It’s easy to get trapped in a “lifestyle business” mode, where you end up just having a job rather than a scalable, sellable business. This often happens when you focus solely on what you enjoy — like tech or sales — while neglecting critical business functions.
However, there are several ways to avoid that trap. Here are five of those tips.
No. 1 Understand the Full Scope of Business Needs
Even if you excel at tech or sales, do not overlook essential business functions like accounting, marketing, and sales. A business needs a strong foundation in these areas to thrive beyond just your daily involvement.
No. 2 Complement Your Strengths
Surround yourself with professionals who excel in areas you’re less skilled in. Some of those include:
- Finance: Engage a financial advisor or use specialized accounting software.
- Marketing: Consider marketing experts or platforms that offer comprehensive strategies.
- Sales: Leverage sales training programs or tools to boost your effectiveness.
No. 3 Leverage Industry Resources
The MSP industry offers various resources to help with business functions:
Terry Hedden
- Peer Groups: Join groups to enhance profitability and business acumen.
- Conferences: Attend events to gain insights into effective marketing and sales strategies.
- Vendor Programs: Use vendor programs that provide business growth support and resources.
No. 4 Assess and Address Weaknesses
Regularly evaluate your business:
- Operational Review: Are you spending more time working in the business rather than on it?
- Skill Assessment: Are you neglecting crucial areas due to lack of interest or expertise?
No. 5 Invest in Growth
To transition from a lifestyle business to a robust, scalable operation, invest time and resources into building a competent finance, marketing, and sales team. A well-rounded approach is crucial for sustainable growth and success.
Balancing Act
Being a successful MSP CEO requires balancing service delivery with effective business management. If you find yourself struggling, it’s often a sign that you need to strengthen other areas of your business. Remember, there are ample resources and experts available to help you build a thriving, scalable business.
By focusing on these key areas, you can transform your MSP from a lifestyle business into a well-rounded enterprise capable of significant growth and success.
Terry Hedden is CEO of Marketopia.
Featured image: iStock
