June 23, 2020
What’s Keeping MSPs Up At Night?
2020...What can we even say? As a group, humans are having a rough year. Thankfully, our research shows that managed service providers (MSPs) have fared better than many businesses during the COVID-19 pandemic and resulting economic crisis. MSPs kept clients’ businesses running as they worked from home, and now are guiding their efforts to return to the workplace, beef up security, and migrate to the cloud.
Top Five Things Keeping MSPs Up At Night
- Economic Uncertainty
- Client Cybersecurity
- Work/Life Balance
Before the outbreak, MSPs globally were projecting to grow their revenue by about 20% per year, on average. We conducted a second survey after the pandemic shook businesses worldwide to gauge whether MSP priorities had shifted, and respondents said their projections have been adjusted downward by 11%, on average, for the remainder of 2020. In other words, MSPs are still expecting to grow through the crisis, albeit at a much slower pace than originally planned.
Aside from economic uncertainty associated with the pandemic, client cybersecurity was top of mind for MSPs this year. This may be due to several well publicized attacks in which criminals leveraged MSP credentials to gain access to their clients’ systems. Or, it could indicate a rise in demand from clients, indicating an increase in awareness about IT security among small and medium businesses (SMBs).
“[The pandemic] definitely helps us put security front and center—and get it the attention it deserves—from a client perspective,” said Cameron Brister, CEO of SquarePlanIT.
Work/life balance, hiring, and sales and marketing rounded out the top five things keeping MSPs up at night in our initial survey. However, given the events that unfolded after our initial survey, hiring is probably less of a focus than it was going into this year.
To learn more, download the full report.