If you own a managed services business, you should make it a priority to build your revenue and grow your business if you want to keep up with the competitive nature of the industry. It shouldn’t matter what the focal point of your business is, whether you specialize in specific segments of IT, such as data storage, or on vertical markets, such as financial or legal services; you should be looking for means to grow your business.
When planning for business growth, the first thing that may come to mind is to attract more customers. However, growing a managed services business can also be done by working on the services you're offering, aiming to make more from your current client base, and taking the necessary steps to improve your business processes and operations.
With this in mind, here are several ways you can increase the value of your managed services.
1- Document Your Strategy
If you want to enhance and grow your managed services business, you should start with a methodical plan or strategy. Generally, it should be a comprehensive document outlining your goals and the corresponding metrics, which you need to check throughout the year. Some of the elements that should comprise your yearly strategy include the following:
- Financial planning
- Modifications to your business operations and processes
A structured strategy will provide all your employees with a clear idea of what you're currently focusing on. Make sure to update it every year, along with metrics you should monitor quarterly.
Regular monitoring is crucial to ensure that both strategic and tactical initiatives are working all year round. Additionally, it would be best to deliberate on how the elements in your strategy play a part in the broader objective of your business as a whole.
2- Update Your List Of Services
If you want your managed services business to be successful, your main goal is to provide everything your clients may need to run the IT aspect of their businesses.
If some of your clients still utilize their own third-party backup solutions, antivirus products, or IT marketing solutions, you might be missing out on a chance to boost your revenue. You might want to consider offering these services as part of a comprehensive package.
If you're planning to include IT marketing in your list of services, checking out a reputable provider of IT marketing services would be an excellent place to start. This will serve as the basis of your offering to your clients.
3- Improve Your Automation Processes
In the previous years, monitoring network infrastructures by businesses usually involved utilizing a variety of tools, including antivirus consoles, remote access tools, and uptime surveillance software.
The constantly advancing technologies today provide solutions that allow you to consolidate control of several infrastructures. With this in mind, you should carefully select the right one, so you'll have a comprehensive view of all operations under a central dashboard.
When you free up the time you typically spend on various tools, it provides you more time to dedicate to project work and finding new customers. Doing so will help you grow your managed services business further.
4- Extend Your Operating Hours
As more businesses shift to working outside the standard business hours, many need round-the-clock support, especially if they have a global presence to maintain. You may want to consider extending your operating hours so you can cater to clients with these needs. It doesn't necessarily mean you have to work 24/7, but consider outsourcing to a network operations center (NOC) or utilizing offshore freelancers to provide support during specific hours.
5- Encourage Clients To Shift Away From The Break-Fix Approach
If you're planning to grow your business, it might be time to encourage clients to do away with the break-fix approach. The general idea of this approach is that a company will only hire someone to fix their network or system once issues arise. Most of the time, this approach is used to help reduce costs, but it may actually be less cost-efficient than using managed services.
If one of your clients has a third-party service they’re using, it cannot ensure efficiency in their business operations. For one, a business without a managed services provider will lack ongoing support and maintenance. When a problem occurs with crucial solutions or technologies, a professional will be tasked with handling it. One of the main drawbacks of the break-fix approach is that the professional may not be familiar with the system, which prevents the client from getting the best outcome.
It might be best to provide clients with actual figures, such as past invoices, to clearly show that shifting to managed services would be a good move to help them cut costs. Although it may not boost your overall revenue, it can help improve your regular income, which will effectively bring more value to your business.
6- Offer Mobile Management
As technology is constantly evolving nowadays, it might be time to consider adding mobile device management to your arsenal of services. If you have been focusing your managed services offerings on desktops and laptops, you're missing out on potential growth in your revenue.
Take the time to look for a mobile device management (MDM) solution you're comfortable using, so you can have full control of all designated mobile devices. Especially with IT security and privacy being a major concern these days, it's something worth considering, as it allows you to secure and enforce policies on those devices.
7- Conduct A Quarterly Review With Clients
Regularly checking in with your clients will let them know that you're ready to help them achieve their business objectives and ensure that they receive the best value from your services and products.
It might be best to combine the reviews with the reports so it'll be convenient to monitor your clients’ current level of satisfaction. Knowing everything about your clients will help you make the right decisions for your business.
Deciding to grow your managed services business is essential if you want to stay relevant in a highly competitive industry. A well-planned strategy, added services, and extended operating hours, as well as the implementation of the other points given above, will steadily and effectively help your business grow.