IgniteRM and sister company, Winc Analytics had the privilege of attending and speaking at that the Bering McKinley 3rd Annual Retreat that took place at the Linq Resort in Las Vegas. More than 30 industry leaders and managed services providers gathered to discuss best practices around topics of sales, service, financials, digital marketing, and employee retention. This year’s theme focused on “Excellence follows Foundation” and the goal of the event was to provide the foundations of growing an MSP business. The event included lots of peers and channel networking, group stories and industry expert education.
We thought we would share with you our takeaways and how we thought this event added value to the MSP landscape.
6 Bering McKinley Retreat Takeaways:
- The financial health of your business depends on your ability to interpret the numbers. Bering McKinley founder, Josh Peterson challenged the group around 14 Key Metrics. Josh stressed the importance of comparing results among members and understanding how to dissect and get to the root cause of what the numbers are telling you. Many members commented that while they gather and track a handful of metrics related to their business, many members struggle to understand the “why” behind their gross profit numbers. Other members commented that this type of exercise was a reminder to revisit their own scorecards to make sure the metrics they are tracking are still the right ones for understanding the financial health of the business.
- Be vigilant about security. BLOXWORX owner Rob Boles talked about cybercrime and the real threats security poses even to the IT guy who works to prevent security threats all day long. Since getting back to the office, IgniteRM started to look at the different endpoints on our network that are security risks. (Thanks, Rob.) Yesterday we enabled the guest channel on our router so that we can manage guest security differently from employee security. I know – “thanks, Captain Obvious” – but that was an important learning moment.
- Sales are the only way to grow. You must hire and retain salespeople. Again, while this seems obvious enough, attracting and keeping good (aka: productive) salespeople is something that you have to work at and you will not grow without them. BMK’s Ben Altman spoke on the steps for building a strong sales force and managing that salesforce for success. There’s a lot of talk in the industry about sales but we felt like Ben gave some good insights on sales management that are important to retaining those sales superstars.
- Have an inbound strategy and an outbound marketing strategy. If your sales team brings in 95% of your leads, it’s easy to discount marketing. But if, as we discussed, 90% of B2B buyers “start with search”, by the time our sales team gets engaged, our competitors have likely already touched our prospects digitally multiple times. And don’t forget about an outbound strategy. Contact Science expert Bob Howard gave useful tips for integrating your inbound and outbound strategy for results.
- Service Dispatching starts with choosing a model. The Bering McKinley team showed three types of models that drive effective service dispatching and service delivery. Among these models: Centralized, Priority Based, Self-Employed and Hybrid (blended). The team advised avoiding the hybrid as it always ends in failure. The highlight of this presentation was the Agreement Gross Profitability targets and important service department metrics that were quickly recorded by the attendees.
If you have not heard of Bering McKinley, visit https://beringmckinley.com/bering-mckinley-team/.