Business of Tech: Daily 10-Minute IT Services Insights Balancing MSP Standardization, Talent, & Strategic Decision-Making w/ Elliott Hyman
Dave Sobel sits down with Elliott Hyman, CEO of Myra Technology Group, to discuss the unique challenges and opportunities faced by managed service providers (MSPs) operating within a collective framework. Hyman shares insights into how his organization selects and supports a diverse group of MSPs, emphasizing the importance of understanding each business's unique identity, employees, and customer base. This tailored approach allows them to guide each company along a continuum of operational maturity, ensuring that they can grow without losing the qualities that make them distinctive.
The conversation delves into the concept of sustainable growth, which Hyman defines as building healthy companies that prioritize the well-being of employees and customers. He highlights the pitfalls of short-term cost-cutting measures that can undermine long-term success. Instead, Hyman advocates for a balanced approach that focuses on nurturing talent and fostering a culture of continuous improvement. By investing in the right people and sharing knowledge across the portfolio, Myra Technology Group aims to create a supportive environment that drives sustainable growth for its MSPs.
As the discussion progresses, Hyman addresses the challenges faced by mid-sized MSPs, particularly those transitioning from founder-centric operations to more structured growth strategies. He notes that many of these businesses struggle to maintain their growth rates as they scale, often due to underinvestment in sales and marketing. Hyman emphasizes the need for a robust sales organization and strategic investments to ensure that these companies can compete effectively in a fragmented market.
Finally, Hyman reflects on the evolving landscape of the MSP industry, particularly regarding technology integration and platform approaches. He acknowledges the uncertainty surrounding the future of MSP platforms but remains optimistic about empowering individual operating companies to make informed decisions that best serve their teams and customers. By fostering a culture of experimentation and adaptability, Myra Technology Group aims to navigate the complexities of the industry while continuing to support the growth and success of its MSP partners.
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