The Power of Peer Groups for MSPs
You know when you have an interest you want to pursue, and you scour the internet for Reddit threads or even Discord groups to find a community dedicated to that interest?
MSP peer groups are essentially the same thing! Apart from having like-minded people in the same industry, participating in peer groups brings a great deal of benefits to your business.
The right peer group can help propel your MSP to roaring success!
A Beginner’s Guide to Peer Groups
A peer group is a set of people with similar interests, its members share experiences and can influence one another on beliefs and behaviors. That’s why it’s important to find a peer group that’s a good fit for your needs.
So, how can MSPs best utilize them?
Peer groups are like power-ups for MSPs! You get to join a dedicated community platform to exchange stories of triumphs and lessons learned as you go, while others do the same.
But it’s not just about that; it’s about unveiling the hidden gems of success and uncovering the secret strategies that make businesses soar.
“The truth is that, in the right setting, your competition can be your peers—especially when you’re connected to a national group that operates outside your local market. What’s more, they can help you do what you do better. That’s what peer groups are all about,” Shane Kimbrel states in a Data Magic post.
These platforms bring everyone together in one organized hub, simplifying knowledge sharing and problem-solving toward establishing best-in-class SOPs.
And let’s not forget about the power of networking! This platform is your gateway to building meaningful connections, striking up partnerships, and growing your business. By engaging with your peers, you can stay updated on the latest developments and adapt strategies accordingly.
Constant growth eventually means you become ready to accommodate additional clients, yielding significant financial gains.
That’s right, having peer groups means you get partners in accountability!
Danny Carlson, EVP of Platinum Systems, a Kenosha, WI-based IT services and managed cloud solutions provider shares,
“A peer group can help you fill that role by holding you accountable to your action items and goals while also giving you the responsibility of playing that same for the other members in your group.”
Members can hold each other responsible for their actions, decisions, and performance. Within these groups, there is a collective understanding of the importance of accountability for personal and professional growth.
A culture of accountability is fostered through constructive feedback and open discussions. Members can provide honest feedback, challenge each other’s assumptions, and hold each other to higher standards. This constructive feedback helps you gain insights into areas where improvement is needed and enables you to more easily execute positive change.
The better you are at being accountable, the more consistent you’re able to meet your goals, and the more profit you will generate.
The best part? Peer groups provide fast access to resources; a well of information at your fingertips! If you’re new to the industry you get a major head start, and even if you’ve been in it for a while, any insight into anything MSP-related or revenue-generating is a valuable asset.
Imagine getting ahold of templates, guides, toolkits, and documentation that can help improve operational efficiency, streamline processes, and enhance service delivery. Peer groups allow members to exchange these resources, ensuring that each MSP can leverage the collective knowledge and expertise of the group to enhance their own capabilities.
Apart from those resources, you can take advantage of benchmarking opportunities for Key Performance Indicators (KPIs)! You can compare your performance metrics, such as response times, client satisfaction scores, or revenue growth, with those of your peers.
This benchmarking exercise provides you with an understanding of your relative strengths and weaknesses. By identifying areas where you are excelling or lagging behind your peers, you can set ambitious, attainable goals for improvement.
What’s not to love about healthy competition, encouragement of continuous growth, and a drive to strive for excellence?
Having peer groups is undeniably beneficial for professionals seeking to excel in the MSP industry.
The knowledge sharing, networking opportunities, and collaborative potential within these groups create a foundation for prolific growth, learning, and success.
If you’re eager to join other MSP enthusiasts and experience the power of peer collaboration, look no further than MSPbots.
With the MSPbots Peer Group Function you can make use of the collective wisdom you acquire as you collaborate with other users, and when you’re ready for it, create your own group!
On top of that, this feature allows you to view and analyze your metrics with other members of your peer group through our dashboards. Currently, we partner with IT By Design, MSP Finance Team, Encore Strategic, N-Able, and in the future, Robin Robins Technology Marketing Toolkit.
Sign up for free or book a demo!
