The MSP market is growing fast. According to the report “Managed Services Market by MarketsandMarkets, managed services will rise from $145 billion this year to $242 billion in 2021. That’s a healthy Compound Annual Growth Rate (CAGR) of 10.8%.
Unfortunately not all MSPs are growing that fast, and many of those that do would love to grow even faster.
To take on new clients, your technical solutions, such as your RMM, have to scale to support that growth. However, there are also internal business issues and client business issues —such as contracts, billing and project management that ―have to scale as well. That’s where a Professional Services Automation (PSA) solution built especially for MSPs comes in. It makes running your operation more efficient and brings discipline to many business functions. And yes, that PSA will help you achieve growth goals and manage that growth.
Impediments to Growth
There are many hurdles that keep MSPs from growing at a healthy clip. One problem is not having the right business tool such as that MSP-specific PSA. Smaller MSPs don’t think they can afford a PSA, so don’t bother getting one. As you’ll learn later, price should be no barrier to gaining PSA capabilities – provided you choose the right vendor.