As is the case with most entrepreneurs, managed service providers dream of “finding their groove.” They hope to identify and utilize repeatable actions and strategies that bring measurable results for their business. Doing this also eliminates the stress of having to continuously redesign and rethink their strategies and processes.
However, new business sources and opportunities are always presenting themselves, and which can be overwhelming. It only makes sense that MSPs are compelled to evaluate each new business opportunity to see how it might be able to push their business further. But, it doesn’t need to be too daunting, if you are smart about your approach. Many new business practices and tools can be put in place alongside the ones that your MSP is already taking advantage of.
Taking advantage of your opportunities
To help uncover new opportunities that are already within your reach, as well as to ensure that you are able to take advantage of new ones that make sense for you, there are a few internal areas that you must examine and, if needed, adjust:
- Behave like a partner, not a vendor – While a traditional vendor relationship is completely normal and productive, it does not allow the MSP to reach its full potential. To achieve its full growth potential, an MSP must engage in a true partnership with its clients. Constantly taking in feedback from clients, listening to their individual challenges and needs, and providing transparency and guidance can make all the difference.
- Rethink how you work with centers of influence – Many MSPs find themselves frustrated with lack of quality, or quantity of, referrals that they rely on to grow their business. The problem is not with these centers of influence themselves, but rather how a referral process is built, or the relationship with the referring customer or the referred prospect is not approached with care. With some refocused effort on relationships, referrals can become one of the most valuable drivers for business growth. Consider offering incentives for referrals, face challenges and opportunities together, and continue meeting with new centers of influence to expand your own center of influence and get the most out of your existing customer relationships.
- Get smart about appointment setting – Your appointment setting efforts can be very strategic and fruitful, but, it’s important to do it right. One way to potentially get more out of this is to hire a team of professionals, provided you find the right one. Using a thorough, detailed vetting process when looking for an appointment setting partner will set you up for success. Don’t be afraid to spend, find appointment setters who understand and believe in your business, and make your sales process as “tried and true” as possible to allow your appointment setting program to set you up for success.
Want to get started?
Excited to find these new business sources, but don’t know where to start? We partnered with Brad Stoller of the PT Services Group to deliver a new eBook, Go beyond your bubble: How to extend your reach and grow your business. In the eBook, Brad focuses on the difference between vendor and partner relationships, building your MSP’s mindset, creating the ideal blueprint for getting referrals from centers of influence, and finding a firm to implement an appointment setting program with. Download your free copy of the eBook for fresh new ideas on how you can make small changes to your business that yield big results.
Photo: Laib Khaled / Unsplash