Would You Disclose Your Financial Results to MSP Peers?
I had an hour-long discussion with an MSPmentor 100 CEO on Friday night. He told me he’s attending fewer general-topic IT events this year — but spending more time meeting privately with peer managed service providers. During those gatherings (held by organizations like HTG Peer Groups and True Profit Groups), this particular CEO shares detailed financial information with peer MSPs. Would you dare to join such a group?
As the CEO told me, “Ultimately, success in this industry is measured by how much money you flow to the bottom line. And the peer meetings help us measure our success against other regional MSPs.”
During the closed-door peer meetings, the CEO says it’s common to share sales strategies, compensation plans, bonus plans, M&A strategies and other closely held company information. The CEO still plans to attend key vendor events — such as Autotask Community Live later this month in Nashville, Tenn.
Still, he’s done with general-topic IT events where attendees are paid to show up and listen to vendor pitches. Instead, you’ll find him at private peer meetings — measuring his success against other fast-growing MSPs, and striving to deliver the best business results on the room.
I have to admit: I doubt I’d be willing to sit down with peer media companies and openly discuss our (A) business strategy and (B) financial details of our company. But dozens of MSPs seem to be willing to do exactly that.