MSPs are increasingly positioning themselves for growth through "a keen focus on business planning and expansion of technology offerings," according to a supplement to the 2023 Direction of Technology Report from TD Synnex.
Key takeaways from the supplement to the report, which included feedback from more than 550 B2B channel partners from over 60 countries, include:
- The skills gap remains a "challenge." MSPs said that talent recruitment and retainment (46%) and ongoing technical education (33%) are some of their top challenges.
- Professionals with data analytics skills are in high demand. Data analytics (33%), security (26%), networking (24%) and artificial intelligence/machine learning (22%) ranked as the top skills that channel partners want to add to their teams, which aligns with the solutions that they expect to drive the most revenues in the years to come.
- Expanding solutions offerings is a top priority. Approximately 80% of respondents said expanding their solutions offerings was important or very important, and 69% named expanding globally as important or very important.
- MSPs' revenue expectations are in line with channel expectations. Three quarters of respondents said they expect revenue growth in 2023 and beyond. Among these MSPs, they ranked growth through acquisition (73%) or organically (77%) or actively seeking a buyer (47%) as important or very important.
- Regulatory pressures are "real" for MSPs. Approximately 36% of MSPs said rapid regulatory change was a challenge to their business, and 34% cited meeting and documenting environmental, social and governance (ESG) standards as a challenge.
What the Data Means for MSPs
There are "competing needs and priorities for MSP growth, as well as the challenges to that growth," said Jill Kermes, TD Synnex's corporate VP of global corporate communications and citizenship.
Furthermore, the data indicates that MSPs are focused on strategic planning, business development, training and enablement to "leverage the opportunities presented by lucrative high-growth technologies," TD Synnex Chief Strategy Officer Sergio Farache stated.
Meanwhile, technology is evolving, and MSPs want to pull the "right levers to ensure financial success," Farache indicated.
With a strategy to build and grow their businesses, MSPs are well equipped to develop and achieve their financial goals, stand out from their rivals and foster long-lasting customer partnerships.