The end of the year is always an exciting time for MSPs and organizations alike. The time of the year when most MSPs would have met or surpassed their goals, even while some might still be working on “urgent” last minute things to push deals to the finishing line. This also happens to be the time when businesses reminisce about the past year and build strategies for the upcoming one.
As the calendar year winds down, know that your actions in the last few weeks of the year can set you up for your best ever beginning to a new year.
There isn’t a more opportune time for MSPs to up their game
There’s no time like the end of year to get started. When most of your competitors are busy putting together memorable holidays and year-end celebrations, you can use these last few weeks for an early planning of what the upcoming year is going to look like.
This is also the time when your client organizations are trying to decide what to do with the leftover budget up their sleeves. This is the use it or lose it budget that they have between this year and next. A smart move would be to remind clients to spend this money on the type of services they will most likely need to keep their business in order — and moving forward. Compare this situation to having a grocery list, there is stuff you know you will always need. Toothpaste, Soap, butter… You get the drift?
Pitch your best services to them and they are most likely to abide. Even if it does not work out, you might just successfully plant an idea in their consideration cycle for the following year.
Know the MSP Trends
To succeed MSPs will require more than just passion and expertise. So get ready to spend some time over the coming days working your best guess of what next year is going to look like and draw up your ideas early on. Here are the trends that are most likely to dominate the managed service space in 2019.
- 2019 will be all about an MSP platform play
Lower growth MSPs often get outcompeted by their high-growth peers because they fail at providing a complete platform of solutions. From basic support to high-end network monitoring, your MSP has to provide complete service suites. Offering the minimally viable services, say, simple backup and recovery or cloud management won’t cut it anymore. When organizations sign-up, they want a one-stop shop and not someone to solve a one-off need.
- MSP IT Maturity continues to matters the most
We have discussed it in previous blogs, and we say it again. As a service provider, to outline a strategy that works for you, you must know where you stand to get where you want to be. Every MSP has a different and unique target audience and that’s precisely why every MSP needs something different from their platform. Simply adding more tools will only lead to an application management overhead. Every MSP operates at a different IT maturity level. Let your revenue range be your guide to what works best for your MSP.
For example, a Tier -3 service provider addresses smaller organizations and a majority of their business needs can be sufficed with automated patching, integrated security and backup, basic reporting and alerting. A Tier 1 service provider on the other hand, has more specific needs and their sheer size makes time-saving the most critical element.
Point being, do not over purchase and wait for the magic to happen. Think strategically.
- The rise of compliance such as GDPR
The hustle for being GDPR compliant did not end on May 25, 2018, it has only just begun. GDPR is here in full swing, and make no mistake, not all organizations are prepared for it. They will need all the help they can get. In fact, according to Crowd Research Partners, 30% of companies aren’t ready to adapt to the new regulation.
There is also a cybersecurity aspect to it. Picture a security breach in your client’s organization. As the hackers get access to the data, they simultaneously uncover non-compliance. Now they either brace themselves to get extorted or pay penalty that can go up to 4% of the company’s global annual turnover of the previous financial year. Need we say more about compliance complications?
MSP must look at customers’ businesses and the requirements to which they must adhere. Not following compliance requirements damages your credibility as an IT expert and puts your MSP at risk for financially crippling fines that could ultimately endanger the business.
The Point: Be Open to Change
In between this year and the next, lies a little window of opportunity. The MSP space is witnessing a major restructure. The business landscape is changing – your company should, too. It’s about time your MSP stopped following the herd mentality and starts to look beyond the curve. Study the market, read the reports, follow the numbers and give your MSP the best year-end gift ever. The gift of MSP growth.
There is a lot more coming and we will try to cover as much as we can in our upcoming webinar. Join Tracy Hernandez, VP, Product Marketing at Kaseya, and Mark Winter, VP of Sales at RapidFire Tools, as they reveal the most dominant MSP trends for growth in 2019 in our webinar “Give Yourself the Gift of MSP Growth”. You can sign-up here.