Article | June 19, 2023

Five Ways To Recession-Proof Your MSP In 2023

Source: ConnectBooster
GettyImages-1126856471 stopping dominoes falling

The uncertainties of running a business often weigh heavily on owners. The relatively stable parts of an operation—including clients, contracts and portfolios—may shift over time, but MSPs can typically influence the degree of change and counter some of the potentially negative effects. The things that remain out of their control cause the most sleepless nights.

These “unknowns” or external forces may negatively impact clients’ perceptions and inhibit their willingness to increase IT investments and build longer-term business plans.

For example, the current economic conditions indicate an impending recession that highly concerns many business owners, including MSPs and their SMB clients. Businesses have been dealing with elevated inflation rates and ongoing supply shortages for more than a year, and global market experts predict those challenges may further escalate in 2023. Experts suggest worldwide economic growth will slow from 6.0% in 2021 to 3.2% in 2022 and to just 2.7% in 2023. Those numbers represent the weakest financial outlooks in more than two decades.

Providers must understand how these concerns factor into their clients’ budgets and affect those businesses’ long-term IT plans—and work proactively to overcome potential obstacles. Fear can drive clients to make poor choices with their technology investments. Rather than scale back on tools that can elevate sales or reduce labor requirements, savvy business owners continue to fund projects that will help them attain critical growth objectives or provide other vital benefits.

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