MSPmentor

In a previous blog post, I described the 10 benefits of using surveys in your service provider business. But if you still feel surveys are a “nice to have” rather than a “need to do” (despite knowing how surveys increase customer retention, improve product and service delivery and create competitive advantage), let me convince you otherwise.

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In the last few months I’ve spent a lot of time on the road, at events and visiting with countless VARs, MSPs and other technology solution providers. And, I can tell you first hand that this is an industry in motion! As technologies and markets evolve, solution providers are carving out their own unique market segments, areas of specialization and core competencies in order to compete and grow their businesses. Here’s a closer look at the strategies plus seven keys to your continued success.

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Fortunately, today’s new service management tools promise a variety of ways to optimize the profitability in your managed services business. They furnish a range of features and functions for handling projects and service contracts that let MSPs more easily define and measure key metrics and get a much clearer picture of their profitability.

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The time-tested formula for MSPs when creating service contracts is to set fixed monthly fees to ensure regular recurring revenue. But that may not be the most profitable strategy, especially if you are not incorporating key business terms and conditions to clearly define the work scope, and then managing to those deliverables. And that approach can be a real crap shoot, unless you have a solid business management platform in place to help you analyze your performance against each and every contract so you can make adjustments as you go.

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I recently attended the terrific “Breakaway 2010” event put on by CompTIA, the leading computer industry association, and I was glad to see the big emphasis that was being placed on opportunities in the healthcare vertical market for IT solution professionals.

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I’m always impressed when the service providers I work with take the time to ask me how things are going. When it comes to checking in with customers, consumer-oriented companies are pretty savvy. They know that regular customer satisfaction check-ins will help to maximize customer retention, and help them figure out how to best position themselves to win new business.  But businesses that provide services to other businesses have been slower to figure this out, and I’m continually surprised at how few companies in the IT business regularly conduct surveys of their customers.

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Much has been written and taught about the “holy grail” of IT service providers — to become your clients’ “Trusted Technology Advisor.” But don’t stop there. The next logical step is to become your customers’ Embedded Technology Advisor. Here’s why.

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For years the prevailing wisdom has been for IT solution providers to focus less on moving products, and more toward a business model built primarily on services delivery. The conventional thinking was that product sales involve too much work for too little margin, while services allow for more predictable and stable recurring revenue.

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Like it or not, products are an integral (and important) part of any IT Service business. Product sales and services sales go hand-in-hand, drive each the other, and produce a whole that is much bigger than the sum of the parts. With the latest product and services automation tools available today, if you’re not realizing a healthy balance of product and services revenue you’re likely leaving serious money on the table, and setting yourself up for erosion of your existing customer base.

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In today’s fast-paced world of technology, new IT issues — and new solutions — can arise in the blink of an eye. This poses a unique challenge for MSPs and VARs trying to stay ahead of the game while simultaneously working to contain costs and maximize ROI. After all, if you can’t or don’t evolve with ongoing service advancements you will quickly begin to lose customers to those competitors who continually find ways to reinvent themselves. So, what’s your next move? Here’s some guidance.

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To follow the ideas I presented in my January blog post, Getting Ready for the Rebound, we’re all looking to do more with less in 2010. That’s easy to say, but executing the concept in your day-to-day-operations can be a challenge. Here are nine questions you need to consider as you strive to make your business more efficient.

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There’s no denying 2009 was a challenging year. Nearly everyone was forced to cut costs, streamline operations and undergo the proverbial belt tightening to stay out of the red. It wasn’t easy. Salary levels were frozen. Bonuses canceled. Furloughs mandated. And, in the worst cases, employees laid off and businesses closed. Now, here’s some upside.

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