Read April’s Soar to Success Article here:
Almost without exception, Managed Service Providers (MSPs) – irrespective of their size or geographical reach – are unified by a common ambition: growth and amplifying their monthly recurring revenue. This objective is undeniably a core driver of all MSPs’ strategies and endeavors. However, the pursuit of this goal frequently entails the MSP owner wearing many hats, often simultaneously – they become the sales manager, the tech guru, the marketing specialist, and effectively the jack of all trades.
The Implication of Jack-of-All-Trades Syndrome
This ‘jack-of-all-trades’ syndrome might initially seem to be a strategic advantage. After all, if the owner is involved in all aspects of the business, they have complete control, right? However, in reality, this approach often impedes growth. So, the question arises – how can you orchestrate your MSP’s growth when you’re entangled in the operational details of every facet of your business?
Regrettably, a substantial number of MSPs succumb to this cycle of stagnation. They find comfort in familiarity, reverting to their known practices and procedures day in, day out. Year upon year, they realize they’ve made no substantial progress – they’re metaphorically rowing their boat but remaining stationary.
What’s the solution for an MSP trapped in this vicious cycle of stagnation? What if you were presented with a mythical magic lamp that, when rubbed, produced a genie offering you a solution to your predicament? Wouldn’t you seize such an opportunity without a moment’s hesitation? Well, brace yourself and get ready to make that figurative leap!
Working IN the Business vs. Working ON the Business
Drawing from my extensive experience as an MSP owner and consultant, I’ve discerned that MSPs often find themselves stuck in this cycle because they are continuously consumed with working IN their business, and rarely, if ever, invest time to work ON their business. The distinction here is critical. Working IN your business involves day-to-day operations, while working ON your business involves strategic planning and development for growth. I acknowledge that it might seem challenging to carve out time from your already packed schedule to approach your work from a different perspective. Still, it’s an essential step towards breaking free from this limiting cycle.
Practical Steps for Progress
So, where should you start? Here’s a tangible strategy to kick-start your journey towards growth.
Begin by closely monitoring how you utilize your work hours. Log every task you undertake, noting the time and duration of each activity. Continue this tracking process for an entire month. After this period, scrutinize each task following these strategic steps:
1. Eliminate. Scrutinize each task and ask yourself, “What would be the consequence if I stop doing this task?” If the answer reveals that ceasing the task would have no significant impact – your profits remain stable, operations continue smoothly, and no stakeholders express concern – then the task is likely dispensable. Discard it.
2. Simplify. If a task cannot be eliminated, then consider simplifying it. The goal of simplification is to achieve the same results using fewer resources or less time. Ask yourself, “How can I streamline this task to achieve the same outcome with less time and effort?”
3. Automate. If a task can neither be eliminated nor simplified, automation should be your next consideration. Seek out digital tools and solutions that could perform the task you’ve been completing manually.
4. Delegate. Finally, delegate any remaining tasks that have neither been eliminated, simplified, nor automated. Ask yourself if the task is repetitive, teachable, and performable by others. If it is, develop a standard operating procedure (SOP) for your team to follow, and work with them to ensure the task is completed accurately and effectively.
Embracing the Process
I understand this process might seem daunting initially. However, I implore you to give it a try. Take it from this ‘Jeanne,’ who has successfully navigated the journey to grow a 7-figure MSP: this methodology works.
If you’re interested in delving deeper into the world of MSP growth strategies, I’m here to support your journey. Don’t hesitate to get in touch or consider joining our complementary Cloud Academy here. We offer an array of guides, training resources, and tips on how to elevate your recurring revenue through effective cloud strategies.