It's that time of year again. Time to review the past year and look to the future and predict what is likely to happen.
The MSP world is changing more rapidly than ever before. Let's take a look at what 2024 has in store for the MSP profession.
Ransomware Responses Changing: MSPs (and customers) have to look at ransomware in a very different way in 2024. As numerous governments worldwide continue to march towards inevitable prohibition of ransomware payments, MSPs need to adapt to this evolving threat response and develop new service delivery models to help their clients prepare for breaches and attacks.
Break/Fix is still dead. If you are clinging to reactive IT service delivery models, be aware that the break/fix business model is still dead. If you have reactive clients, either a) convert them to managed services, or b) terminate your relationship with them. It may sound harsh, but times change and we all have to keep up with change!
AI or no AI, that is the question: No matter what your opinion of AI happens to be, you have to have one (an opinion, that is). Some MSPs are pursuing AI technology to be a force multiplier of their existing team, while other MSPs are having to confirm to customers that AI will not be part of their managed services experience.
Create your MSP Baseline: All MSPs should be entering 2024 with the objective of creating an MSP baseline. What is an MSP baseline? The minimum requirements you have for any managed services customer. This baseline will be different for each MSP. But you should have one because we are now at a point in our profession where all organizations ought to be practicing some minimal level of security standards.
Review/Adjust MSP Pricing: Once you have created your MSP baseline, then the fun begins. It's now time to establish or adjust your risk based pricing models. It does not matter what type of pricing model you use, you can always apply a risk based pricing element to that model. Implementing a risk based pricing model with the aid of managed services baseline becomes incredibly easy; or at least much easier than trying to apply some regional minimum wage labor rate model.
What's your compliance situation? Compliance is one of those topics (like AI) where you have to have a position. As so many customers are turning to their MSPs for help with compliance related matters, MSPs cannot claim ignorance on the subject of compliance. Whether you have a formally developed CaaS/vCISO/vCIO program, or you are just casually helping clients fill out cyber insurance forms, MSPs have an undeniable role to play in modern compliance and should act as such.
XDR Upgrade: For those of you still using (or selling) legacy anti-virus and firewall technologies, it's time to upgrade your tool belt. For MSPs, it is considered a current best practice to have some form of XDR technology deployed internally in your MSP practice. For customers, XDR would also be considered a modern day best practice for any sized organization. If your NOC/helpdesk team is stretched thin, consider a managed XDR/EDR solution (they'll thank you for it).
Get Cyber Verified: It's 2024. If you haven't started the process of getting your Cyber Verify certification, you should start your planning. Not only will it open up new opportunities for your MSP practice, it's also a great way to simultaneously achieve compliance with many globally recognized certifications and audits!
The Great MSP Reset
Does EBITDA Matter for MSPs? Ep 276
Revenue Categorization: Why it Matters to MSPs
My advice for a growing MSP - Ep 274
Unmanaged vs Managed IT
Can MSPs be more proactive? Ep 271
There is No Recession in Managed Services Ep 270
Analysis of a Cyber Attack - Ep 269
Managed Services Opportunities around CMMC Ep 268
Poor MSP Growth May Not be Due to Lack of Sales Ep 267
MSP Zone Spotlight on Halo PSO - Ep 266
MSP Zone Spotlight - Travis Springer Ep 265
Control Frameworks: Which is right for you? Ep 264
Is MSP Growth Exaggerated? Ep 263
MSPs Cautiously Optimistic about AI - Ep 262
SEC Adopts Cyber Disclosure Rule - Ep 261
Is it better to be cyber secure or cyber resilient?
Ep 259 - MSP Innovation: Why it matters
Ep 258 - The MSP Generation Divide
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