Technology is more complex and more critical than ever before. After two years of dealing with the fallout from the COVID-19 pandemic, including the rapid mass deployment of WFH solutions amidst massive supply chain issues, most business owners have a much higher appreciation of their IT resources. Consequently, the value of the people and companies that deliver innovation and support critical IT infrastructure will be significantly greater in 2022.
What does that mean for MSPs? First of all, some clients known for throwing out pricing and other objections may be complaining a little less today. Many companies are seeing their MSPs in a new light—as real partners in their success. Sales are growing at significantly higher rates than before the pandemic as cybersecurity and inflationary concerns cause businesses to rethink their technological investments. Protection and efficiency are no longer “buzz words” for your clients.
The increasing value of skilled managed services providers makes now the perfect time to assess your business strategies. Despite all the past challenges, industry experts expect MSPs will be in an even better position to increase their revenue streams in a post-pandemic world. Building new plans to increase monthly recurring revenue (MRR) will drive the cash flow your company needs to fund additional expansion.
Increasing “wallet share” with your current clients is one logical step. Adding new technologies and tools that boost their efficiencies and capabilities or supplement existing cybersecurity protection create a “win-win” situation for all parties. These services provide incremental revenue streams for your MSP while strengthening and better securing your clients’ infrastructures and businesses.
Take the Next Step in IT Support
While the SMB is the standard target for most MSPs, the advancing technical needs of organizations are creating many new market opportunities. Larger organizations are going through the same WFH/hybrid workspace challenges as their smaller counterparts and struggling to support a growing number of remote workers. Combined with hiring difficulties and many in-house IT team members’ lack of experience working outside the corporate firewall, it presents an entirely new opportunity for MSPs.
Dealing with all the issues that arise when making extreme workforce transitions can tax any business. Now add in the ongoing support and cybersecurity requirements, and it’s easy to see why many companies in the mid-size to enterprise space could benefit from teaming up with an MSP in a co-managed IT experience.
Freeing corporate IT teams to focus on the corporate network and systems and handle any onsite technology needs and handing offsite work to capable IT services firms optimizes mutual skillsets. MSPs could also augment cybersecurity and deliver 24/7 operational support. Many larger organizations can benefit from working with outside IT professionals, whether filling gaps with the client’s existing resources or providing new or specialized services and support.
Of course, those are not the only areas where MSPs can deliver value in a co-managed IT relationship. The slate is clear when pitching prospects with in-house IT teams, so it’s important to evaluate options and pitch creative and flexible proposals. Creating doubt in the status quo and getting sales prospects to consider new ideas are top priorities for your sales team. Can you easily and cost-effectively tailor support programs to meet that organization’s specific needs?
With certain tech specializations, such as expertise in advanced cybersecurity, O365 applications, or POS (Point of Sale) and payment technologies, MSPs will find it easier to leverage those skills to open new doors. Those “ins” allow providers to build and strengthen relationships with decision-makers and make it easier to discuss and explore additional current and future opportunities. Developing strong alliances with internal tech professionals and management teams is also essential for securing renewals and longer-term support contracts.
Co-management comes in many forms. From basic tech support in the off hours or when the internal tech team needs time off to a full-blown collaboration in many areas of the IT ecosystem, MSPs can carve their own space when and wherever businesses express a need. Cybersecurity is one of those high-value opportunities.
Pick a Starting Lane
With a strong combination of internal and external technical expertise, MSPs can help even the largest companies fortify their defensive strategies and meet increasingly demanding compliance requirements. A wide skillset and extensive cybersecurity resources are needed to protect today’s corporate infrastructure, including the WFH and hybrid workforce environment. With all the new and unique challenges of the past two-plus years, business leaders find themselves looking for solutions to address these different problems.
Co-managed cybersecurity creates a win-win in these environments—from the ever-increasing regulations and compliance requirements to the continually escalating threat of cybercrime. From the SMB to the largest enterprise, organizations without the right mix and depth of tech resources can benefit from working with an MSP today. With access to a diverse and highly skilled team of tech professionals, they can better support and protect their people, infrastructure, and reputations.
Co-managed opportunities are everywhere. With the bandwidth to support and augment internal IT teams, MSPs can increase their recurring revenue streams, cash flow, and profitability while sharpening their teams’ skillsets.
ConnectBooster is committed to payment processing for MSPs, with industry-leading payment security to bolster and complement existing cybersecurity efforts. Whether enabling your company to accept clients’ payments or giving you the ability to extend similar capabilities to those customers’ businesses and grow your MRR, our team can make it happen.
Are you ready to take advantage of all the opportunities associated with payment processing for MSPs? Contact us. We can’t wait to help you get started.