You’re in demand. You offer a service that saves people money and helps them maximize their resources, and it’s going well. Too well. Maybe you started out as a one-man-band, fishing for new leads and gaining customers through word-of-mouth, referrals, or friends and partners. Your early success meant you decided to set yourself up as a freelancer or small business and see where your expertise took you.
Scaling your MSP
Now you’re looking to scale up. As an entrepreneur, you know growth needs to include some sort of marketing strategy. So, consequently, you’re currently researching the best way to go about gaining leads and increasing your client base.
It might seem counter-intuitive, but we’re here to tell you why leads are bad for your business. Seriously.
Too Many Leads Lost John 3 Clients
Let’s take John – a fellow MSP provider – as a perfect example. He was looking to take on new business and grow his company’s revenue, so decided to hire a marketing company to help him meet his financial goals. Although the lead generation was promising at first, after a few months of disappointing progress and no return on investment, he let the marketing company go. However, the marketing company left him with 30 new leads, many of which John couldn’t close on, resulting in him only taking on 3 extra clients. Sadly, he lost all 3 of those clients within 90 days due to not having the right procedures in place to cope with the sudden injection of new business.
Although John eventually reached his growth goals a year later, his struggle from a one-man-band, entrepreneur and overall hustler to the CEO of a 7-figure company required a shift in mindset. He needed to get his house in order first, which laid the foundations for his astronomical success.
John’s journey isn’t unique. Many IT MSPs struggle with transitioning and scaling up their business at first. It’s not an easy road, but failure really is all down to not having your processes, SLAs and procedures nailed before taking on new clients.
I know it sounds boring, but unless you start to operate with a business plan and marketing strategy outlined and underscored, you will inevitably fail. Don’t become a victim of your own success. Lay fruitful foundations and watch your company flourish.
MSP – Major Strategic Planning
This also means redefining your acronyms to become the MSP of MSP – Major Strategic Planning. This requires the implementation of two integral procedures:
Your MSP business process; and
Your MSP marketing plan.
MSP business process
For MSPs, a robust business process is all about defining your goals and working backwards. For example, if your goal is to scale up your business effectively and avoid dropping the proverbial ball, you need to work out how to manage your internal processes effectively. Working backwards, this means asking yourself a set of key questions.
Outline your Goals and Objectives.
How many clients do I need to take on to reach my growth goals?
Am I able to support or manage those clients effectively with the resources I have?
What process and procedures do I need to implement so I can manage my new clients effectively?
How do I onboard my clients and organize my time? For example, defining and signing Service Level Agreements (SLAs).
Are there any people, tools or applications that can help me manage my time and processes more efficiently?
How do I set up my structure of operations to better handle my projected growth?
What are my objectives and how will I monitor them to measure my success?
Once you have the answers to these questions, you have the bare bones of a business process. Now, all you need to do is write it up and follow your self-defined procedures to ensure happier, longer-term customers. Then, when those new client leads come in, you’ll be in a better position to meet their needs.
MSP Marketing Plan
An effective business process is essential for ensuring a robust backend. However, the next most important element of your business is your marketing plan. Similar to your business process, your marketing plan aims to bring all those pieces together so they each contribute to your overall success.
Ask yourself the following:
What is my mission statement?
What is my MSP’s goal?
Who is my ideal client?
How will I target my ideal client?
Am I a thought leader in my industry?
What factors affect the likelihood of my success?
Where do I see myself in the future?
Will my business offering evolve? If so, how?
How do I track my marketing progress?
Once your MSP business and marketing plans are in place, you’re ready to reap the financial rewards. Without them, scaling isn’t possible. They’re what set you apart as a professional, helping you to grow organically and reach those 7-figure CEO dreams.
If you are ready for more leads check some free resources.