I knew I needed a better view on cash flow and where we were making money and where we weren't making money.
And I needed that to be on a daily basis not a three-month basis because I also needed to know quickly whether or not things were working as they should or shouldn't.
In April of 2022, Caleb Anderson, known as the Managing Director, made a bold move by acquiring creativeIT. Though initially seeking only a 30% stake in the business, Caleb was presented with the opportunity for full ownership. With his unwavering passion and extensive professional background, he embraced the challenge ahead to revolutionize the company.
creativeIT Australia is a dynamic Managed Service Provider (MSP) catering to approximately 600 users and a multitude of endpoints, with an annual turnover ranging from $1.8-2 million. Despite being a compact team of six individuals, they exude prowess and efficiency, striking a perfect balance between scale and personalized service delivery. creativeIT caters to a diverse range of industries, including the not-for-profit sector with a focus on mental health and disability, along with professional services and manufacturing organizations.
In his quest for a solution to streamline financial processes and gain the crucial financial insights needed to steer his business away from the significant $5K monthly setback, Caleb discovered the unparalleled power of Wise-Sync.
Wasting no time, in his inaugural week as business owner, Caleb swiftly reached out to our Payments team and got up and running within the same week. Guided by our Payment Expert, Bec, he identified three vital steps to ensure survival:
Before integrating Wise-Sync and WisePay into his business operations, Caleb was limited to reviewing his financial data on a quarterly basis rather than daily. His primary focus was understanding the sales performance of different products – what was selling well and what wasn't gaining traction.
Being a member of IT Nation Evolve has opened Caleb's eyes to the reality that his business is actually an average-sized MSP, not the small player he once thought.
Through his participation in the MSP Peer Group, Evolve, Caleb has come to understand that "the big ones are the few, and the little ones are the many." This shift in perspective has been a game-changer for Caleb and his team, highlighting the value of their Evolve membership and the insights gained from being part of a larger community of MSPs.
When considering cost-cutting measures, the team unanimously agreed that maintaining their Evolve MSP Peer membership was essential. Caleb views this investment as invaluable, providing immense value to both himself and his team.
The one thing none of us chose to save money on, was the almost $1,500 a month we pay for the Evolve membership -
Even though that would have been a really easy $1,500 to put toward the $5,000 hole each month, no one wanted to that because it's really high value. We would rather spend the money on it than save the money from it.
Here are some of the valuable insights that Caleb has gained through his engagement with the Evolve community. These key findings have uncovered impactful strategies and opportunities for creativeIT to thrive in the MSP industry:
Caleb highlights these three key factors as crucial and consistently emphasized during the initial four meetings. He finds it fascinating that the core of their growth stems from these aspects. While other details certainly contribute value, honing in on these essentials has proven to be incredibly advantageous for creativeIT.
If you're ready to put your manual accounting tasks on autopilot and take back control of your finances, Wise-Sync's here to make it happen: Get in touch with our friendly team today or book a demo to see how it all works.
