Without Nee
How Derek 400 % MORE
Derek Anderson , Owner Biztek Solutions , Inc .
Company : Biztek Solutions , Inc . Founded : 2006 Headquartered in Riverside , California
Geographic Market : Southwest Virginia ; Southern California
Top Growth Indicator : Monthly Recurring Revenue ( MRR )
YoY % of Growth : 30 %
Founders : Derek Anderson
22 | MSPSuccessMagazine . com • VOLUME 3 ISSUE 6
What Are The Top Three Business Indicators You Use To Measure Your Company And Why ?
Our monthly recurring revenue is our biggest indicator of growth . It helps us with forecasting because we know what to expect for revenue coming in month over month . Next is net profit . This helps us make sure we ’ re keeping costs in line and being prudent in our business , and it ensures the business is healthy because , in the end , we ’ re here to make money and be profitable . The third indicator is what I call our labor efficiency ratio . This is to help ensure our labor costs are in line with our revenue , which also contributes to making sure our net profit is in line . Because labor tends to be the highest cost , keeping track of that efficiency ratio helps us make sure we ’ re keeping our net profit in line .
What Is The Top Lesson You Had To Learn To Kick-Start Your Business Growth ?
I had to learn how to put a sales system in place . For more than the first couple of years , I didn ’ t have a sales process , so I approached every new opportunity differently . I quoted and proposed differently each time . Over the past couple of years , because of COVID-19 , we had to really define a sales process , something that could work virtually . That system is still working to this day . Now we ’ re able to take our prospective clients through the same repeatable process to learn about their business , share who we are and what we ’ re about as a company , and consistently present our services and value . With this system , we can do our sales presentation almost 100 % virtually . Sometimes , we do get on site for meetings and assessments , but it ’ s also really helped us speed up our sales process to get clients to buy when they ’ re ready . As a result of putting this sales system in place , we ’ ve increased our conversion rate from 10 % to 49 %.
What Is Your Single Secret To Success This Past Year ?
In the past year , we doubled down on digital marketing with a heavy investment in pay-per-click advertising . That , combined with our sales process , allowed us to capture qualified leads and convert those sales leads quickly . It was a great combination that allowed us to capture a lot of new clients .
What Would You Say Is The Biggest Challenge You Had To Overcome This Past Year Related To Reaching That Growth ?
Finding and hiring quality candidates and keeping them so we can continue to grow our team and keep up with delivering our services to