IT and Business Insights for SMB Solution Providers

Erick Simpson’s MSP Newsletter | February 2021

Want to really grow your MSP practice instead of just running it? Attend my 4th MSP Mastered®
Business Transformation Masterclass FREE!


I’m delivering my NEW MSP Mastered® Certification Program FREE!

My fourth Webinar in the Series Starts Thursday, Feb 25th @ 9am PT

Pricing and Bundling for ProfitWhether your MSP business is a mature practice, or you are just getting started, you must have a winning strategy for bundling and pricing the solutions you offer. During this operational transformation session, MSP operations expert Erick Simpson reveals how to determine your true cost of delivering managed services to properly bundle and price them to meet your desired profit margins.

The MSP Mastered® Masterclass series is a free certification program to help you gain the skills you need to be a Rockstar MSP by gaining clarity amid chaos.

MSP Mastered Certification Program includes 4 Levels. Each level contains 6 live thought-leadership Webinar classes plus Q&A, along with a quiz; and the tools, templates and resources needed to implement the strategies covered, and is delivered twice a month throughout 2021.

Plus, upon completion of each level, you’ll earn an MSP Mastered Certification Badgeto use on your Website and in your marketing efforts to distinguish you from your competition and help you win more business.

First up is Level One: Operational Fundamentals
Jan 21: Understanding Your Financials
Jan 28: Determining Your True Cost of Service Delivery and Profit
Feb 11: Staffing, Hiring, and Designing High-Performing Compensation Plans
Feb 25: Pricing and Bundling for Profit
Mar 11: Developing Effective Master Service Agreements and SOWs
Mar 25: Optimizing and Integrating Your Business Platforms

I encourage you and your staff to register for my Free MSP Mastered® certification program now, and I look forward to seeing you online!



It's (Past) Time for a Business Plan...

In the early 2000’s I transformed my IT practice into one of the first pure-play MSPs in the industry and was able to sell it a few years later at a high valuation. While I made my share of mistakes along the way, I wouldn’t have been able to achieve this success without a strong business planning discipline. A good business plan guides you through each stage of starting and managing your current business, and acts as a roadmap to structure, run and grow a new business. It can help you get financing for growth, or bring on new business partners and investors. It is the tool that can be used to help influence people to work or partner with you, or invest in your company.

Well, the world has changed dramatically since I sold my MSP practice, and the business plan I developed and put in place back then would be nowhere near as successful today if I simply dusted it off and tried to use it to grow a new practice. And as a result of the new and dramatically different, and still evolving market conditions you and your customers and suppliers began experiencing in 2020, I’m sure many of you are re-evaluating your business model, product and service portfolio, sales and service delivery processes, vertical markets, target customers and more to adapt to the “new normal”, and take advantage of new opportunities while reducing your overall business risk.

This is where an effective business plan can be instrumental in helping you achieve greater success and profitability in 2021 and beyond, as it can help you arrive at a clear understanding of your target customer and their changing needs. It will also help you document your strategy to adapt your overall product and service marketing and sales strategies to exploit new opportunities with current customers as well as new prospects, and help you forecast realistic financial milestones, and ultimately deliver a roadmap to help you achieve them.

A well-researched and organized business plan does not need to be lengthy to be effective, so long as it contains the essential components necessary to realize your desired outcome. And the more concise and easier to assimilate it is, the better. Your plan may serve many purposes, from defining your company’s vision, mission and goals, to identifying your marketing strategy and sources of revenue, analyzing your competition, developing sales and revenue growth strategies, and obtaining business financing or investment and more.

In fact, some business plans are written specifically to attract investment opportunities, or to seek business financing. An effective business plan will help you confirm the viability of your venture, set realistic goals based upon the market research that you conduct, and provide a roadmap to your success while minimizing risk. It will also detail the overall strategy your business will execute and the activities it will conduct to achieve your goals.

The essential components of your business plan will include an executive summary, your vision, mission and goals, a company overview, your competitive analysis, and your key alliances, partners, and vendors, along with your Marketing and Sales Plan and your Revenue Sources.

If you are seeking financing or funding for business growth, your plan should also include a funding request section that details how that funding will be utilized and repaid; and lastly, your business plan will include your financials to support your forecasts and build confidence in your strategy.

Join me at Channel Partners Virtual 2021 as I deliver an entire session on designing and implementing a killer business plan for your business, and get my MSP Business Plan Template as my appreciation for your attendance!

 

 

 



Keep Up With All My New Webinars Here!


I’ve just added a page dedicated to all my upcoming Webinars to my site! It will be updated on a weekly basis, and allows you to register for multiple Webinars at once, so check it out now, and remember to visit it often so you don’t miss any!



SAVE 50% IN MY ONLINE STORE!


USE CODE: MSPMFebruary! 
Expires Sun, Feb 28!

I’ve just added a dozen NEW assets to my online store, and am offering HALF OFF ALL DIGITAL ASSETS, BUNDLES AND MASTERCLASSES through the end of February, so check it out now – I’m sure there are a few checklists, pricing and comp plan calculators and hiring and HR tools like employment ads and job descriptions you can save tons of time trying to create yourself. I’ve also included my business-winning sales proposals, MSAs, SOWs, service agreements, business plan templates and much more, and new, never-before available resources just uploaded!




 

Erick Simpson

Founder & Chief Strategist
ErickSimpson.com
[email protected]
2271 W. Malvern Ave., #169 
Fullerton CA 92833

The post Erick Simpson’s MSP Newsletter | February 2021 appeared first on Erick Simpson.

About the Author

Erick Simpson's picture

A Technology Businesses and Channel Growth and Transformation Consultant | Business Process Improvement, M&A and Integration Expert

Co-Founder of one of the first "Pure Play" MSPs in the industry, and creator of the MSP Mastered™ Methodology for Managed Services business performance improvement and the Vendor Channel Maturity Level Index™ that identifies IT channel program maturation for strategic growth, Erick Simpson is a strategic technology business growth and transformation specialist. He is experienced in improving top and bottom-line business performance by increasing operational efficiencies, boosting marketing and lead generation outcomes, accelerating sales velocity, shortening sales cycles and maximizing service efficiencies.

With over 30 years of experience in the IT industry as an Enterprise CIO, MSP, Strategic Coach and Consultant, Erick is a Business Process Improvement Expert with hundreds of successful IT Solution Provider, MSP, Cloud and Security practice business improvement consulting engagement outcomes.

One of the most prolific, recognized and sought-after  business improvement and transformation experts, authors and speakers in the industry, Erick has contributed to numerous industry publications and spoken at hundreds of events.

His published works include "The Guide to a Successful Managed Services Practice"; the definitive book on Managed Services, “The Best I.T. Sales & Marketing BOOK EVER!”, “The Best I.T. Service Delivery BOOK EVER!” and “The Best NOC and Service Desk Operations BOOK EVER!”, along with 50 Best Practice Guides.

Consulting Services for MSPs and Channel Vendors: http://www.ericksimpson.com

LinkedIn: https://www.linkedin.com/in/ericksimpson
Facebook: https://www.facebook.com/erickdsimpson
Twitter: https://twitter.com/ericksimpson

 

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