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Paul Tracey , Founder , Innovative Technologies
Company : Innovative Technologies
Founded : 2012 Albany , New York
Geographic Market : Nationwide
Top Growth Indicator : Gross Revenue
YoY % of Growth : 30 %
Founder : Paul Tracey
What Are The Top Three Business Indicators You Use To Measure Your Company And Why ?
Our MRR ( monthly recurring revenue ), net profit , and cost of client acquisition are the three numbers that keep me up at night . MRR indicates the stability of our business . It also affects valuation if you ’ re looking to exit your business . Net profit is the ultimate number because you can grow your gross revenue , but if you ’ re growing it at a loss , it means your business isn ’ t healthy . Knowing you ’ re profitable and what your change is in that profit margin is huge . The cost of client acquisition is a big variable we always look at because we ’ re always doing marketing and sales . These are big budget items , so we want to know how much it costs to acquire a client and what that looks like in relation to the lifetime value of that client .
What Is The Top Lesson You Had To Learn To Kick-Start Your Business Growth ?
I ’ ve found that success has a direct relationship with your ability to invest in yourself and your personal growth . Techs like me who own MSPs know a lot of stuff , but we don ’ t give ourselves credit . Our job isn ’ t to sit in a closet with that information . You must go out there and tell people what you know and let them know what you do , why you ’ re doing it , and for whom you ’ re doing it . That lesson came from Marcus Lemonis at TMT ’ s Boot Camp . He mentioned that the No . 1 indicator he saw for success across all businesses was an owner ’ s willingness to invest in themselves . I really grabbed onto that lesson , which led to why I ’ m in the news , delivering speeches , writing books , and doing all the other celebrity marketing stuff now . Our teams run the business , but if you ’ re not in front of people , then who will buy what you offer ? I had to get over myself and just get out there and do it . It took some getting used to , but it was worth it because it ’ s made a big difference .
What Is Your Single Secret To Success This Past Year ?
We changed the conversation we have with prospects and removed our business from the push-down to a commodity that every MSP is facing . Diving deeper into our niche and talking about security and compliance , which is what we ’ ve always been about , allowed us to separate ourselves from competitors . By focusing on our expertise and doing celebrity branding , we ’ ve elevated our company ’ s position . A year ago , you could not have paid me to get on stage . I failed public speaking in college twice . That was not a thing I wanted to do , but doing it has changed the business . It ’ s changed the conversation . Now , we ’ re talking about business solutions instead of the commodity-type conversation ,
24 | MSPSuccessMagazine . com • VOLUME 3 ISSUE 6