Achieving and maintaining healthy profits for any MSP starts with data. Here are the best strategies for monitoring insights into MSP and the solutions that can help you make better-informed decisions on your way to bottom-line success.
The number of MSPs has steadily grown in recent years, but not all have achieved real profits. While there are several reasons why MSPs fail, many times, it comes down to the tools that run the day-to-day business.
MSPs that do not invest in the right technology are more likely to struggle. The right tools not only provide insights into the business, but they can also help managers track key data in order to stay profitable.
By monitoring KPIs such as customer satisfaction and SLA compliance, managers can make more informed decisions that positively impact the bottom line.
Here are the best strategies for monitoring the most important insights into your business and the solutions that can help you make better decisions to achieve (and maintain) healthy profits for your MSP.
KPIs are measurable values that signify how well a company is achieving its goals. For MSPs, common KPIs include customer satisfaction, revenue growth, average ticket time, and monthly recurring revenue. Identifying the right KPIs to measure is crucial for managing an MSP business effectively. By focusing on the right KPIs, MSP managers will gain better insight into business operations and the bottlenecks and improvement areas that are unique to them.
Not all MSPs are created equal. Consider what you’ve been struggling with recently. Have you lost business? What have your clients been saying you could be doing better? For some, it may be average ticket time. For others, the struggle to maintain profits could come down to the success of sales and marketing efforts. Ultimately, KPIs help to better understand these metrics, and identifying the right ones will enable your team to achieve employee and client satisfaction and, ultimately, hit your revenue goals.
Continually monitoring KPIs is an essential task to keep your MSP profitable.
By actively tracking key data about your business, you can assess the performance of operations, identify opportunities for improvement, and make informed decisions.
Luckily, you have a number of options to track this information, including professional services automation (PSA) software.
A great PSA can assist in tracking customer data, managing tickets, and recording billing information all in one place, making it easier to measure and monitor KPIs.
When picking the right systems to use to run your business, you should first define your KPIs and determine the best methods for measurement. Automating data collection and tracking processes can also save time and improve accuracy. With an effective KPI tracking system in place, MSP managers can gain a comprehensive understanding of your business operations and employ the right strategies to achieve and maintain profitability.
The decisions that a manager makes every day, big and small, add up to real impact no matter the type of business or industry. Better-informed decisions allow managers to identify opportunities for improvement and make changes that positively impact the bottom line. MSPs in particular can use KPI data in various ways, such as to ensure compliance with SLAs and achieve customer satisfaction.
For example, tracking customer satisfaction KPIs can help MSPs identify areas for improvement in their service offerings while monitoring SLA compliance can ensure they’re meeting their contractual obligations. It's important for MSP managers to regularly review and analyze their KPI data to gain insights into their business operations and make informed decisions that drive success. Regular analysis also enables managers to identify trends and adjust their strategies as needed to maintain and improve profitability.
Choosing the right PSA solution is crucial for MSP managers to keep their business profitable. While many PSAs can track and manage specific tasks or projects, not all provide a comprehensive view of the overall business. To fully leverage the benefits of data, MSP managers should choose a PSA that can automatically track growth metrics and provide a high-level view of their business operations.
A good PSA should have the ability to manage and readily display information on all the metrics and factors affecting your MSP business. This includes customer interactions, projects, sales functions, procurement, training, roadmaps, emails, calls, and meetings. This comprehensive view enables MSP managers to stay on top of their operations and identify opportunities for improvement. By selecting the right PSA solution, MSP managers can maximize the benefits of data and achieve bottom-line success.
Remember, the key to healthy profits is better-informed decisions. That starts with data. By identifying and choosing the right KPIs to measure, you’ll be well on your way to establishing a system of tracking your business toward long-term success.
Most MSPs will choose to manage their data and glean insights with the help of a tracking system. If you choose a PSA, be sure the selected solution is one that automatically tracks growth metrics and provides a high-level view of your business operations.
If you’re still on the hunt for the right PSA to help manage your MSP, look no further than Zest.
With Zest, MSP managers are given complete insight into business operations. Unlike other PSAs, Zest provides constant monitoring of performance, enabling early detection of problem areas that may result in SLA failure. The platform offers easy access to all KPIs that are critical to day-to-day operations, setting your business up for success from the moment it’s installed. Sign up for a free trial with Zest today.
If you're looking for a PSA solution that delivers the right data to drive MSP profitability, then schedule a free trial for Zest today!