If you fail to plan, you plan to fail. That old adage has always rung true in all businesses, and managed services providers (MSPs) are no different. And successful planning starts with one critical element:

Your MSP business plan

Despite the importance of this document, many MSPs operate without one, and subsequently operate without any kind of guidance or direction. An MSP might have acquired a few early customers from referrals and personal relationships, prompting them to formally set up their business, but the truth is that without a business plan to lay out the future, that MSP will have no idea where it’s headed in the future. Simply put, you need a sound business plan, codified and documented, to steer your MSP’s direction.

Here’s how to write an MSP business plan, in eight steps.

Your Mission Statement

At your core, you must answer one question: Why are you in business? Answer that question and you’ll have your core mission statement. Making money is an obvious reason, but MSPs typically start their business with other reasons in their heart. Beyond making money, is your MSP’s goal to:

• Help small businesses adopt new technologies?

• Help small businesses run more efficiently?

• Provide the best server and desktop care in your state?

• Establish yourself and your business as thought leaders in the IT industry?

Once you have a clearly defined mission statement, share that with everyone in your company to ensure that everyone’s working toward the same thing.

Your Vision

This requires gazing into your crystal ball to project 1, 3 or even 5 years down the road. Where would you like to be over that time span? This can be defined by either tangible metrics (number of clients, monthly recurring revenue) or more intangible measures (having a sterling reputation within your local community).

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