when things are trending in the right direction . It ’ s not always about the absolute number , it ’ s about knowing whether you ’ re getting better or worse so you know where to invest your limited resources to address a problem .”
# 3 Focus On A Narrow Industry Instead Of A Narrow Market
MSPs and MSSPs are the fastest growing silo in the computer industry , yet highly fragmented , with no brand leader . For example , Robert Herjavec started with a small MSP and now his MSSP , Cyderes , is the biggest in the world , yet still fragmented . This creates a huge opportunity where even new MSPs starting out can compete and grow .
“ Undeniably , every company in the world will hire a managed service provider ,” Herjavec said . “ When you are really small , it ’ s good to focus on a narrow industry , but not from a market perspective . I used to sell to everybody , and I really struggled until I said , ‘ Why don ’ t I just go after financial services companies , because if somebody hacks them , they ’ ll lose a lot of money ?’ That doesn ’ t exist anymore , but what I do — what you all do in this room — IT services , cybersecurity , applies to everybody . You will never capture a significant part of the overall market . We are very fortunate . On a macro level , we ’ re all growing . The need for what we do is growing , and it ’ s not limited to just financial or legal anymore .”
# 4 Become An Expert In Cybersecurity And Compliance
“ Cybersecurity applies to every vertical today ,” Herjavec said . “ We create more data every three months than in the last fifty years — think about that . And on top of that , you have compliance . If you ’ re in this business and you ’ re not growing , you ’ re going to die , because it is super-fast , pedal to the metal .”
It ’ s also the perfect time to capitalize on compliance . Discussing his experience with compliance in his business , O ’ Leary said , “ I run private equity for governments , and what ’ s happened there is you must go through an RFP process . What they care about more than anything else is compliance . Can you show them a platform that is 100 % compliant that you ’ re managing right now ? That ’ s more important than returns in some cases because everybody must be compliant now . That ’ s the fastest cost I have in my business . I ’ m constantly paying for more tools to have transparency in how we ’ re investing the Treasury ’ s money or the state ’ s money or whatever it is . Everything is compliant , and that ’ s expensive . You should start focusing on that , even for smaller businesses . Anybody that ’ s got anything to do with the government or servicing them . This is a huge opportunity . It won ’ t get any better than this — it ’ s too good .”
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