Find out what industry thought leaders have to share about the future trends in managed service in 2022, from supply chain logistics to repeat revenue. MSPs need to keep up with the tech industry’s constant evolution. Covid-19 presented challenges for business owners across the board. However, despite the uncertainty, data from CompTIA’s Trends in Managed Services 2022 shows that most MSPs remain optimistic about their future.
What have the industry’s subsequent events and the pandemic done for it? And what should MSPs know about the latest industry trends?
CompTIA heard from three industry thought leaders at a UK Business Technology Community meeting. They gave their opinions on these topics and many more. Here’s what they had to share.
Trending Towards Optimism
It is important to understand the impact Covid-19 had on MSPs when considering the future of technology industry in general. There are two perspectives on the pandemic: the initial effects and the future.
MSPs across the globe had to focus on new areas to bridge gaps and help customers transition to fully remote business models. These adjustments were necessary to ensure that the industry is able to withstand an economic crisis.
Jason Kemsley, director of Uptime Solutions, stated that Covid meant that everyone made their businesses more agile so that if there was a recession it would be a benefit to them. You can pivot much more than the big players in a market.
Get Ahead: Preparing For a Macroeconomic Crisis
What would a macroeconomic crises mean for MSPs? How can you prepare your business for it? Greg Jones, Datto’s business development director in the EMEA region says, “Be that value-add, look at how your clients’ businesses can be challenged and ask them honest questions about their business processes.”
You should expect your client’s lawyer, doctor, or other professional in the profession to give you all options. ConnectWise’s IT nation community director Dan Scott says, “If you believe something is right to be discussing, have the conversation.” If a client refuses to talk, or gives you a reason, you’ll have at least explained the risk, and they’ll be more likely to accept the risk.
Ransomware attacks or cybersecurity breaches are not something anyone wants to experience, especially during times of economic downturn. You can have open and honest conversations about your business with others to help you gain a better understanding of their needs and mitigate risk.
Jones stated that educators are some of the fastest-growing partners. They are constantly going out and sharing the information and knowledge about what is happening in the industry. Related Content: What Keeps MSPs up at Night? Trend Watch
Supply Chain Logistics
Businesses across the globe have faced long-term challenges due to supply chain shortages. It takes time for supply chains to recover from shortages like these. These are some ways that you can adapt to these shortages.
Get ahead of the demand and push your timelines further
You can extend your lifecycle so that you can be secure while you wait for equipment
Cloud technologies can be used to offset hardware shortages
Mostyn Thomas, CEO at Astrix Cybersecurity, stated that “if you’re available when they [your clients] require you and can offer a different perspective or a different way of looking at the issue, then you will be that trusted advisor.”
Building on recurring revenue
No matter where you are located, recurring revenue is vital to running a successful MSP. However, it is not just about selling products. Trends in Managed Services 2022 found that 64% of MSPs rely upon ad-hoc work to pay their monthly bills. This means that MSPs who have succeeded in entering the recurring revenue market lead the industry.
“If someone next to you in terms of geography or in the google search ranking is selling these items for less than you are, then that revenue is gone.” Scott said that it’s all about how you add value to these services or subscriptions. This is a layer deeper then ‘I just have a lot of stuff on my books’.
MSPs must take inventory of all their services in order to build a profitable business. This will allow you to identify where your revenue comes and allow for adjustments.