Partners Share Their 2021 Goals—and Plans for Achieving Them
25 to 95%. Learn more about the math behind a successful as-as-service model.
For many TSPs this year, pipeline generation has moved to the back burner. Selling can be challenging even in the best of times, and during an economic downturn, it can feel nearly impossible. Yet, there’s still an opportunity to provide value to prospective customers who require essential products and services to weather this new normal.
“We need to cut costs.”
While implementing cost-cutting measures might have been more prevalent in the face of an economic downturn, it’s a good practice to keep in mind upon the new year. There are only two ways to impact profits: increase revenue or decrease costs. Going into 2021, many MSPs are looking at how to keep their costs low.
Here’s a great book suggestion: Check out Profit First to transform your business from a cash-eating monster into a money-making machine.
How ConnectWise can help
The best way to boost profitability is to take a good look at your numbers. Invoicing is the culmination of several moving parts, from sales to service and contracts to projects. Automated billing and improved efficiency reduced revenue loss, saved $238,798 over three years, and increased finance team productivity by 25%. By doing so, you can build trust and avoid payment delays with detailed, timely invoices that match customer expectations.
Strategizing New Security Tactics
“We need to double down on cybersecurity.”
By 2022, the global cybersecurity workforce shortage is projected to reach upwards of 1.8 million unfilled positions. Cybersecurity continues to hold a high position of importance among SMBs worldwide; 86% of respondents say it’s in the top five priorities for their organization, and 38% say it is their No. 1 priority.
To add a little more perspective, 91% of SMBs would consider using or moving to a new IT service provider if they offered the “right” cybersecurity solution. Those who would consider moving to a new IT service provider reported that they’d be willing to pay 30% more for it.
There’s definitely a demand for cybersecurity services, but it seems MSPs are struggling with how to generate revenue in that area. Confidence is a key factor for SMBs in choosing the “right” offering : 68% of SMBs say the right offering means confidence in an MSP’s ability to respond to security incidents, while 58% say its confidence to minimize damage or loss.
How ConnectWise can help
If we’ve learned anything this past year, it’s to focus on the things we can control and react to the things we can’t. MSPs need to adapt and become flexible in shifting their security coverage and offerings to match the