When it comes to scaling your Managed IT Service Provider (MSP) business, having a strong peer group is invaluable. These are the fellow entrepreneurs, leaders, and innovators who help you stay motivated, share lessons learned, and sometimes, lend a much-needed dose of perspective. But what if your peer group is missing a key ingredient to truly take your business to the next level?
Financial expertise.
At Next Level Now, we’ve seen firsthand the transformational impact that strategic financial leadership can have—especially when it’s paired with the right tools and insights. If you’re part of a peer group that’s eager to benchmark performance, drive profitability, and refine your MSP operations but lacks a financial leader to guide these efforts, you’re leaving growth potential on the table.
In this blog, we’ll explore the 3 signs your peer group needs a financial facilitator, and why expert financial leadership is the missing piece to help you stop guessing and start growing.
1. Your Group Wants to Benchmark Finances, But No One Steps Up to Lead
Peer groups are a great source of collective knowledge and shared resources. One of the most powerful ways to leverage this resource is by benchmarking your performance against others in your industry. However, it’s not uncommon for these conversations to stall when it comes to finances.
In many MSP peer groups, members are eager to discuss business growth strategies, operations, and even sales tactics. But when it comes time to tackle financial performance, things tend to fizzle out. Why? Because benchmarking requires discipline, structure, and a deep understanding of how to collect, analyze, and interpret financial data.
This is where having a dedicated financial expert can make a massive difference. Next Level Now CFOs, Controllers, and Accountants specialize in helping businesses like yours leverage comprehensive benchmarking tools, such as those provided by Service Leadership and SLIQ, to measure your financial health against industry peers. With these insights, you can identify key opportunities for profitability, reinvestment, and operational efficiency.
If your group is ready to benchmark but lacks a leader to guide the process, it’s time to bring in a financial facilitator.
2. You Wish Your Group Prioritized Financial Discussions More Effectively
In many peer groups, discussions often revolve around growth tactics and the latest tools or software. But without a solid financial foundation, these conversations can miss the mark. Without a clear understanding of your financials, it’s nearly impossible to make informed decisions about where to focus your efforts for sustainable growth.
The need for clear, strategic financial conversations in peer groups is critical. A financial expert can help your group prioritize discussions around cost efficiency, cash flow management, and profitability analysis. They can also guide you on critical matters like capital investments, operational efficiencies, and long-term financial planning.
At Next Level Now, our team is not just skilled in accounting and finance; we understand the unique challenges MSPs face. We’re familiar with systems like ConnectWise and Halo, and can integrate this knowledge into actionable financial strategies that align with your business goals. Prioritizing finance means you’re focusing on the long-term stability and growth of your business—something your group might not be able to do without the right expertise.
3. Your Group Tries to Benchmark, But Members Neglect to Upload Data or Prepare
A common challenge for peer groups that want to benchmark is that members simply don’t follow through. The enthusiasm around benchmarking can quickly fade when the effort becomes too complex or time-consuming. The reality is, without the right systems in place, it’s easy for members to neglect the process of gathering and uploading data.
This issue can be exacerbated if your group lacks someone who is both familiar with the importance of accurate financial reporting and capable of facilitating the process. The result? A lack of meaningful data, missed opportunities, and ultimately, a group that falls short of its potential.
This is exactly why a financial facilitator is essential. At Next Level Now, we help you navigate these hurdles by providing the tools and expertise needed to consistently track, measure, and improve your financial performance. We understand that managing an MSP involves more than just technology—it requires a deep dive into your numbers. We’re here to guide your peer group through the process of setting up financial dashboards, providing access to benchmarking tools, and ensuring that data is submitted on time and accurately.
Stop Guessing, Start Growing
If you’ve ever felt uncertain about your MSP’s financial direction, it’s time to stop operating in the dark and start making data-driven decisions that propel your business forward. A strategic partnership with a financial expert can unlock the insights you need to elevate your operations, optimize profitability, and achieve sustainable growth.
Consider this: 53% of MSPs report struggling with financial visibility, while 46% say they don’t have the financial tools or benchmarks necessary to make strategic decisions (Source: Service Leadership). These statistics highlight a critical gap in financial leadership—a gap that, if filled, can unlock tremendous growth potential for your business. With the right financial leadership, you’ll be able to make smarter decisions, improve your bottom line, and position your MSP for long-term success.
A dedicated financial expert brings clarity to complex financial data, transforming it into actionable strategies that drive performance. By leveraging benchmarking tools, you can track your MSP’s performance against industry standards, pinpoint areas for improvement, and identify profitable opportunities. This is the power of financial expertise: it eliminates guesswork, accelerates growth, and ensures you’re making decisions based on real, actionable insights.
Here’s the kicker: MSPs that leverage financial benchmarking tools grow at twice the rate of those that don’t. Don’t let your group miss out on the advantages of financial expertise. Let us guide your peer group to become a powerhouse of profitability, efficiency, and long-term success.
Ready to take your MSP to the next level? Let’s talk.