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Business owners face a lot of risks – mostly because there is no guarantee that a company will make money or that it will survive and grow. Company stakeholders mainly take on these risks because they hope to create a company they can someday sell or pass down to their families with enough wealth to live a safe and comfortable lifestyle when it's time to retire. High Operational maturity owners understand that knowing how much stock value you want to create and by when you want to create it is a foundational best practice.    A Value Creation Strategy is an owner's plan for how they will get from their current business valuation to their business valuation target so they can exit their company having met their personal wealth goals. As Yogi Berra once said, "if you don't know where you're going, you might end up someplace else." In the simplest terms, this is exactly why every business owner needs a Value Creation Strategy. In essence, owners and company stakeholders should be asking themselves a few simple yet incredibly important questions:   How much do I need when I exit the business to live my desired lifestyle? How much does my business need to be worth when it's time to exit? How much time do I have between now and when I'd like to exit? How do I plan to extract value from my company? What steps do I need to take, year-over-year, to to reach those targets? In Getting to Goal: Knowing your Value Creation Strategy, Brad Schow, the VP of Business Transformation Evangelist Growth with ConnectWise, reviews what a value creation plan is and why it's important. Using easy-to-follow logic, he will also walk you through the steps to create or revisit and recharge your value creation strategy. By the end of this webinar, you'll also know how to modify your plan based on common changes in the market and how to determine if your goals are reasonable.   The next webinar in this series, Getting to Goal: Putting your Value Creation Strategy into Action, happening live on Wednesday, December 7, 2022 at 1:00 pm EST, will build upon the concept learned this month to help you put your plan into action. Make sure you either join live or tune into the recording using the link below!     We're here to help!   If you aren't sure where to start with creating your own value creation strategy, our partner success team can help! Schedule a confidential 1-hour session with a partner success manager at no cost to walk through creating a basic value creation strategy. We will also discuss your ownership mode, key profitability metrics, and a few ways you can improve your operational maturity level. Reserve your place now! NOTE: Spaces are limited. If you cannot schedule a meeting using the link above, email us for additional options on how we can help.   If you haven't tuned in to the CEO Growth & Profit series yet, the Partner Success team has combined forces with Service Leadership to bring MSP owners, CEOs, and executive leadership teams loads of valuable content across 10 webinars. This series is dedicated to helping you quickly determine how you're performing on the biggest financial drivers in your business. Taking it a step further, this series also provide practical guidance on improving sub-optimal business practices by adopting the proven methods of best-in-class.    Check out all of the webinars in this series:   CEO Growth & Profit Topic Date/Time Expert Register/Watch Now! Making Service Profitability Decisions the Way the Top Performers Do  August 3rd, 1pm Eastern Paul Dippell, Founder, Service Leadership https://bit.ly/service-profitability Making Sales Investment Decisions the Way the Top Performers Do August 25th, 1pm Eastern Rob Bufano, Service Leadership Solutions Director bit.ly/sales-investments Tracking your Financials the Way the Top Performers Do September 22nd, 1pm Eastern Rob Bufano, Service Leadership Solutions Director bit.ly/tracking-financials Key to Success: Knowing your Ownership Mode October 12th, 1pm Eastern Brad Schow, VP, Consulting Services, ConnectWise bit.ly/ownership-mode Getting to Goal: Knowing your Value Creation Strategy November 16th, 12pm Eastern Brad Schow, VP, Consulting Services, ConnectWise bit.ly/value-creation-strategy Getting to Goal: Putting your Value Creation Strategy into Action December 7th, 1pm Eastern Brad Schow, VP, Consulting Services, ConnectWise bit.ly/value-creation-action Foundational Excellence: Choosing your Target Customer Profile January 12th, 2pm Eastern Peter Kujawa, VP, Service Leadership & TSP Evangelist https://bit.ly/target-customer-profile Foundational Excellence: Driving Technology Standards February 15th, 11am Eastern Peter Kujawa, VP, Service Leadership & TSP Evangelist https://bit.ly/technology-standards Foundational Excellence: QBRs as your Scale Engine March 16th, 1pm Eastern Peter Kujawa, VP, Service Leadership & TSP Evangelist https://bit.ly/QBRs-scale Foundational Excellence: Pricing and Packaging April 20th, 1pm Eastern Rob Bufano, Service Leadership Solutions Director https://bit.ly/pricing-packaging   To sign up for future episodes in the CEO Growth & Profit series or to watch previous webinar recordings, use the links above or visit our webinars page. Make sure to keep an eye out for additional emails and in-app invites from us, and follow @BrightGauge on Twitter for updates.   We highly suggest you RSVP to each webinar now! Even if you can't attend the live webinar, we’ll still email you the recording.   As always, we love your feedback and your questions, so shoot our success team an email any time!  

Every business owner, regardless of the industry, has an evolving set of aspirations and goals for their business. On a scale of a startup mindset to creating an exit scenario, those aspirations are unique to what you, the owner, currently value in life and business. Having a plan is important at every stage, but it's not always easy to know where to start or how to get from point A to point B within your timeline. To add to that complication, it's often difficult to communicate your vision and share it with your organization in a digestible and actionable way.    Modes Theory for ConnectWise partners is a system of purpose-built methods that specifically help TSPs cultivate a growth mindset so they can achieve successful business outcomes. It is a robust framework that uses a common language to clarify the process of understanding, communicating, and following your personal vision of success.    In Key to Success: Knowing your Ownership Mode, Brad Schow, the VP of Business Transformation Evangelist Growth with ConnectWise, explains what modes theory is, why it's important, what modes are available, and how to get started.   In this webinar, you'll learn how understanding your current and future "mode" can help you better utilize purpose-built training, peer groups, solutions, and ecosystem resources. Further, you'll learn about the next steps you'll need to take to start aligning your behaviors with your business model, culture, strategy, and leadership approach. You'll find that once you get all of your boats rowing in the same direction, you can more easily adopt the best practices for your mode and business model.     Want to check out Modes Theory now?   The first step to getting started with modes theory is to take the modes assessment. The modes theory assessment is an ongoing tool for TSP owners, leaders, and ecosystem partners. Once you've taken the assessment, you'll be guided through the interrelated concepts, tools, and benchmarks that you and your team can capitalize on to engineer a resilient and profitable business.      If you haven't tuned in to the CEO Growth & Profit series yet, the Partner Success team has combined forces with Service Leadership to bring MSP owners, CEOs, and executive leadership teams loads of valuable content across 10 webinars. This series is dedicated to helping you quickly determine how you're performing on the biggest financial drivers in your business. Taking it a step further, this series also provide practical guidance on improving sub-optimal business practices by adopting the proven methods of best-in-class.    Check out all of the webinars in this series:   CEO Growth & Profit Topic Date/Time Expert Register/Watch Now! Making Service Profitability Decisions the Way the Top Performers Do  August 3rd, 1pm Eastern Paul Dippell, Founder, Service Leadership https://bit.ly/service-profitability Making Sales Investment Decisions the Way the Top Performers Do August 25th, 1pm Eastern Rob Bufano, Service Leadership Solutions Director bit.ly/sales-investments Tracking your Financials the Way the Top Performers Do September 22nd, 1pm Eastern Rob Bufano, Service Leadership Solutions Director bit.ly/tracking-financials Key to Success: Knowing your Ownership Mode October 12th, 1pm Eastern Brad Schow, VP, Consulting Services, ConnectWise bit.ly/ownership-mode Getting to Goal: Knowing your Value Creation Strategy November 16th, 12pm Eastern Brad Schow, VP, Consulting Services, ConnectWise bit.ly/value-creation-strategy Getting to Goal: Putting your Value Creation Strategy into Action December 7th, 1pm Eastern Brad Schow, VP, Consulting Services, ConnectWise bit.ly/value-creation-action Foundational Excellence: Choosing your Target Customer Profile January 12th, 2pm Eastern Peter Kujawa, VP, Service Leadership & TSP Evangelist https://bit.ly/target-customer-profile Foundational Excellence: Driving Technology Standards February 15th, 11am Eastern Peter Kujawa, VP, Service Leadership & TSP Evangelist https://bit.ly/technology-standards Foundational Excellence: QBRs as your Scale Engine March 16th, 1pm Eastern Peter Kujawa, VP, Service Leadership & TSP Evangelist https://bit.ly/QBRs-scale Foundational Excellence: Pricing and Packaging April 20th, 1pm Eastern Rob Bufano, Service Leadership Solutions Director https://bit.ly/pricing-packaging   To sign up for future episodes in the CEO Growth & Profit series or to watch previous webinar recordings, use the links above or visit our webinars page. Make sure to keep an eye out for additional emails and in-app invites from us, and follow @BrightGauge on Twitter for updates.   We highly suggest you RSVP to each webinar now! Even if you can't attend the live webinar, we’ll still email you the recording.   As always, we love your feedback and your questions, so shoot our success team an email any time!  

In any business, there is a primary need to generate enough gross margin dollars to cover overhead expenses, and to contribute to the bottom line so that the business can grow. In the Managed Service Provider (MSP) space, service gross margin is the most important component of that overall profitability.   While product gross margin is important, it typically only makes up roughly one-fourth of the total gross margin dollars that an MSP generates. Services on the other hand, tend to produce a higher and more reliable stream of gross margin dollars. Despite the stickiness of the service business, it is also riskier. This is primarily because if you fail to sell enough services, you still have to carry those high service labor costs that do not exist in product-centric businesses.   Since service gross margin is the most important aspect of an MSPs profitability, it goes without saying that accurately measuring and optimizing it is a foundational best practice. And to improve your financial performance, you'll need to adopt an accounting setup that gives you greater visibility. Doing so enables you to see what is happening in the business, take remedial action as needed, and see if your actions are having the desired effect. Unfortunately, most accounting systems are not set up to measure Service businesses usefully and they do not, by default, provide the level of visibility MSPs need to see what is really happening within the company.   In Tracking your Financials the way the Top Performers Do, Rob Bufano, the Service Leadership Solution Director with ConnectWise, shared how top performing MSPs set up their chart of accounts to obtain the granularity they need to measure and optimize their gross margin. Rob focused not only on the 'why' but the 'how to' for gaining better visibility and control of your financial performance. If you missed this CEO Growth & Profit webinar, no worries! You can always watch the recording, shared below, at any time!   What you'll learn by watching this webinar: How the best-in-class, median, and bottom 1/4th of solution providers are performing financially How to use the Sales and Service multiple of wages successfully Benchmarking methodology by predominant business model How you can identify your predominant business model Setting up your chart of accounts to have a useful profit and loss statement Why a correctly designed Chart of Accounts is so important How to use your financials to create your budgeting and forecasting Tying your financial tracking back to operational maturity level best practices     If you haven't tuned in to the CEO Growth & Profit series yet, the Partner Success team has combined forces with Service Leadership to bring MSP owners, CEOs, and executive leadership teams loads of valuable content across 10 webinars. This series is dedicated to helping you quickly determine how you're performing on the biggest financial drivers in your business. Taking it a step further, this series also provide practical guidance on improving sub-optimal business practices by adopting the proven methods of best-in-class.    Check out all of the webinars in this series:   CEO Growth & Profit Topic Date/Time Expert Register/Watch Now! Making Service Profitability Decisions the Way the Top Performers Do  August 3rd, 1pm Eastern Paul Dippell, Founder, Service Leadership https://bit.ly/service-profitability Making Sales Investment Decisions the Way the Top Performers Do August 25th, 1pm Eastern Rob Bufano, Service Leadership Solutions Director bit.ly/sales-investments Tracking your Financials the Way the Top Performers Do September 22nd, 1pm Eastern Rob Bufano, Service Leadership Solutions Director bit.ly/tracking-financials Key to Success: Knowing your Ownership Mode October 12th, 1pm Eastern Brad Schow, VP, Consulting Services, ConnectWise bit.ly/ownership-mode Getting to Goal: Knowing your Value Creation Strategy November 16th, 12pm Eastern Brad Schow, VP, Consulting Services, ConnectWise bit.ly/value-creation-strategy Getting to Goal: Putting your Value Creation Strategy into Action December 7th, 1pm Eastern Brad Schow, VP, Consulting Services, ConnectWise bit.ly/value-creation-action Foundational Excellence: Choosing your Target Customer Profile January 12th, 2pm Eastern Peter Kujawa, VP, Service Leadership & TSP Evangelist https://bit.ly/target-customer-profile Foundational Excellence: Driving Technology Standards February 15th, 11am Eastern Peter Kujawa, VP, Service Leadership & TSP Evangelist https://bit.ly/technology-standards Foundational Excellence: QBRs as your Scale Engine March 16th, 1pm Eastern Peter Kujawa, VP, Service Leadership & TSP Evangelist https://bit.ly/QBRs-scale Foundational Excellence: Pricing and Packaging April 20th, 1pm Eastern Rob Bufano, Service Leadership Solutions Director https://bit.ly/pricing-packaging   To sign up for future episodes in the CEO Growth & Profit series or to watch previous webinar recordings, use the links above or visit our webinars page. Make sure to keep an eye out for additional emails and in-app invites from us, and follow @BrightGauge on Twitter for updates.   We highly suggest you RSVP to each webinar now! Even if you can't attend the live webinar, we’ll still email you the recording.   As always, we love your feedback and your questions, so shoot our success team an email any time!