Is your MSP on track to achieve goals? Our businesses represent our biggest asset and the path to the retirement we desire. Have you thought through the timing and specifics of what you want to achieve?
For example, do you want to sell your business or give it to your kids or employees? Have you defined exactly where you want the value of your business to be and when?
For most, selling is the goal. That is how we will monetize the investment of our time, treasure, and talents. However, too many of us live in a fantasy that our MSP will be worth what we want it to be by the time we want to sell.
Reality Check: Are You on the Right Path?
Terry Hedden
Most MSPs are stuck in the day-to-day grind of working in their business. When they step back and analyze where they are, they realize they are smaller and growing slower than they thought they would. Ultimately, they find themselves off track when it comes to achieving the ultimate end game for their business.
I find that far too many MSP owners have grand dreams and are simply not doing what it takes to achieve them. That is a shame as everyone deserves to achieve their dreams.
Building a Plan for Success
To quote Benjamin Franklin, “If you to fail to plan, you are planning to fail.”
It is important to write down your end goals and build a plan to achieve them. Follow these steps to figure out what you need to do each month to achieve your goals:
- Start with the end game: what you want to achieve and by when. Focus on revenue and profit, as they are most directly tied to the value of your business. Where do you need them to be to have your business value where you want it to be and when? Write that down.
- Start with your current revenue and profit to develop the annual goals that incrementally progress toward your ultimate goal. For example, if you have $1 million in revenue now and want to be at $10 million in 10 years, you need to add $900,000 per year.
- Divide the annual revenue increase you want each year by your average annual revenue per client to get your client acquisition goal.
- Divide the client acquisition goal by your close ratio to get your lead goal. Divide the lead goal by 12 to get your monthly lead goal.
Turning Dreams into Expectations
Now that you know your goal to fuel your growth engine, the next step is to hire a team or find a partner to produce the number of leads you need to achieve your goals. Find a marketing partner or employee who will take your monthly leads goal as the goal for their efforts and shy away from anyone who doesn’t want to “own” the number you know indicates you are doing what it takes to achieve your goals.
The bottom line is, do not accept a disconnect between your dreams and what you are doing to achieve them. The last thing you want is to regret what you didn’t do and deal with the consequences. Do what it takes to turn your dreams into expectations.
Terry Hedden is CEO of Marketopia. Visit 4u2grow.com, powered by Marketopia, for training on best practices for marketing, lead generation and sales methodology for the channel.
Image: iStock
