How Can I Optimize My MSP Business This Year?

by | Jan 4, 2022 | Featured Article, How To | 0 comments

The start of 2022 provides an opportunity to take stock of the previous year that has just been completed and begin anew. Now is the time to reflect and evaluate before going forward.

How do you want to position your IT services for the new year? Are there new revenue goals you have? Do you want to explore a new target market? Are you just trying to lower costs so you can take a weekend off regularly?

If you are looking to optimize your managed services and IT business processes for 2022, there are some steps you can take to get a jump start on a bright new year.

Review 2021 Analytics to Look for Hits & Misses

Before you can plan for the future, you need to take a look back at the year that’s just gone by. You want to identify what’s been working well for your company and what didn’t go so well and take a hard look at costs versus revenue.

To get a full picture of customers, income, costs, and productivity, you should review your business analytics. If you use Syncro RMM software/PSA platform, you can do this using our Executive Summary Report Builder.

Other types of reporting you can look at get a roadmap for the successes that you’ll want to drill down into and the problem areas you need to change include:

  • Sales Reports
  • Marketing Reports
  • Websites Analytics Reports
  • Customer Statistics (retention, reorders, etc.)
  • Employee Reports (turnover, productivity, etc.)

Conduct a SWOT Analysis for 2022

A SWOT analysis isn’t just something big consulting firms do for corporations. It’s a helpful tool that you can use to fully understand how your company can adjust and fuel growth in the coming year.

A SWOT analysis includes taking a hard look at your company’s:

  • Strengths: What do you do better than your competitors? What do customers continually praise you for in reviews? What unique value do you bring to clients?
  • Weaknesses: Where are you falling short of your goals? In what places is your competition doing better than you? What are your biggest internal challenges?
  • Opportunities: What new revenue streams are yet to be fully tapped by your business? What do customers wish you would offer? What technologies trends are advancing that you can take advantage of?
  • Threats: What threats face your business that are outside your control? How can you prepare for unexpected threats that can hurt your company?

Identify Unprofitable Activities

Look at your activities versus revenue and identify things that stick out as taking more time and effort than they are valuable to your business. You don’t necessarily need to remove these activities if you don’t want to, but they should be identified as areas where you should make some changes to improve their profitability.

Look for Ways to Automate Manual Processes

As an IT business owner, you most likely help your customers automate their manual business processes to save time and money. But you may not have had the time to do this for your own company.

Are you still logging incoming emails into your CRM by hand? Does your accounting department have to generate invoicing for tickets in a separate system instead of your tickets and billing being connected?

Look for ways you can automate and do what you teach your customers to do to optimize and improve productivity.

Streamline & Reduce Cloud Waste

Companies waste an average of 35% of their cloud services budget. Redundant apps, oversized instances of tools, and forgetting to close unneeded employee accounts all contribute to cloud waste.

Look for ways to use fewer cloud tools by choosing all-in-one platforms that do several things. You not only save money by getting all your tools in one package, but you also eliminate redundant apps costs and improve interconnectivity for fluid data flow.

Send Out a Customer Satisfaction Survey & Ask What They’d Like 

One of the best “north stars” for how you should optimize in the new year is what your customers have to say. Send out a year-end customer survey to find out how customers feel about you. 

Ask them what services you don’t offer that they wish you did. If you see several customers pointing something out, that’s an opportunity for a new revenue stream!

Explore New Service Offerings to Match Technology Advancements

Take a look at what’s coming down the pike in technology advances and be ready to offer IT services for it.

One to consider in the coming year is virtual reality. Both Meta (formerly Facebook) and Microsoft are heading into the 3D immersive environment realm next year. 

Microsoft Teams is one to explore because Microsoft plans to roll out Mesh for Teams this year. If your company is already well-versed in assisting companies with this new technology, it can give you a significant competitive edge.

Optimize & Streamline with a Combined RMM & PSA Platform That’s Easy to Use

The Syncro RMM/PSA platform reduces costs by integrating the most important tools your IT business uses to service customers. 

Contact us today to schedule a free demo and a 30-day free trial. Call 856-579-6276 or start your trial online.

 

Caitlin Good is the Content Marketing Manager at Syncro with more than 10 years of experience in the technology and eCommerce industries.

 

© 2022 Syncro. All Rights Reserved.

This document is provided for informational purposes only and should not be relied upon as legal advice. Syncro makes no warranty, expressed nor implied, or assumes any legal liability or responsibility for the accuracy, completeness or usefulness of any information contained herein.

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