PARTNER SUCCESS STORY
Building Financial Acumen: Allevia Technology's Success Story at IT Nation Grow™
Allevia Technology is a managed services provider (MSP) for small to medium businesses (SMBs) in Eastern Tennessee. They specialize in proactive IT management, responsive support, cybersecurity, cloud services, and backup and disaster recovery. Serving over 400 small businesses within a two-hour drive of their Maryville, TN office, they ensure comprehensive IT solutions tailored to their clients' needs.
Challenge
Allevia Technology faced the challenge of increasing its level of financial understanding to implement best practices and improve Allevia Technology 's financial performance. He needed to understand what the top players in their space were doing and how he could apply those strategies to his own business. The goal was to learn about financial benchmarks, industry standards, and effective financial practices that could drive growth and sustainability.
Solution
To address this challenge, Allevia Technology’s CEO, Stefan Wilson, chose to participate in the IT Nation Grow event. Initially, he thought it would be merely another sales presentation, but he was pleasantly surprised by the focus on knowledge sharing and community enhancement. The event featured experts who provided valuable insights into financial management and industry best practices.
Results
IT Nation® Grow provided Stefan Wilson and Allevia Technology with several important outcomes. Wilson gained a deeper understanding of financial management and industry standards, emphasizing the importance of financial discipline and hygiene. He established valuable connections with industry experts and peers, gaining insights into larger market trends and their potential impact. Practical advice on leveraging time and resources for long-term benefits was received, highlighting the importance of starting and maintaining investment practices.
Allevia Technology, led by Stefan Wilson, was challenged to improve its financial understanding of the business. Aiming to learn about best practices and top-quartile financial performance in the industry, this challenge prompted Wilson to seek out opportunities to gain deeper insights into financial management and industry standards.
ConnectWise created and designed IT Nation Grow specifically for this purpose.
And MSPs are benefiting from the positive impact.
IT Nation Grow: A Bootcamp To Do Better Business
IT Nation Grow is an intensive bootcamp designed to support Managed Service Providers (MSPs) in navigating business transitions and growth strategies. The event offers expert guidance on crucial topics such as private equity, security operations, succession planning, and both organic and acquisition growth.
Attendees gain actionable insights from industry leaders to enhance operations and create lasting business value. They also network with peers who share similar challenges and goals and explore tailored solutions to specific business needs. This supportive community helps MSPs increase their valuation and remove growth risks and roadblocks.
Allevia's Journey at IT Nation Grow
After attending IT Nation Grow, Wilson from Allevia learned about the importance of financial discipline and hygiene. “I discovered the significance of knowing my numbers and understanding what the industry values.” This knowledge is crucial whether a business is looking to be acquired or to acquire other companies. “They really emphasized the power of knowledge and how it can drive business improvement,” Wilson added.
The event fostered a collaborative approach among MSPs, promoting overall industry improvement, and featured free sharing of information by subject matter experts, offering day-to-day operational strategies to enhance business practices.
The event fostered a collaborative approach among MSPs, promoting overall industry improvement, and featured free sharing of information by subject matter experts, offering day-to-day operational strategies to enhance business practices.
Entering Uncharted Territory, With New-Found Confidence
One of the key learnings for Wilson was the concept of viewing time as an asset. “I realized that I had a significant amount of working time remaining and that leveraging this time effectively could lead to long-term benefits. It’s a perspective shift that I hadn’t considered before.”
Overall, the IT Nation Grow event was a transformative experience for Wilson and Allevia Technology. “I walked away with a wealth of knowledge, valuable connections, and actionable insights that will help us improve our financial understanding and business practices.”
“The event exceeded my expectations by focusing on community improvement and knowledge sharing rather than a sales pitch.” This approach empowered Wilson to take meaningful steps towards enhancing Allevia Technology's financial performance and long-term success.
Key Takeaways
IT Nation® Grow event provided Stefan Wilson and Allevia Technology with several important outcomes.
- Enhanced Financial Understanding: Wilson gained a deeper understanding of financial management and industry standards. He learned about the importance of financial discipline and hygiene, which are essential for business success.
- Networking Opportunities: The event offered valuable networking opportunities, allowing Wilson to connect with industry experts and peers. These connections provided insights into what larger markets were experiencing and how those trends could impact his own business.
- Actionable Insights: Wilson received practical advice on how to leverage his time and resources for long-term benefits. He learned that the best piece of investing advice is to get started and never quit, which he intended to apply to his business practices.
- Community Improvement: The event fostered a sense of community among Managed Service Providers (MSPs). Its ethos was that improving individual businesses would lead to overall industry improvement, and Wilson appreciated this collaborative approach.
- Knowledge Sharing: Wilson valued the free sharing of information by subject matter experts. He gained insights into day-to-day operations and strategies that could be implemented to improve his business.