Building profitability, long term value, and increasing revenue is a dream many MSPs struggle to achieve. The traditional services model is outdated. Projects, software, and equipment sales and installations may not be things of the past, but those “one-and-done” income sources can’t be relied on to sustain continued cash flow and growth.
Providing subscription-based services is the sure way for MSPs to flourish and build a more predictable business model. It’s a win-win equation. Managed services providers are not only delivering the technology their customers need, but can offer a variety of business-critical solutions to boost security, increase productivity, and prevent other troublesome issues‒ while adding to their own bottom lines.
The services your clients and prospects need and want are exactly the things that will give your MSP the safety net and assurance of a consistent paycheck every month. With greater monthly income comes greater business value.
When you can build your reputation as a partner that is essential to efficient operations, your customers will be much more likely to stay long-term. Consider these five ways to increase your recurring revenue.
Monitoring and Management
The last thing your business clients want is ownership, or should we say responsibility, over their technology. From servers and databases to software and end-user devices – organizations want the benefits that come with these solutions but not the hassle of updating and maintaining them. That’s where you come in. Take charge of the mundane and let your customers do what they do best.
According to Allied Market Research, the cybersecurity market topped is projected to reach $258.99 billion by 2025, which represents a Compound Annual Growth Rate of 11.9%. While your clients should be well aware of the importance of security measures, some may be hesitant to invest in the more advanced strategies they need today due to a lack of understanding or time availability. For SMBs forced to deal with PCI-DSS, HIPAA, and other compliance concerns, most should appreciate hearing an MSP say, ‘sit back and let us take care of it.’ Providing customers with ways to protect their assets, both digital and physical is a great way to differentiate yourself from the competition.
More and more applications are moving to the cloud, and while your customers may have a decent handle on it, your business can help them manage it – preventing downtime and dealing with any issues that arise. Procurement, implementation, end-user training, compliance and security, backup, and disaster recovery are all areas of need for your clients.
Today’s workforce is becoming more mobile and not as bound to a physical office 9-5 as before. The ability to provide your customers with on-the-go support will be a huge advantage. Partner with wireless companies and vendors who offer mobile security solutions. You can be the go-to first line support for your clients and help solidify your position as their most essential business resource.
As computer-centric as our personal and business lives are becoming, phones will always remain much more than a staple of the office. Voice communications are vital to virtually every department in any business. Hosted VoIP efficiently integrates with your customers business applications to boost productivity and automates time-consuming tasks. For example, CRM integration, call screenings, and voice message to text. If a potential client is not already utilizing hosted VoIP, this can be a great opener to onboard them as it is a great money-saving option.
Don’t Pitch Technology, Pitch Solutions
Today’s MSP offers IT support, consulting, and competitive solutions. Whether individually or through partnerships, to stay at the forefront of competition, solutions like the above mentioned are necessary to solidifying both your relationship with clients and your bottom line. Don’t just pitch IT solutions, consider what your current customers and prospects need – from saving money on cheaper solutions to increased productivity.
If you can simplify your clients’ business operations, they will see you as an integral part of their operations and place a higher value on the services your MSP delivers. Don’t underestimate what that means when recommending new solutions and negotiating renewal contract. The more income your solutions allow clients to generate each month, the greater your own revenue (and profit) opportunities. Partnering with ConnectMeVoice lets you focus on what really matters: providing business quality phone service to your clients under your brand while generating highly profitable recurring monthly revenue.
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