Assessing and Ensuring the Health of Your Business

A friend of mine (in his early thirties and in good health by all appearances) recently went in for his annual medical checkup, where his physician notified him that his cholesterol was dangerously high. Without the intervention of his doctor, he would likely have faced serious health problems at some point in the future. But a few simple changes in his lifestyle reversed the condition, putting him back on a path of good health. In much the same manner, a recent routine trip to my mechanic resulted in the discovery of a serious wheel bearing issue. If left alone, that problem would likely lead to very expensive repairs in the not-too-distant future or, even worse, a serious accident. Both of these incidents underscore the value of regular check-ups, whether they are medical or mechanical in nature. Using a similar philosophy, CompTIA created numerous self-evaluation tools to help our members identify areas where their business could be improved, as well as their points of strength.

The CompTIA MSP Best in Class Benchmark Report and Presentation offers you detailed information on the state of the MSP industry. You can compare your company’s performance with the results of similar successful businesses. Do you know how your profit margins match up with those considered to be “Best in Class?” In addition, you can compare your company’s revenue growth rate and length of sales cycles with the results of similar businesses.

If you want a more refined benchmark analysis—one that compares businesses that are truly “apples-to-apples,” your CompTIA membership provides you with FREE access to the Corelytics Financial Dashboard. This benchmarking tool gives you in-depth financial metrics and performance indicators of like-sized organizations. By adding your business data to the mix, you can track your performance against the results of companies that share similar characteristics. Because the comparison is an aggregation of information collected from multiple organizations, the sources are anonymous and segregated strictly on the basis of certain features.

Another way to gauge your individual business performance is to discuss metrics through peer and potential partner collaboration. CompTIA offers you many opportunities for industry cooperation and teaming through participation in one of its groups and forums. Each of these communities focus on a special interest within the IT channel: Cloud/SaaS, Healthcare IT, IT Security, IT Services and Support, Managed IT Services, and Small Business Owners.

Whether your business needs benchmarking tools, industry research or peer consultation; regular self-evaluation can provide a strong and constructive influence for your business. Who knew you could feel so good about a check up?