10.30.19 -- The #1 Thing You Can Do To Increase Profits
The 2019 IT Glue Global MSP Benchmark Report is packed with meaningful insights. In this series, we've used the Report as a springboard to examine some of the most pressing issues in the MSP business today.
IT Glue’s 2019 Global MSP Benchmark Report is jam packed with insights, but as with any research, there are always points where you want to dig a little bit deeper. The purpose of the Report is to determine what the key success factors genuinely are in the MSP space—what matters and what doesn’t—according to hard data. Based on this, it’s pretty clear what one of the fastest ways to move the needle on your revenue and profit growth is: eliminate churn.
In both years of IT Glue’s Global MSP Benchmark Report, we found that a substantial percentage of MSPs are thinking about changing at least one element of their tech stack. In a sense, this shouldn’t really be surprising, because any reasonable business would regularly re-assess if their tools will continue to meet their needs going forward.
In IT Glue’s Global MSP Benchmark Survey, we asked over 1500 MSPs what their biggest struggle was, and an overwhelming majority indicated that sales is where they need the most help. Marketing came in as the #2 answer. This shouldn’t be a surprise when sales and marketing aren’t a core function of an MSP, but an important one nonetheless that can make or break your business. So how does an MSP owner or CEO move the needle on sales and marketing functions?
One of the most interesting findings in IT Glue’s 2019 Global MSP Benchmark Report is that the two biggest challenges MSPs face are hiring good techs and a lack of time. The two, of course, are related since if you could find good techs easily, you wouldn’t have to do so much yourself. But even when you find a good tech, almost 50% of MSPs report that it takes over 3 months to get that tech to 80% capacity. This article provides advice on how to get your onboarding time for new techs down to under a month.