EP190 - Want More Sales in Your MSP? Do This Now! with Ian Luckett

07/05/24 • 16 min

We start by addressing the fundamental need for a structured approach to sales in the MSP sector. It's not about quick fixes or hoping for that golden unicorn prospect. Instead, it’s about implementing a consistent process and understanding that building meaningful relationships takes time. We’ve crafted a comprehensive "shoe leather sales plan" designed to get your MSP on track with clear, actionable steps.

First and foremost, set some realistic targets. Without clear goals, it’s impossible to measure success. For most MSPs, acquiring one new client a month can be transformative. By setting targets, you can break down the required steps to achieve those goals, like engaging in quality conversations and generating the necessary leads. Aim for 10 quality conversations to secure 4-5 leads, which should yield that one new client each month.

Next, identify your dream 50 clients. These are the ideal customers you want to work with. Focus your efforts on this list to avoid spreading yourself too thin. Make sure your LinkedIn profile is polished and targeted. Engage with these potential clients by sending connection requests, participating in relevant discussions, and offering valuable content. Remember, it’s about building trust and showcasing your expertise, not just making a sales pitch.

Attending events and networking is another crucial step. Whether it’s local business groups, Chamber of Commerce meetings, or industry-specific events, put yourself out there. Networking is all about building relationships and establishing your presence in the community. Don’t just attend – be active. Offer to speak at events, host webinars, or run lunch-and-learn sessions. Providing valuable insights and educational content will position you as a thought leader in the MSP space.

Giving back to the community is essential. If you help others achieve their goals, you will naturally attract opportunities. Offer your expertise by contributing content, such as blogs, surveys, or white papers, to industry publications and groups. Create your own events and invite clients and prospects to join. Teaching others about cybersecurity or the latest tech trends not only showcases your knowledge but also builds goodwill and trust.

Consistency is key. This might sound tedious, but it’s where many MSPs falter. Use tools like LinkedIn’s Social Selling Index to gauge your activity and effectiveness on the platform. Regularly post valuable content, engage with your network, and follow up diligently. The more active you are, the more visible you become, and the more opportunities you will attract. Track your efforts and continuously refine your approach to ensure you're making the most of your time and resources.

Finally, build a solid plan. Your plan should cover networking, stakeholder engagement, and content creation. Having a clear strategy will keep you focused and accountable. As you consistently execute your plan, you'll find your email inbox filling up with inquiries from potential clients who see you as a trusted advisor.

Implementing these steps will take effort, but the rewards are worth it. By setting clear targets, engaging with your ideal clients, attending events, giving back, staying consistent, and following a structured plan, you’ll see a steady increase in sales for your MSP. Dive into this episode for a detailed breakdown of each step and start taking action today.

Connect on LinkedIn HERE with Ian and also with Stuart by clicking this LINK

And when you’re ready to take the next step in growing your MSP, come and take the Scale with Confidence MSP Mastery Quiz. In just three minutes, you’ll get a 360-degree scan of your MSP and identify the one or two tactics that could help you find more time, engage & align your people and generate more leads.

To join our amazing Facebook Group of over 400 MSPs where we are helping you Scale Up with Confidence, then click HERE

Until next time, look after yourself and I’ll catch up with you soon!

Connect on LinkedIn HERE with Ian and also with Stuart by clicking this LINK

To join our amazing Facebook Group of over 400 MSPs where we are helping you Scale Up with Confidence, then click HERE

Until next time, look after yourself and I’ll catch up with you soon!

Previous Episode

EP189 - The Dangers of Being a Profit Passenger in Your MSP – Success Stories with Gary Rayner & Ian Luckett

Gary Rayner, after 18 years in business and on the verge of reaching a seven-figure turnover, recognised the need to shift his approach to managing finances within his MSP. Initially, his in-house bookkeeper managed day-to-day invoicing and bookkeeping, a role that evolved from Gary himself to an ad-hoc helper, and finally, a dedicated in-house process. Despite his interest and involvement in finance, Gary realised that what got his MSP to its current level wouldn’t be enough to propel it forward. The turning point came when his bookkeeper retired, and Gary temporarily resumed those duties, which highlighted areas where the business was not optimally billing or even missing billing entirely.

Gary's decision to bring in an interim CFO marked a pivotal moment in his MSP’s journey. This CFO, although not from the IT sector, brought a fresh perspective and a wealth of financial expertise. Gary wisely chose someone outside the IT industry to avoid inherited bad habits and gain unbiased insights. This move highlights the importance of surrounding yourself with people smarter than you in specific areas to drive business growth.

The CFO's role was not just to manage day-to-day financial tasks but to establish robust processes and provide strategic financial oversight. Gary and his CFO worked on integrating various tools and systems, such as PAX 8 and Autotask, ensuring seamless data synchronisation with their accounting software, Xero. By leveraging Excel for detailed financial analysis, they could compare data from different sources, ensuring accuracy in billing and financial reporting.

One of the significant changes Gary experienced was the shift in focus from just net profit to a broader range of financial metrics, including EBITDA, adjusted net profit, gross profit, and cost per customer acquisition. This comprehensive approach provided a more detailed understanding of the MSPs financial health, enabling better strategic decisions.

Gary's journey illustrates the importance of having a structured process and the willingness to revisit and reassess financial management practices. The introduction of a CFO allowed Gary to step back from the detail and focus on strategic growth areas. Even though the CFO's tenure was short-term, the impact was profound, leading to the implementation of efficient processes that the team could manage independently in the interim.

The transformation also involved adopting forecasting tools like Fathom, which provided valuable insights into potential future scenarios. This capability allowed Gary to plan for various outcomes, ensuring the business could navigate challenges and capitalise on opportunities with confidence.

Gary's story is a testament to the power of financial literacy and proactive management in scaling an MSP. His experience highlights that understanding and controlling financial metrics is crucial for any MSP aiming for sustainable growth. By taking the necessary step to bring in external expertise, Gary positioned his business for continued success and stability.

Connect on LinkedIn HERE with Ian and also with Stuart by clicking this LINK

To join our amazing Facebook Group of over 400 MSPs where we are helping you Scale Up with Confidence, then click HERE

Until next time, look after yourself and I’ll catch up with you soon!

Next Episode

EP191 - The No. 1 Reason Why MSPs Fail with Tracy Pound and Ian Luckett

From the outset, Tracy emphasised the importance of strategy in driving the growth and success of an MSP. It's a term that often evokes yawns, but as Tracy pointed out, without a solid strategy, even the most technically proficient MSPs will struggle to grow. Tracy explained that many MSPs are founded by technically-minded individuals who may not have the broader business experience necessary to create a robust strategy. This lack of strategic planning often becomes a significant barrier to growth.

One of the key takeaways from our conversation was the critical role of culture within an organisation. Tracy stressed that culture is not just a management issue but something that needs to be embedded throughout the entire organisation. A strong culture, according to Tracy, is reflected in the behaviours and attitudes of the staff. It's about creating an environment where people want to be, where they go above and beyond because they feel valued and understood. This culture then translates into how clients perceive the business. Tracy highlighted that happy, engaged employees provide better service, which in turn leads to happier clients.

Tracy also shared some practical steps for MSPs to build and maintain a strong culture. She suggested regular strategy sessions with the entire team, at least annually, if not biannually. These sessions should be off-site to avoid daily distractions and should focus on what is working well, what needs improvement, and how the team can collectively achieve their goals. Tracy stressed the importance of active listening during these sessions – listening to understand, not just to respond. This approach fosters a sense of inclusion and ensures that every team member feels valued and heard.

We also touched on the importance of understanding customers. Tracy pointed out that many MSPs are so focused on acquiring new clients that they neglect their existing ones. Regular account management is crucial – knowing your clients’ business needs, understanding their pain points, and building strong relationships can lead to more business opportunities and increased loyalty. Tracy shared a compelling story based on her past experience, where she took the lock off her IT department’s door to encourage openness and better service. This simple act significantly improved internal and external relationships, highlighting how small changes can have a big impact.

Another significant point Tracy made was about the difference between a business plan and a strategy. A business plan is often a static document created to satisfy banks or investors, whereas a strategy is a living, breathing part of the business. It involves everyone in the organisation and is continuously evolving. Tracy’s insights here were a real eye-opener, showing that a dynamic strategy aligned with the business’s core mission and values is essential for long-term success.

As we wrapped up the episode, Tracy shared some golden nuggets on leadership and the importance of being genuinely interested in people. She noted that technology serves people, not the other way around, and understanding this can make a huge difference in how an MSP operates and grows. Tracy also highlighted the value of being involved in communities like CompTIA. CompTIA offers fantastic networking opportunities, peer-to-peer learning, and valuable research that can help MSPs stay ahead of the curve.

This episode with Tracy Pound is packed with valuable advice for any MSP looking to overcome common pitfalls and build a successful business. Tracy’s passion for helping businesses grow and her extensive experience in the industry shone through. If you’re not already involved with CompTIA, I highly recommend checking it out – the support and resources they offer are invaluable.

Connect with Tracy through her LinkedIn profile HERE.

Connect on LinkedIn HERE with Ian and also with Stuart by clicking this LINK

To join our amazing Facebook Group of over 400 MSPs where we are helping you Scale Up with Confidence, then click HERE

Until next time, look after yourself and I’ll catch up w...