EP087 – Unlocking Revenue Potential in MSP Contracts with Kim Simmonds
Release Date: 12/30/2024
EP104 – Blueprint for a Low-Noise High-Value MSP with Simon Gurner
It's a Numbers Game
In this episode, Simon shares his riveting journey from starting as an engineer at Ford Motor Company to founding and growing his own business, Sunrise, over the past 22 years. He discusses his decision to leave Ford, the crucial moments and opportunities that shaped his entrepreneurial path, and the challenges and triumphs along the way. Simon delves into the importance of structured business models, the impact of joining the TruMethods program, and how it provided direction, structure, and understanding of key business metrics. He also speaks about client management, the...
info_outline
EP103 – How MSPs Can Finally Stand Out with Ian Blake
It's a Numbers Game
In this podcast episode, host Adam Morris speaks with Ian Blake, an expert on differentiation strategies for Managed Service Providers (MSPs). They discuss the challenges service industries like MSPs face in standing out from the competition. Ian explains how logical thinking, common in the MSP space, can hinder differentiation and shares a compelling story of a restaurant owner who succeeded by focusing on what his top competitor did poorly. Ian discusses the 'Holy Trinity' of marketing—segmentation, targeting, and positioning—and emphasises understanding customer pain points,...
info_outline
EP102 – You’re Probably Bleeding Cash! Tim Hoskins Drops the 3 Bookkeeping Hacks That Can Instantly Pump-Up MSP Profits
It's a Numbers Game
In this episode, Tim joins the podcast to share insights into bookkeeping and financial management specifically tailored for Managed Service Providers (MSPs). The discussion covers common challenges faced in the MSP market, tips for effective bookkeeping, and the importance of accurate VAT returns. Tim emphasises the role of timely bank reconciliations and cash flow management. She also offers advice on setting up a detailed chart of accounts, making use of automated tools in accounting software, and understanding prepayments and journal entries. The episode aims to provide practical tips to...
info_outline
EP101 – Employee Ownership Trust explainer - benefits and pitfalls with Richard Coulthard
It's a Numbers Game
In this episode, Richard Coulthard from Ison Harrison Solicitors joins the hosts to provide a comprehensive look at Employer Ownership Trusts (EOTs). The discussion covers the growing popularity of EOTs in the Managed Service Provider (MSP) space, their tax advantages, the practical aspects and benefits of transitioning to employee ownership, and the long-term financial and operational implications. Richard explains how EOTs enable business owners to sell their shares to a trust for the benefit of employees, tax-free profit distributions, and reduced corporation tax. The episode also...
info_outline
EP100 – MSP Procurement Masterclass with Monica Ozaruk
It's a Numbers Game
In this episode, Monica joins the podcast to discuss common procurement challenges faced by Managed Service Providers (MSPs). Introduced by a mutual client, Monica has focused on the procurement module in ConnectWise, which directly impacts the effective production of management accounts. Monica highlights the top three procurement mistakes MSPs make: overcomplicating the process, not understanding responsibilities, and failing to complete the quote to cash process. She offers practical tips, such as simplifying procurement, using spreadsheets initially, and effectively managing vendor...
info_outline
EP099 – Enhancing Cyber Defence: Insights from Nick O'Donovan
It's a Numbers Game
In this episode, we reconnect with Nick O'Donovan, who provides an overview of Huntress' operations, particularly their growth and expansion into Europe, with a focus on enhancing relationships with MSPs. He highlights Huntress' efforts in recruiting and maintaining a strong team, despite industry challenges, and the success of their recent roadshow series. Nick also discusses the company's product offerings, including EDR, Microsoft 365 identity protection, security awareness, phishing solutions, and a SIEM offering. Key topics covered include the importance of affordable security...
info_outline
EP098 – Breaking Barriers: Embracing Coopetition Among MSPs with Shawn Walsh
It's a Numbers Game
In this episode, the hosts welcome Shawn, a seasoned MSP expert, to discuss the concept of 'co-opetition,' a blend of cooperation and competition among Managed Service Providers (MSPs). Shawn shares insights from his 25-year journey in the MSP industry, his experience with peer groups, and his current role in running events and providing coaching through Encore Strategic. He emphasises the importance of community and peer groups in overcoming industry challenges and improving business practices. The discussion also touches on the need for MSPs to properly value their services and adjust their...
info_outline
EP097 – Winning More MSP Clients with Strategic Podcast Marketing with Devin Rose
It's a Numbers Game
In this episode, Devin returns to discuss the value and strategies of podcast advertising for Managed Service Providers (MSPs). The conversation explores how podcast advertising draws parallels with traditional radio advertising and how it serves as a viable brand awareness tool amid the challenges of digital advertising attribution. Devin highlights the importance of niche targeting and the evolution of buying ad slots in podcasts. The discussion also covers how MSPs can utilise shorter video content, the role of LinkedIn for B2B marketing, and the significance of leveraging word-of-mouth...
info_outline
EP096 – From 80s Flashbacks to Modern MSP Hacks. What is the MSP Show and why you need to be there.
It's a Numbers Game
In this episode, hosts Adam and Daniel are joined by David and Alex to discuss the origins and rapid growth of the MSP Show, an event dedicated to managed service providers (MSPs) set to take place at the London Excel on May 14th and 15th. The conversation covers the transition from the long-established SITS IT support show to the specialised MSP show, noting how it has expanded its focus to include content on sales, marketing, finance, mergers and acquisitions, and more. They highlight the importance of in-person networking, the extensive list of exhibitors, and the diverse sessions expected...
info_outline
EP095 – Expert Sales and Lead Generation Strategies with Alex Smith
It's a Numbers Game
In this episode, Alex shares insights into effective presentations and sales techniques. Emphasising the importance of neural spikes like the 'one big clap' and the use of the Pomodoro timer, Alex explains how these methods help maintain audience engagement. The discussion continues with lead generation strategies, focusing on the 12-4-3 method for creating consistent, valuable content. Alex then elaborates on the importance of familiarity and consistency in social media marketing, using platforms like LinkedIn and tools like Dripify. The conversation concludes with essential steps for a...
info_outlineIn this episode of 'It's a Numbers Game,' Daniel and Adam welcome back legal expert Kim Simmonds discussing MSP (Managed Service Provider) contracts, shifting the focus from risk mitigation to revenue generation. They discuss how contracts can prevent revenue leakage through strategies such as service credits, proper termination clauses, and exit transition clauses. Kim emphasises the importance of using your own well-crafted templates and the pitfalls of relying on client-provided contracts. They also touch upon practical credit management, handling insolvency scenarios, and learning about the Insolvency Act. The episode wraps up with a brief look at Kim's SaaS platform, Cloud Contract 365, which helps MSPs create, manage, and review contracts efficiently.
00:00 Introduction and Welcome
00:32 Contracts as Revenue Generating Tools
01:53 Key Contract Clauses for MSPs
03:09 Service Level Agreements (SLAs) and Penalties
07:33 Exit Transition Clauses and Termination
13:28 Handling Client Non-Payment
19:57 Revenue Protection Strategies
25:17 Cloud Contracts 365 Overview
29:12 Final Thoughts and Future Topics
Connect with Kim Simmonds on LinkedIn by clicking here – https://www.linkedin.com/in/kimsimmonds/
Connect with Daniel Welling on LinkedIn by clicking here – https://www.linkedin.com/in/daniel-welling-54659715/
Connect with Adam Morris on LinkedIn by clicking here – linkedin.com/in/adamcmorris
Visit The MSP Finance Team website, simply click here – https://www.mspfinanceteam.com/
We look forward to catching up with you on the next one. Stay tuned!