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With phrases like “cost-cutting” and “recession” being tossed around as freely as they are these days, it’s crucial that managed service providers (MSPs) stay focused on growth—even as the landscape grows ever more competitive.

Because this is rarely an easy or straightforward feat, here are three significant ways to diversify your MSP business and stay on economic uncertainty’s good side.

1. Cater to hybrid and remote work environments

Although there’s been an observable push to return to the office in many industries, there’s really no going back to the way things were. The fact is, the pandemic accelerated an explosion of remote and hybrid work environments, and for better or worse, they’re here to stay. Nevertheless, the landscape has changed. From widely varying internet speeds/quality depending on an individual employee’s connection, to phones and laptops that double as both work and personal devices, to a massive increase in virtual software, the basic needs of the workplace look very different now than they did just a few years ago.

Workplace setups now require productivity and communication tools capable of facilitating flexible work arrangements (work performed from anywhere, and maybe even anytime). Unified communications tools like Microsoft Teams and voice services (more on that later) can help MSPs offer complete communication and collaboration solutions.

Essentially, this means having infrastructure supports in place, including VPNs or cloud services which enable remote and hybrid employees to stay connected more easily—while simultaneously offering more robust security options better suited to a distributed workforce.

2. Prioritize cybersecurity

Cyberthreats continue to spread rapidly, making cybersecurity a necessity for businesses of all sizes and stripes. Even though this was something once viewed as an issue solely facing large businesses, SMBs are also very much at risk for cyberattacks. In fact, small businesses are a prime target, representing roughly 43% of all data breaches.

By providing comprehensive security services such as endpoint protection, data backup and disaster recovery, multi-factor authentication and security awareness training MSPs can stay competitive and better meet the evolving needs of their customers in a rapidly changing IT landscape.

MSPs that fail to offer quality cybersecurity solutions run the risk of missing out on massive revenue opportunities. For one thing, current clients may very well choose to look elsewhere for providers that offer more security services better suited to their needs. Offering robust cybersecurity solutions can go a long way toward helping you retain your current revenue while offering cybersecurity education and training options can act as an invaluable generator of revenue for your company as well.

Companies without a security background might feel overwhelmed by this prospect, but fear not! The fact remains that MSPs that invest in training and education as a way of expanding their cybersecurity expertise (and therefore their offerings) stand to grow their businesses significantly. This in turn allows MSPs to stay competitive and better meet the evolving needs of their customers in a rapidly changing IT landscape.

3. Offer VoIP solutions

Once again, due in large part to the unstoppable rise of hybrid and remote work, VoIP solutions are a highly attractive option for businesses with employees who need to be able to answer the phone from anywhere. Cloud PBX and Teams Calling solutions (or a combination of the two) are more affordable for businesses than traditional phone plans, and they happen to offer MSPs the possibility of additional revenue streams to boot.

The growth of the VoIP market has created incredible opportunities for MSPs to earn reliable income via white label VoIP reselling programs which allow them to set their own pricing as they deem appropriate. Sherweb’s VoIP solutions, for example, can be customized to work for businesses at all stages of their telecom practice. We also offer extensive documentation to our partners (i.e., one-pagers, ebooks, product overviews), much of which is already available in white-labeled versions, and ready to be rebranded and sold by MSP partners.

Grow and diversify your MSP business with an expert partner

Sometimes it takes an expert partner to provide useful guidance on how to best diversify your MSP business and stay in growth mode, even at the most tenuous of times. Sherweb helps thousands of MSPs deliver solutions businesses of all sizes now require to function at a basic level. Curious? Check out our partner guide for more information about how we can help your MSP thrive.

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Schedule a call TODAY!

Written by The Sherweb Team Collaborators @ Sherweb