5 Steps to Grow Your MSP Practice by 50%

As an MSP business owner, you are busy. Some weeks it feels like you are running from one fire to the next. Despite all your plans, your hopes, your dreams for what a week might look like– the reality is often very different. Nerdio has helped many MSPs streamline their business and migrate their customers to the cloud – for a profit. Here are 5 steps to help you grow your business by up to 50%.

1. Focus on Value: One of the single most impactful changes you can make is to start charging what you are worth. Increasing your overall rates can feel like a daunting task, but there are many ways to approach this. In many cases you will need to reset expectations with your existing clients. One opportunity to do this is to roll out a new type of service such as Azure Virtual Desktop (AVD). The client may be happy to pay it because you’ve focused on the value of the overall solution and the service they would be receiving.
2. Identify Your Targets: It can be easy to chase every lead that comes in the door, but some clients won’t appreciate the value you bring. Try out the following exercise: Create a list with your current clients on it; include their industry, number of users, the total you charge them each month, and the type of agreements you have. Do the math to know what your average per-user price is for each client, then add one more column to grade them with an A, B, or C.

? A Clients = those that value how you do business; you want 100 more just like them.

? B Clients = those that with a little coaching or a tweak to their agreement/ expectations they would be a good fit.

? C Clients = those you should respectfully see out the door. They require more work for less money. If possible, you need these clients to decide to leave on their own. They may not be a good fit, but they own a business and likely have friends that would be a good fit.

3. Client Engagement: Talk to your clients. I know this sounds silly at first, but it can’t be said enough. Create a regular cadence of meetings with each client. Some people call them Quarterly Business Reviews, but once a quarter isn’t always the right fit. Some will need monthly meetings while others need to meet once every 6 months. When you go and speak with them, have an agenda, and keep to the same agenda every single time.

Engaging with your clients regularly gives you visibility into their business and their goals and provides a chance to unlock all kinds of potential growth. Opportunities with the client you didn’t know existed will arise, and issues they are having can often be solved by implementing new technology. In addition, regular conversations build a stronger relationship between you and another business owner. When you ask for them to introduce you to someone else that can use your services, they will feel much more comfortable doing so.

4. Thought Leadership: You have a clear understanding of your value, you know who you want to talk to, you know how you are going to deliver your service, and you are using regular meetings to provide a feedback loop and give you the opportunity to engage with your clients. It is time to take all of that and find opportunities to speak to more of the right kinds of clients

Wherever the types of clients on your “A” list like to hang out, you should hang out too. Ask for the chance to speak, join groups, go to happy hours, go to industry breakfasts and other networking opportunities, and sponsor their events and go take part. Share what you know, the experiences you have had, and how technology helped your current clients overcome issues, increase profitability, and solve new problems.

5. Plan, Set Goals, and Communicate: You want to increase your MSP Practice by 50%. What does that look like for you? 50% growth doesn’t happen by accident. First, of course, you must decide what it is exactly you want to grow by 50%. Your Revenue? Number of users you support? Your profit?

Once you have determined exactly how you want to measure the growth, create a plan to hit that goal by a certain date. Now, work backwards so that you know exactly what you have to do every month, even every week, to reach the goal. Is it reasonable? What investments will you need to make? What changes in your processes need to occur? Create a clear and transparent way to measure and track your progress.

Now, tell everyone about it; tell your entire team where you are going and how you are going to get there. Tell them when you are on target and even when you have missed the target. Ask for feedback. Celebrate when you get there!