Getting your clients to pay their managed services invoices on time sounds great, but that scenario is nearly impossible unless your company implements best practices to ensure it happens.
One of the most challenging parts of running a business is having the “money conversation” with clients. Whether employees spend their days on IT or the office side of operations (including sales and marketing), not many people enjoy making collection calls or following up on past due invoices.
Industry experts frequently emphasize the importance of staying in your lanes. In other words, they don’t believe organizations should deviate too far from their business models and core competencies since leaders can lose focus on the big picture.
IT services professionals work hard. Like many small business owners, you probably don’t clock out at 5:00 PM sharp Monday through Friday and relax all weekend. If you do, kudos for establishing a lifestyle-oriented business many MSPs aspire to and typically spend years developing through automation and a continual focus on process efficiency.
Networking is an undervalued resource. If you list the collective skills, knowledge, and work capacity of the IT professionals in your ecosystem, it just might blow your mind. Think of the things your company could do with that VIP-caliber team working behind the scenes.
“The learning curve” can be costly. Time is money, and the investments required to train employees and clients on new technologies and processes can quickly cut into your company’s profits. Of course, education and preparation can be considered a cost of doing business for IT services firms, and as long as people are performing the work, those activities should always be line-items in the budget.
Have you ever thought about what your organization would look like in 10 years? Will the same quality people be involved, or will your company rely on artificial intelligence and robots to perform manual tasks? On the payment side, will your clients pay in Bitcoin or some other form of cryptocurrency or digital payment?
As with every new year, I must express my gratitude to all our amazing partners. It is an honor to serve you and your businesses every day, and we hope to continue offering new services based on your feedback and requests.
The Meriam-Webster dictionary defines opportunity as “a favorable juncture of circumstances.” It’s the perfect description for many managed services providers (MSPs) as 2018 comes to a close with an exciting list of new prospects awaiting them in the new year.
Mergers and acquisitions has been a hot topic in the IT channel this year, especially in the minds of owners and shareholders considering the future of their businesses. Many of the published articles have been focused on the legal and technical concerns, but I wanted to discuss the strategy of selling your business to get the highest possible return.
Time is money. No matter how frequently that topic comes up, it may never be enough to highlight the value of automation to those who own a managed services business ̶ as well as their customers. Unfortunately, many MSPs openly admit they are not taking advantage of all the power their tools possess due to time and resource constraints and, as a result, limit their growth and cash flow.
There is a myth that service-based businesses do not experience the same pains of inconsistent cash flow that a project-based business will experience. In the perfect world, customers would pay you every single month and never be late. After all, you’re providing fantastic service, right?
How often does your MSP get asked if you provide hardware? It’s a massive cost for a small business to pay for the necessary tools they need to run their business. Whenever a company is shopping around for an MSP, they are going to ask if you can provide their business with hardware.
Everyone in life likes multiple options. We like multiple options when it comes to ordering our food and even the color of our vehicle. MSPs are the same; any MSP likes to choose from the best technology and tools that save money and offer the best value for their business.
Earning a client’s business is not easy, you have to work on building a relationship and overcome several barriers to earn trust. One of the best ways you can build trust is to show how much you care about your customer’s business and how you will handle their payments.
QuoteWerks just released their new and improved integration to the BNG Gateway. For those of you who are unfamiliar, the BNG Gateway is the secure payment handling service that underpins all payments run through ConnectBooster.
The rate businesses are experiences data breaches is growing. The Equifax Data breach was a massive scandal and severely damaged the brand’s image and cost them big.
It’s important as a business to make sure you’re trying to follow best practices; especially when you’re working on your business’s security. One of the biggest oversights you can make is how you handle payments.