Found Money

According to the National Association of Unclaimed Property Administrators, 1 in 7 people have unclaimed property held by state governments and treasuries in the United States. Last year alone, state-sponsored unclaimed property programs returned over $5.4 BILLION to people with rightful claims in one year (July 1, 2022, to June 30, 2023).

How can so many people lose track of so much?

This is really of no surprise to me, given that for the last 2+ decades I’ve been uncovering easy “found money” in MSPs’ businesses, helping them take what is rightfully theirs for the taking, but until I showed up and shined a giant light on it, this found money was ignored, forgotten or simply abandoned as a viable profit center due to “creative constipation” or a hardwired belief that something can’t be done. Nearly every client I’ve worked with has been holding a winning lottery ticket in their pocket that has never been cashed in, a gold mine left untouched.

Just last week at our Rapid Implementation Workshop, I took 50 MSPs through an extremely simple marketing campaign consisting only of sending e-mails (so no complicated, expensive direct mail, digital marketing, etc.) to clients and prospects already on their list and generated over 85 opportunities for the room within HOURS, clearly more to come. One client just reported they are now sitting on 60 opportunities alone 2 weeks later.

Now let’s suppose only half – or 30 – of those opportunities come to fruition. Let’s further suppose that each is worth an extra $500 in new MRR and $1,500 in projects per client, which is a LOW bet: 30 x $500 = $15,000 in monthly recurring revenue, $180,000 in annual recurring revenue, PLUS $45,000 in projects (30 x $1,500), for a total increase of $225,000.

ALL of this is “found money” in their business that was there for the taking at any time, but remained unclaimed freight being held captive with a very frail, rusted and easy-to-pick lock.

Such losses occur routinely in EVERY business, including my own. The sharp operator is constantly looking for leaks and plugging them. Some leaks are dire and should be fixed immediately, such as unprofitable client contracts, high client churn and, tied to this, zero strategy or effort with existing clients to upsell, cross-sell and develop clients. Fixing any one of these leaks can dramatically increase the profitability (and therefore the stability) of any business.

Other leaks are less obvious and a bit more difficult to fix but are still extremely important, such as having an unorganized, underutilized staff (and therefore unprofitable operations) or the gross mishandling of inbound leads, which includes a lack of a structured and strategic sales process and ongoing drip marketing to nurture those leads until closed. All of these are also critical “found money” that can be secured faster and easier than hunting new clients.

Want more? Most MSPs do not properly bill their clients for work done. Employees are added to a managed contract but never make it to the bill. Software is applied to end points and never billed. Scope creep sets in for projects, with clients bleeding you dry by a thousand tiny papercuts OR the engineers taking more time than allocated to the budgeted hours. I wish I had a nickel for every MSP who seeks my advice on how to have a difficult conversation with a client (or clients) after failing to bill them for MONTHS for projects, development, software, etc., the bill now at a staggering figure for work legitimately done, but no client will be happy paying ALL at once, and the MSP feeling they need to discount the work to make the bill more manageable…and regardless of the outcome, the client now thinks you’re an idiot who cannot be trusted and must be managed. I’ve seen MSPs go from break-even to 15% or better net profits *just* by fixing billing issues. FOUND MONEY.

As “rich dad” Keith Cunningham says, not all successes can be measured in gains achieved; some are measured by losses avoided. Yet most just think in terms of “more” – more leads, more sales and more clients – while completely overlooking the acres of diamonds lying open in the field and the glaring hole in the bottom of the bucket they are so desperate to fill.

As a bonus, I’ve decided to make available to all of you my “Recession Rescue Found Money Map.” Not because we’re in a recession (it was actually published back in 2020, when things were a bit tougher economy-wise). You might not find billions, but if you do what is outlined in here, I can definitely get you millions more and best-in-class profitability for MSPs. Access the Money Map now.

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ABOUT THE AUTHOR
There’s no doubt about it: Robin Robins has helped more MSPs and IT services companies to grow and prosper, liberating them from stagnation, frustration, drudgery and low incomes. For over 20 years, Robin has been showing MSPs and IT services firms how to implement marketing plans that attract higher-quality clients, lock in recurring revenue streams and secure high-profit contracts. Her methods have been used by over 10,000 IT services firms around the world, from start-ups to multimillion-dollar MSPs. For more information and a FREE copy of The MSP’s Ultimate Guide To IT Services Marketing And Lead Generation, go to https://www.technologymarketingtoolkit.com

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