great products and services alone, if not complemented by excellent sales, cannot take your business where you want to go. You must invest in training so that all areas of your business move forward together.
Business challenges can be overcome by strong management and effective decision making. For your MSP company to thrive under any circumstances, you must reevaluate how you manage relationships and money. You must also be quick to adapt and be laser-focused in your approach.