All MSP business owners experience failures at one time or another but learning from the failures of others can help you avoid making the same mistakes. The following suggestions can help you sidestep the five mistakes often made by business owners to keep your business running smoothly.
Slow and Steady
When you started your MSP business, one of your goals was probably expanding as quickly as possible. Even though it’s tempting, you can endanger your business by growing too fast.
A few drawbacks to growing your business too quickly include:
- Extra investments of time and money on marketing and advertising
- Don’t have the financial backing to support rapid growth.
- The need to hire more employees to sustain your growing customer base
- Spending more on new equipment and products
- Focusing on new sales, rather than on your current operations and customers
Focus on Your Own Customers
Although it’s necessary to keep abreast of your competition, and how they approach marketing to their target audience, stay focused on your own marketing plan. Follow the strategies that work for you, rather than adopting the methods used by your competition. If you become obsessed with what your competitors are doing, you’ll waste the valuable time you should be spending on your own customers. Let your clients know that your one aim is to offer them the solutions they need, rather than getting distracted by your competition.
Stick with What You Do Well
If you understand your business, you know what you do well. Focus on this and stay on the right track. Stick with the products and services that fulfill the needs of your customers, rather than spreading yourself too thin with experimental or trendy services. It’s better to concentrate on your target audience, building your brand and developing trusting relationships with your loyal customers.
Spread out the Responsibilities
If you’re becoming overwhelmed with the responsibilities of running your business, then it might be time to hire a team to help you or outsource some of the responsibilities. Even if you’re saving money by doing it all yourself, can you really give your customers the personal touch they need to remain loyal to you?
Think about all aspects of your business, and how you can delegate or outsource them to others:
- Social media marketing
- Content creation
- Lead nurturing
- Customer service
Know When to Let Go
Know when to let go of underperforming products or services. After analyzing the data of which products and services your customers want, let go of the rest. If you’re having trouble closing sales, your prospects are dwindling, and conversion rates are low, it’s time to re-examine your target audience and your services.
Focus on the audience that really needs your services. Don’t waste your time marketing to businesses that don’t need your products. Also, make sure to market the products and services that bring in the most sales for you. If a product isn’t doing what you expected, drop it.
Take another look at your marketing campaign. Make sure you’re producing relevant, useful content that grows your brand. Concentrate on social media platforms that reach the most prospects and have the most success with customer interaction. After analyzing your marketing methods, put all your effort into the ones that are effective, leaving the duds behind.
If you can avoid these business mistakes, your MSP business will run a lot smoother, and your customers will be a lot happier. After all, that’s what your business is all about, helping your customers find solutions to their problems. If you can do that, avoiding the pitfalls that many businesses make, your customers will remain loyal, and your sales will grow steadily.