I liked Joe Panettieri’s post on MSPMentor today. Read it here.
The point of the article is the key to success for managed service providers in a tough economy. What is it?
Confidence.
The only potential crisis facing the American economy today is a crisis of confidence. There is a ton of money out there, so we don’t have a liquidity problem. Interest rates are dropping through the floor, so the cost of capital isn’t the issue. The issue is that a bunch of bankers are afraid of getting burned so they aren’t lending money anymore. It’s a confidence problem.
The good news is that this is the best time to take some ground from your competition. Why?
Because most businesses are going to pull back now. They are going to hunker down and ride out the storm. They are going to play it safe and cut back on optional things like marketing and advertising budgets. It’s the wrong thing to do.
Use this time to reinvest in your business, as Joe suggests. It will be much more expensive to take market share when the economy is good and everyone is spending their money loosely again!
MRC
