I recently put together a presentation talking about what we’re seeing in the MSP world. In short, you guys are THRIVING.
According to my early analysis (which may change slightly), the average MSP grew over 20% last year, with MRR, projects and profits all UP, and candidly, not due to our industry suddenly becoming brilliant marketers either. It’s a case of rising tides of demand, being driven by insurance and government regulations, along with some leftover pent-up demand from the Covid shutdown ripple that disrupted everything.
So, if YOU are not attracting and creating the growth and wealth you want right now, it’s time to take a hard look at what you’re missing.
This wave of prosperity, like all waves of demand, won’t persist forever. Increased competition, a recession or disruptive technology can all put a dent in this and will, given enough time. When? Well, that’s a question beyond my pay grade – but everything in life and business IS cyclical.
We don’t live in forever summer months. I do think that outsourced IT services will always be in demand, just as outsourced payroll, HR, legal and bookkeeping will be. It’s a utility at this point. But right NOW the growth is exponential, the demand and need historically HIGH. So back to the question: If you’re not thriving right now, why?
Everyone’s situation might be a bit different, but here’s one I can practically guarantee is in the mix: you’re simply not doing the things you need to do to generate the results you want.
Successful people in EVERY endeavor have always been fueled by a willingness to do what the majority won’t do. Not necessarily can’t do, but won’t. In many cases, the “less fortunate” are simply the less industrious. As you most certainly know, this idea gets a lot of criticism and finger-wagging because they will point to the have-nots and demand you look at their inequality. A statement like this will get you canceled today. But I’m not having a discussion HERE about the widening income gap and the folks struggling at the bottom of our society – I’m talking about YOU, the able-bodied, capable business owner currently running an IT services company.
What are YOU failing to do? To execute on? In business, I talk to small MSPs every day who allow their lack of confidence and fears to hold them back from doing things that will drive the business forward. Hiring and leadership development, investing in marketing, conducting actual sales calls, going to networking events and actually working the room, securing productive JV and strategic partnerships, setting up marketing systems and staying consistent with their execution. I hear over and over again, “I don’t have the time to do that,” which is a universal, piss-poor, fallback excuse for everything you don’t want to do.
I don’t have time to do “all that marketing.” I don’t have time to read. I don’t have time to attend that seminar. Truth is, it’s not a PRIORITY. You are prioritizing other things over marketing, over sales, over hiring, over the scaling and growth of your business. That’s the REAL truth. If you said, “I can’t do that marketing because here are 21 other things I’ve got working right now in client attraction that I want to stay focused on,” I might buy it. Maybe.
Some questions to ponder:
1. What do I want?
This is a super simple question but one that stumps many. Most can tick off a list of things they DON’T want, but your mind is like a heat-seeking missile, driving toward what you think about most. If you focus on all the things you don’t want, you drive into them. I DO agree that making a list of things you hate and that annoy you is a good start, so that you may work on eliminating them. But you also need to figure out what you truly want.
2. What are you specifically willing to do to get what you want?
Obviously barring illegal and immoral acts, are you willing to do the things that scare you? Make you uncomfortable? That you might find boring or be terrible at (at first)? That might embarrass you or draw criticism? Are you willing to stand up to those EMOTIONS in your pursuit of what you want?
Given that you started a business and you’re HERE, presumably to learn how to grow and profit more, I would leave you with the advice that NOW is the time to get busy, stockpiling and harvesting, making hay while the sun shines, as they say. There will come a time when opportunities dry up. Will you be prepared for it? In a good place? Noah started building the ark YEARS before it started drizzling.
We are traveling around the country for the Next Generation MSP Tour, to share strategies on how to grow and profit. Tickets are now FREE! You can register for any of the upcoming cities here: https://www.nextgenmsptour.com