Regardless of what the media tells you, no one can make accurate long-term predictions about the stock market, bank stability, and key financial indicators. Unexpected issues can appear out of the blue and throw off even the most conservative projections. On the national level, a glitch in the housing, banking, or oil futures markets, disease outbreak, or unexpected election results can all create panic amongst traders and spiral out of control if not checked quickly by regulators and industry leaders.
Local economic factors are even less predictable. Tales of MSPs experiencing significant financial shortfalls after their clients go bankrupt or experience cash flow issues are all too common, leaving providers scrambling to make up the lost revenue. Those issues rear their heads at the most inopportune times and, without a strong business strategy in place, a sudden downturn can turn into a complete disaster. So how can your MSP survive an economic downturn?