3 Ways your IT business can still thrive in 2020

How to turn 2020 into a landmark year in your IT business

So far, 2020 has been a year like no other and the world is constantly changing to cope with the pandemic. Businesses and families are feeling the pinch, maybe even yours. But success can still be achieved – and it’s within your reach.

Can you afford for your business to be one of the many that will inevitably fall behind? Or are you ready to grab the bull by the horns and adapt your business to suit your clients’ newfound needs?

As always, those that are successful will be the ones that adapt to the changes and alter their offering – and you can easily do that by keeping these three key things in mind (see sections below).

Diversify your client base

It’s clear to see that some business sectors are hurting much more than others as a result of the pandemic – travel, hospitality and retail, to name a few.

Other industries are surviving and even thriving. These are the areas you need to tap into in order to achieve success in 2020, as businesses within the areas least affected by COVID-19 will be more sustainable clients.

Think about banking, finance, insurance, transportation, government, legal, healthcare, eCommerce and pharmaceutical sectors. These industries have carried on throughout the pandemic, and they all have significant IT management and security needs that your MSP can help with. Even if we do end up going back into lockdown because of a potential second wave, these sectors will all keep on going, because they have to.

So, if your MSP has been negatively affected by the pandemic in 2020, don’t wait around for things to pick back up – get back in the driver’s seat. Start looking at your existing client base and plan what to do next. All those industries mentioned above are still viable, and they still need technology to thrive.

Use risk-based pricing to compensate for poor cyber hygiene

Risk-based pricing isn’t used very often, but it’s becoming more and more valuable, so you should definitely consider it at your MSP – especially if you’re coming up against clients that practice poor cyber hygiene and don’t implement effective IT data management policies. Can you really risk not protecting your business, especially in the current climate?

Organisations get in touch with you to ask for help. They often lack stable IT networks or effective cyber hygiene practices, and they need your expertise to put it right. But sometimes, your advice isn’t put into practice, and these organisations keep on making the same mistakes. It’s not your fault, but you’re putting your entire business at risk by managing these environments. Can you afford for your existing pricing structure to get you into trouble? Risk-based pricing helps to combat that.This is your opportunity to regain control by minimising the risk to your business.

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Prove your value to their business

In this day and age as an IT business owner, you should expect to need to demonstrate your compliance when it comes to cyber hygiene. Although there’s no one-size-fits-all regulation enforcing this, it’s regularly requested by many typical clients, given the nature of their business. Is it something you can afford not to do?

It’s no longer enough just to be compliant in how you do things, as your clients and prospects will want to see proof of it. Even if you follow all the rules to a tee, can you risk falling behind your competitors?

The good news is, it’s possible to do – and it’s relatively straightforward. External reviews of your service delivery help, but if your business needs to step it up a level, you can demonstrate competency with relevant industry certificates and exams.

In Europe, it could be an ISO 27001 accreditation to show compliance with GDPR, for example. And there are all sorts of similar rules and regulations to comply with in the USA and further afield. Whatever it is you need to comply with, are you in a position to demonstrate how your IT business delivers beneficial services, not just pay it lip service?

As a business, you know that you need to proactively demonstrate your competency; it is no longer assumed. Demonstrate your compliance and you’ll put your business in an excellent position moving forward.

Turn 2020 into a success story for your IT business

It’s clear to see that adaptable IT businesses will be the ones who can thrive by tapping into high-growth industries. You have the opportunity here to maximise your ability to remain valuable and influential partners for your clients – is this something you can risk not doing?

By following our three simple steps and adapting your business model accordingly, you can take back control of your own success. Put yourself in the best possible position to be able to lead the way in 2021 as an industry expert, and a business that other IT businesses will look to for guidance moving forward.

It may seem overwhelming now, but as soon as you start seeing progress, it’ll be worth the effort for that peace of mind.

For further guidance on how to achieve success in 2020, book a FREE 30-minute discovery call with us, and we’ll help you to get in an excellent position, ready to take on 2021 leading from the front.

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