Famous oil industry magnate John D. Rockefeller is quoted as having said, “I would rather have 1% of 100 men’s efforts than 100% of my own efforts.” That last bit is often misquoted as “…100% of 1 man’s efforts,” which it does essentially mean, after all. I’m sure you’re thinking, “Great, but how is this relevant to MSP security?”
It is wonderful to have some very big clients. Ticking over nicely every year, expanding in line with the success of the organisations, expanding MSP offerings, and the economy overall, they can really bolster your company’s bottom line, not to mention put a fine polish on your respectability. There is another great adage, however, and this provides the link to Rockefeller’s saying.
Don’t Keep All Your Eggs in One Basket
Having too much of your business concentrated in a small number of very big clients presents a big risk to the health of your organisation. Lose one of them and you’re suddenly facing a big hole in your revenues and perhaps worse, a major excess of resources, the cost of which can really hit profits hard.
Spread the Risk with SMBs
By cultivating revenue streams from small-and-medium-sized businesses (SMBs) keen to benefit from MSP security products, you can end up exploiting Rockefeller’s maxim. By generating smaller slices of revenue from a bigger number of smaller clients, your bottom line remains more stable, less prone to shocks.
Increasingly, SMBs are aware of the huge risks they suffer because of IT. It is virtually impossible for SMBs to avoid IT, as it now occupies such a fundamental role in daily life, and many SMBs are beholden to IT in order to generate their revenues. They may depend on online marketing, sales, and customer support. They may be exploiting social media to build their brands or even make their sales. They may adopt a more flexible approach to staffing using virtual workers, mobile devices, or a raft of cloud products.
As aware as SMBs must now be of the potential risks to their business and customer data, many probably don’t even fully appreciate the levels of exposure. A near-infinite stream of news reports testifies to the number of businesses still using outdated operating systems, insecure networks, and poorly managed devices.
There is a massive opportunity for hackers, viruses, and even just plain-old disaster to wreak havoc on the daily and long-term operations of SMBs. Herein lies a huge opportunity. Your organisation is in a prime position to approach SMBs, educate them, and help cultivate mutually rewarding business relationships that will result in SMBs that don’t have to worry so much about their IT security or, and this is the fundamental point, the cost of that security, both in terms of their bill for cloud products and the cost of failing to secure their systems.
Compliance and Regulation
Increasingly, SMBs also face the challenge of discovering where their hardware and software leave them subject to industry and government regulations and compliance requirements. Big companies can afford to have teams dedicated to the subject. Smaller organisations may struggle even to appreciate the significance of the issue.
As an expert provider of relevant products and services, you can help SMBs to understand their compliance and regulation obligations. And, thankfully, you are also in the ideal position to help SMBs address their compliance and regulation needs.
Two Maxims for the Price of One
Hopefully, you can now see how John D. Rockefeller’s great saying about spreading the risks of revenue streams and the old eggs in one basket maxim can be combined to build your business and foster a stronger customer base. Market your MSP security benefits to SMBs in the right way and they can become your ‘hundred men’.