A Growing MSP with a Growing Team
Medicine Bow Technologies started working with MSPCFO in early 2020. Based in Wyoming, and serving Laramie, Cheyenne, Casper, and parts of Colorado and Montana, Medicine Bow Technologies is a community-focused MSP that works hard to provide a tailored approach to IT managed services and MSP data. They are a partner for the Wyoming Hospital Association, and they work with hospitals, schools, accounting firms, law offices, libraries, and locally owned nonprofits and businesses. With such a diverse group of clients, Medicine Bow Technologies needed a way to track their profitability, utilization, and bottom line.
One of our team members sat down with them to find out how they have benefited from working with MSPCFO and asked them what advice they may have for other MSPs looking for solid growth solutions.
What Was the Driving Factor That Made You Want to Use MSPCFO?
“The largest driving factor was easily the MSPCFO team members and their company’s openness to wanting to work with us as clients. They were committed to helping better our organization’s bottom line.
It was remarkable how quickly they provided expert answers to questions about MSP data and more that have puzzled us for years.
A close second would certainly be how highly they came recommended from our peers as well as our industry consultants.”
What Were You Hoping to Find Out/Fix Through MSPCFO’s Data?
“The most important issues we wanted to fix were issues that we didn’t even know we should be watching as closely as we do know.
Ultimately our goal was to start being able to help forecast what to expect financially ahead of time instead of living on the historical record of what transpired.
We know that there is not a crystal ball in the business world, but we are really hoping to help start painting a better picture of how we are doing in the “now” and start making more educated decisions on our future financials. MSPCFO is helping us do just that”
What Did You Find Was the Most Immediate “Problem” or Area of Need as Presented By the Data?
“Consistency and properly mapping exactly our cost of goods sold to the right “buckets” initially was a challenge.
Our finance team had to draw the line and set forth plenty of new ways of coding the way we do business month-to-month.”
Did You Find Any Surprises Out From Looking at the Data?
“We have learned so many things during our relatively short time on board with MSPCO. Hands down, the most significant surprise was how far off we were tracking financials in all the years past.
Using their solution gives us a lot of levers to pull to test scenarios in the future that will help us be more profitable in the end. The precision that MSPCFO allows us to control our own financial future is amazing to continue to unearth with them.”
How Have You Taken the Data From MSPCFO to Make Changes in Medicine Bow?
“We have learned a great deal about how to improve our numbers month-to-month. The MSP data and more has given us a lot of insight into what really needed to be tracked from the very beginning.
We find ourselves now in a situation where we can barely believe we used to operate as well as we did without them.”
What Are Your Suggestions to Other Companies Looking to Work With MSPCFO?
“Do your homework. It should not be a knee-jerk reaction to just sign on with them and their services. It requires diligence by your finance team and ultimately everyone in the company. If you cannot afford to take the time to do it correctly right now, wait until the time is right. Just be sure you do it.
Maintaining Sustainable Growth
Medicine Bow Technologies had built a strong foundation of trust and reliability in their community. They knew how they were looking to grow, and they had real and measurable goals for their future. It was extremely important to them to work with their new and existing clients to provide them with effective and affordable network security. Knowing all of this, we worked together and were able to help them build upon that foundation by providing them with insights into their data that will help them grow for years to come.