EP157 - Ask Stuart #7 - How Do I Get More from My Existing Clients with Stuart Warwick & Ian Luckett

Stuart begins by emphasising the significance of existing clients, referring to them as the "Golden Goose" of your business. The key, he says, is optimising the relationship and revenue you have with them. Many MSPs leave a significant amount of recurring and one-off revenue on the table when they neglect their existing clients. The goal is to encourage your "Golden Goose" to lay more golden eggs, and this episode is all about how to achieve that.    Stuart shares a compelling example of a client who put seven figures of additional revenue into their business in less than 12 months by focusing on their existing client portfolio. It's a testament to the potential that often lies untapped within your current client base.    So, why do many MSPs struggle with this? Stuart pinpoints a common problem: getting in your own way. It's easy to become overwhelmed with day-to-day tasks and neglect the crucial aspect of account management. But, as Stuart suggests, there are a few key strategies that can transform your business, and it all starts with overcoming these obstacles.    One of the most fundamental steps is pricing. Stuart emphasizes the importance of charging the right amount for your services. Many MSPs have outdated pricing structures, and it's crucial to align them with the value you provide. Stuart recounts a story of a client who was hesitant to raise prices because they feared losing clients. However, after realizing the potential for additional profit, they took action, and it's poised to transform their business.    Stuart and I discuss the simplicity of the process when you have a well-defined strategy. It begins with understanding the profitability of each client and categorising them based on their value to your business. Not all clients are equal, so it's essential to prioritise your efforts.    Once you've graded your clients, it's time to standardise your packages and communicate changes. Stuart suggests starting with a gentle approach, perhaps by announcing price increases for the upcoming year. Surprisingly, most clients won't raise objections, and you'll find that the majority accept the changes without much fuss.    The next stage in the account management process is to establish a rhythm of review and communication with your clients. This ongoing dialogue ensures that their technology roadmap aligns with your services, and it fosters a win-win relationship. Stuart underlines that this process doesn't have to be overwhelming. By breaking it down into manageable steps, you can systematically work through your client base.    In conclusion, the episode's core message is clear: don't overlook your existing clients. They hold immense potential for revenue growth and profitability. By following a structured approach that includes pricing optimisation, client categorisation, and regular communication, you can unlock the hidden treasures within your client base. Your existing clients are indeed your "Golden Goose," and it's time to help them lay more golden eggs for your MSP.    So, if you're eager to harness the power of your existing clients and want to learn more about account management, take the Scale with Confidence MSP Mastery Quiz. It's a quick three-minute assessment that provides a 360° scan of your MSP and offers a personalised report with actionable insights.     Don't let these opportunities slip through your fingers – start cultivating those golden eggs today!    We encourage all of you to keep sending in your questions as we love to answer them on this series so, click HERE , fill out the form, and we'll tackle your questions in our upcoming episodes.    Connect with me on LinkedIn and see what I'm up to by clicking HERE  To join our amazing Facebook Group of over 300 MSPs where we are helping you Scale Up with Confidence, then click HERE  Again, if you're ready to take the next step in supercharging your MSP, take the Scale with Confidence MSP Mastery Quiz. This will provide you with insights and guidance tailored to your specific needs.      Until next time, look after yourself and I'll catch up with you soon!