How to Grow Your MSP's Recurring Revenue
2 min 10 sec read
With Australia loosening its restrictions and businesses entering a new normal—it’s time to spring back into action with a revenue system that will ensure long-term profitability. One of the many advantages of the managed services model is a predictable revenue stream. Predictability brings financial security, giving you the opportunity to grow and scale your MSP business.
In this blog, we share 5 simple and actionable solutions to help boost your MSPs recurring revenue.
Sell a Solution
Your customers don’t necessarily want to hear about a certain technology you have to offer, what they really want to know is how that technology is going to help their business. You need to focus on the solution your service will provide when it comes to marketing your recurring services.
Productise Your Services
Productising your services into sellable and repeatable solutions is one easy way to build more recurring revenue. This doesn’t have to cost you more time and money—simplify the task. What do you have to offer as an MSP on an ongoing basis to your clients that will directly solve a problem/issue for them? Whatever it is that you are currently doing, package that into an ongoing service that will help you support your clients in a bigger capacity.
Highlight Your Point of Difference as a Business
What is your point of difference as a business as a whole? What is it that you can do differently to others? How can you do it differently? And how will you market that “difference”? All the answers to these questions will help you understand your position as an MSP in the recurring services market. Be very specific and market in such a way that the language of your words resonates with your audience.
Automate Business Processes
One way to increase your revenue that isn’t very obvious at first glance is by automating your business processes. This includes billing, receiving payments, customer management, service delivery, and monitoring staff members. A streamlined process free of cracks will ensure your business productivity increases which in turn will increase profits and the overall customer experience.
Review Your Current Services
One of the best ways to discover what your potential recurring services will look like is by taking a dive into the current structure of your offerings. What are you doing well? What feedback have you recently received from your clients? Did they suggest a new service or process? Have they expressed their need for something in particular? What can you improve on? Throughout recent times, you have probably found yourself adapting under extreme conditions which may have helped you to re-establish yourself within the industry.
Reflect on your business to help you build your recurring profits and grow your MSP.