Over the past two weeks so much has changed. Small businesses are no longer thinking of thriving, they are thinking of surviving. MSPCFO has always been a remote company, so our operations do not really change. We know for others there will be a need for meaningful adaptation to the new normal. Over the past several years of serving the community, we have helped our partners find paths to growth. Now we want to help you find paths to getting through.
First and foremost - make a plan
Many of you have already built downside budgets. This is when you feel grateful for having a standard G/L that you can project going forward. Look at all your expenses. There are difficult choices to be made.
Look closely at your unprofitable clients
MSPCFO has spoken to hundreds of MSPs. On almost every call they ask what to do about unprofitable clients. It’s a serious consideration that every professional services business needs to be prepared for. During this period of uncertainty, you may be asked to go above and beyond your agreed upon resource and fee structure (agreements). Reevaluate each and every client wisely and assess the likelihood of continuing a long-term business relationship given the current environment.
Gain insights into your most valuable clients
Flight risks are always a concern. These are clients for whom the payments keep coming, but, for whatever reason they are not fully utilizing your services as agreed upon. Keep these clients happy! Losing that margin now, during economic upheaval, could be devastating to the health of your business.
Let’s get through this together
MSPCFO will now be offering a Financial Insights Brief. We know you are extremely busy, but you need to know what is going on with your business. We will leverage your business information to provide timely insights including:
- What specifically you need to do to get and work with clean data
- Where there are problem areas in your business, be it agreements, clients, projects or people utilization
- What is the source of those problems, based on the data
We will not provide action plans on how to fix things. That is the role of a trusted consultant which you may decide to work with later.
Our Financial Insights Brief will be provided in the form of detailed reports and delivered via teleconferencing with a subject matter expert.
A limited pilot program for $500 a month for this service is available. Please contact us if you are interested in participating and taking advantage of this new offering to gain critical knowledge about your business’ financial health.
Stay safe and profitable.