For small businesses, opting to use a Managed Service Provider (MSP) isn’t always an easy decision to make. There are countless IT providers advertising similar services, and even if you’re able to comb through the options, many don’t come cheap. That said, it’s important that companies don’t let the price of a solid business investment deter them from making a sound business decision. We’re not saying you can’t get a good MSP at a good value, but remember: cheap Managed Service Providers might be cheap for a reason. If they lack the experience, talent, availability or manpower to do the job your company needs, you might end up paying more in the future to resolve IT issues they couldn’t handle—or worse, caused.
Using an MSP you trust has a significant, positive impact on the success of your business. Managed Service Providers handle various business technology needs, from performance architecture, planning, operations and systems management, to updates, and most importantly, network security (e.g. data breaches, ransomware, phishing, etc.). In addition to implementing the actual technology required to address these needs, MSPs also bring a team of skilled technology professionals who can combat a problem, should they arise.
A good MSP can be an effective arm of your business—but the wrong one could become your company’s biggest adversary. Here are five problems businesses face when they choose a Managed Service Provider solely based on cost:
#1: Increased Downtime
Today’s business world relies on technology, and “downtime” is a company’s public enemy #1. By having a good Managed Service Provider that monitors your technology, and prevents or solves any problems it might have, your risk of downtime decreases. Choosing an MSP because it was cheaper could result in low-quality services that expose your company to downtime-inducing risks. Downtime is inevitable, but it’s important to keep it to a minimum. Make sure you choose an MSP that can prevent and resolve any downtime your company might face.
#2: Lack of Responsive Support
Your business can’t succeed if you spend all your time on the phone handling a technical problem. Technology works even when you don’t, and you need an MSP that can keep up. A cheap Managed Service Provider may not have the manpower you need to respond to your questions or concerns when you have them. And if your Managed Service Provider can’t actually manage your services, or give you trusted advice in a timely manner, your money would be better spent elsewhere.
#3 Inadequate Cybersecurity
As a business, cybersecurity should be your top concern. Cyber attacks have the power to take down companies of any size. They come in many different forms (like malware, viruses, ransomware and social engineering, to name a few), and can impact everything from confidentiality to finances. It goes without saying that poor services from a less-than-spectacular MSP increase your chance of a security breach. On top of that, in a regulated industry, poor cybersecurity can even lead to company fines. To avoid all that, it’s much more cost-effective to spend extra on an effective MSP that protects your information and profits so you don’t lose everything you’ve worked for.
#4 Outdated Technology
Technology is changing at a rapid pace, and it’s important that the MSP overseeing your technology is always ahead of the game. If your MSP is using antiquated or outdated tools, it could affect productivity, put your company at a severe disadvantage with competitors, and ultimately make it difficult to succeed in the business world.
#5 Poor Data Backup & Recovery
Data loss can occur for any reason; like natural disasters, human error, hardware failure, cyber attacks and more. In 2017 alone, downtime from data loss cost businesses an estimated $926 to $17,244 per minute. Even with those statistics, 30% of companies still lack a data recovery plan and 12% don’t have the tools they need to recover data after a disaster. Getting an MSP with an effective data backup and recovery plan is essential to fighting the ever-increasing number of threats in the digital workplace. Using a cheap MSP that doesn’t protect your systems could lead to data loss, and—without a comprehensive data backup and recovery plan—do more harm than good.
We’re not here to tell you that you can’t find a Managed Service Provider at a good value. We’re just here to warn you against choosing one solely based on cost. When you hire an MSP, you’re entrusting them with the most confidential aspects of your business, from financial data and company records, to profits, employee salaries, passwords, client information and more. Knowing this, the best investment isn’t always choosing the cheapest MSP. Sometimes, it pays to spend a little more at the output to protect your systems… and avoid paying thousands, or even millions, of dollars fixing a problem that could have been prevented.
Lucky for you, CompassMSP offers top-notch, custom IT services and features at a price that won’t break your bank providing your small business value. As one of the leading Managed Service Providers for small businesses, it promises access to the latest technology, the utmost protection and the invaluable comfort of knowing that your company is in the best hands.