MSP Finance articles based on my experiences 2024
MSP Finance Based Articles and all subjects relating will be listed under this MSP Finance Index Page.
Below are all other topics relating to MSP consulting that may be of interest:
- Managed Consulting - Clients Overview
- Managed Consulting - Consulting Services Overview
- Managed Consulting - Employees Overview
- Managed Consulting - Vendors Overview
- Managed Consulting - General Business Overview
- Managed Consulting - Internal Documentation Overview
- Managed Consulting - Documentation Overview
- Managed Consulting - Legal Overview
MSP Finance Related Articles
- Should MSPs Charge An Offboarding Fee?
- Establish Minimum Price Point For Your MSP
- Dealing With Discount Requests From Clients
- Reasons Why Most MSPs Fail
- MSP Related Hardware Purchasing Stats
- Where Does MSP Income Come From?
- MSP Documentation To Increase Profit Margins
- Disturbing Facts About MSP Income
MSP Finance Overview
All articles that specifically relate in some way to finance for managed service providers across all topics will be listed above.
While MSP clients and MSP employees are the two main cogs that allow a service provider to operate, the finances in a managed services organization are the lubricant that helps them operate.
In today’s environment, it is very tough to start without any capital. You need a good pile of cash behind you that will allow you to operate for a comfortable period of time if you unexpectedly lose an income source.
I started with nothing and one day I woke up with the realization that it was costing me $60,000 a month just to open the doors and at that time we were just breaking even and I didn't even have a month of working capital in the bank.
Some people love living life on the edge, I am not one of them. Do yourself a favor and do not start growing before you can support the business for at least 6 months of uncertainty. The dreadful feeling of knowing payroll is about to occur and not having enough money in the bank to cover it is extremely unpleasant.
The articles above are a mixture of my experiences running an MSP that are predominantly to do with finances and or lack of them.