Stuart begins by emphasising the importance of scrutinising costs, both in your personal finances and within your MSP. It's astonishing how often we overlook those small monthly subscriptions that add up over time. Stuart shares a recent example of a client who discovered £2,300 in unnecessary recurring costs, equivalent to a full-time engineer's salary. So, a quick win for boosting your MSP's cash flow is to regularly review your expenses. 

 

Knowing your numbers is the next crucial step. Stuart highlights that it's not just about tracking money in and out; it's about understanding the components of your financial picture. This means breaking down your income into categories like contract revenue, support revenue, and hardware revenue, and then examining your gross and net profit on these streams. By having a detailed grasp of your numbers, you can confidently forecast your financial future and make informed investment decisions. 

 

Another vital aspect Stuart touches upon is client analysis. Your clients hold the key to more cash in your MSP. Analyse their spending, profitability, and the technology solutions they use. Are they getting the most out of your services? Are there opportunities to upsell or streamline their tech stack? By digging into these questions, you can identify areas for growth and profitability. 

 

Account management is our fourth tip, and it's closely tied to client analysis. Having a systemized account management process in place helps you stay on top of your clients' needs. This process ensures that you're not just meeting their current requirements but also anticipating their future needs. By doing so, you can confidently plan investments, knowing that they align with your clients' evolving tech roadmaps. 

 

We also touch on the time thieves that often go unnoticed within an MSP. These can be inefficiencies, overlooked opportunities, or clients who aren't as profitable as they should be. Identifying and addressing these time thieves can significantly impact your bottom line. 

 

In conclusion, the path to "more cash" in your MSP involves cost management, a deep understanding of your financial numbers, thorough client analysis, and an effective account management process. As Stuart rightly points out, profit is everything, and by taking the time to delve into these areas, you can unlock hidden opportunities for growth and ensure your business works for you rather than the other way around. 

 

Remember, building a profitable MSP is about more than just accumulating cash in the bank. It's about creating a sustainable, thriving business that supports your long-term goals. So, take Stuart's advice to heart and start your journey towards "more cash" in your pocket and a more profitable MSP today. 

 

We encourage all of you to keep sending in your questions as we love to answer them on this series so, click HERE , fill out the form, and we'll tackle your questions in our upcoming episodes. 

 

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Again, if you’re ready to take the next step in supercharging your MSP, take the Scale with Confidence MSP Mastery Quiz. This will provide you with insights and guidance tailored to your specific needs.   

Until next time, look after yourself and I’ll catch up with you soon!