October MSP Growth Habit: The Power of Peer Networking

A few weeks ago, I was invited to Austin, Texas, to participate in a two-day Business Transformation event called ‘Getting to $2 million.’  I attended with a number of my other N‑able colleagues, along with 37 of our MSP partners, and for two days we tackled the question: “Why are some MSPs growing while others aren’t’?”

If you’ve not heard of our Business Transformation Program here’s how it can help MSPs grow their businesses.

It was an enlightening event and I thoroughly enjoyed having the opportunity to speak with MSPs from across the US about the growth challenges they were experiencing, along with their growth objectives and expectations for 2024.

This topic falls squarely in line with the overall Growth Habits theme I have been focusing on this year with my monthly blogs. My goal with my blog posts for 2023 has been to provide MSPs with practical, easy-to-implement tips that they can incorporate into their practice that will help move the needle in terms of their sales revenue and profitability. And for October, the business-building growth habit that I want to write about, centers on the topic of ‘Try something new’. 

In this case, the ‘something new’ that I would like to propose is getting up from behind your desk and getting out there and networking—specifically focusing on peer-networking and building out a network of peers that can be instrumental in not only helping your MSP grow, but to thrive.    

Benefits of a Peer Network

The right kind of peer network has the power to transform your business. While there are many benefits to cultivating a peer network, the main benefit is that it gives you the opportunity to share and learn from others who have ‘been there, done that’, and to get their advice on what has and hasn’t worked  for their MSP. The right peer network can help you avoid the pitfalls and mistakes when it comes to building out your MSP, and it can provide guidance around real-world best practices and strategies that have been fruitful for them. You’ll be able to gather relevant insight and honest feedback and gain a new perspective, that will likely differ from your own. 

The right kind of peer group will also serve to act as your cheerleader and give you an outside forum to celebrate your achievements and success, while also celebrating the achievements and accomplishments of others in your group. 

How to build a peer network to grow your MSP? Enlist Your Vendors!

You might be reading this and thinking, “Ugh…. networking. I would rather do anything else.” Or maybe you have been thinking seriously about this tactic as a business development strategy for your MSP, but are unsure where to start or to how to go about sourcing a peer network for your MSP.

There are many ways to find potential peers: you can find peers through various social media platforms, through referrals, or through existing contacts. But the one I want to focus on in this blog is how to leverage your vendors when developing your peer group—because for an MSP, this is by far your easiest and quickest path to getting this accomplished. I’m sure every vendor in the channel that you deal with  hosts their own series of events, conferences, and meetings where they aim to bring customers together. Yes, these kinds of events will likely include some sort of product pitch, but a good vendor will also include lots of time and opportunities for education, networking, and relationship building with your MSP cohorts.

I was thrilled to discover that during our Business Transformation program in Austin last month, for many MSPs who were in attendance, this occasion was the first time many of them had participated in an event like this. And the top comments we received from attendees (besides how great the content was!) centered around how much they enjoyed speaking with other similar-sized MSPs about their challenges, fears, and goals, and knowing that they weren’t alone in those struggles. Comments such as: “Hearing from experienced MSPs about specific strategies that have made them successful will be helpful for my business.” And, “Meeting other MSP business owners and hearing about how they have grown their business has given me a solid course of action items to take back and incorporate into my business.”

Over and over the comments I kept hearing were centered on the ‘peer interaction’, ‘peer conversations’, ‘peer engagement’, and having the ability to learn and rethink how they approach things as it relates to their business. These are all valuable insights that only by engaging directly with your peers will you be able to experience. Many left the event with new acquaintances and even friendships that will help jumpstart their peer-networking efforts. This is insight and expertise that you just can’t get if you remain in your own bubble and don’t make an effort to get out there and engage with other like-minded MSPs.

So, as you look ahead to 2024 and start formulating your growth strategy for the coming year, consider adding a peer-education/peer networking component to your plan. Having a group of MSPs that you can engage with, talk to, run ideas by, is an invaluable gift that you can give yourself and your team, and is a sure-fire way to get you focused on working ON the business, instead of getting continually bogged down in the day-to-day running of the business. 

If you are looking to ‘try something new’ in 2024 to help expand your MSP, then consider making the development of your own peer network a priority. Start by registering for one of N‑able’s upcoming events where we make peer networking the cornerstone.  Events like: our next Business Transformation event, ‘Beyond Conventional Wisdom—Accelerating Growth’, taking place in Raleigh, NC, October 23-25^th or one of our N‑able Roadshows that are taking place in different cities across North America, or the mother of all peer networking opportunities; our Empower Event taking place at the Omni PGA Frisco Resort, Texas next March 25-28^th, 2024. 

Building and cultivating peer relationships with other MSPs can be the key to changing your business and can provide you with the exponential growth you are looking for, not only in 2024, but for many years to come. There is no need to go it alone, when there are so many MSPs that are more than willing to help.  You just need to ask.   

For other MSP growth habits, check out: New Habits to Target for MSP Growth in 2023

Stefanie Hammond is Head Sales and Marketing Nerd at N‑able. You can follow her on LinkedIn and on Twitter at @sales_mktg_nerd.