Is CMMC the Right Revenue Opportunity for Your MSP?
In our latest Stride Services webinar, we explored the potential of Cybersecurity Maturity Model Certification (CMMC) as a revenue stream for Managed Service Providers (MSPs). Our expert guest, Brian Guenther, shared valuable insights into the opportunities, challenges, and strategic considerations that MSPs need to weigh before pursuing CMMC. Below are the key takeaways from the session.
1. What is CMMC, and Why Does It Matter for MSPs?
CMMC is a framework created by the Department of Defense (DoD) to ensure that contractors and service providers, like MSPs, meet specific cybersecurity standards. Brian explained that CMMC is becoming increasingly relevant for MSPs who work with government contracts, particularly in the defense sector. The question many MSPs are asking is: Does CMMC align with my business goals, and is it worth pursuing?
Key Takeaway: MSPs should consider CMMC certification if they are working with, or plan to work with, government clients that require high-level cybersecurity protocols. However, CMMC might not be the right path for every MSP, especially if it diverts focus from core business services.
2. Weighing the Revenue Potential of CMMC
One of the main points discussed was the revenue potential that CMMC certification could unlock for MSPs. While the certification could provide access to lucrative government contracts, MSPs need to evaluate the investment required—both in terms of time and financial resources.
Brian outlined the key factors that MSPs should consider before committing to CMMC certification:
- The costs of compliance and the resources required to meet the certification requirements.
- The opportunity cost of diverting attention away from other core services.
- The long-term growth potential of serving government contracts versus expanding current offerings in other sectors.
Key Takeaway: The revenue opportunities presented by CMMC certification are significant, but MSPs should carefully evaluate whether it aligns with their overall business strategy.
3. Limitations and Challenges in Pursuing CMMC
While CMMC offers exciting opportunities, there are also limitations and challenges that come with certification. Brian emphasized that CMMC compliance is rigorous, and the process can be time-consuming. MSPs will need to build the right infrastructure, invest in training, and possibly restructure their cybersecurity offerings to meet the standards.
Additionally, there are costs associated with ongoing compliance—meaning that certification is not a one-time investment, but a continuous commitment to meeting the evolving standards set by the DoD.
Key Takeaway: MSPs should be prepared for the challenges that come with maintaining CMMC certification, including the cost of compliance and the need for continuous improvement in cybersecurity practices.
4. What You Need to Know Before Diving In
Before making the leap into CMMC certification, MSPs should ask themselves a few key questions:
- Does your current client base include government contracts, or do you plan to pursue them in the near future?
- Are you equipped to handle the costs and requirements of certification?
- Does CMMC align with your long-term business strategy, or will it detract from your core services?
Pro Tip: If your MSP specializes in high-level cybersecurity services and you’re already working with clients who require strict compliance, CMMC certification could be a natural fit.
5. Final Thoughts: Is CMMC Right for Your MSP?
CMMC is not a one-size-fits-all solution. For some MSPs, it offers a significant opportunity to grow their business by serving the government sector. For others, the investment may not be worth the potential rewards.
The key takeaway from this session is that MSPs should take a strategic approach to CMMC. Consider whether it aligns with your business goals and whether the potential revenue justifies the costs and effort required for compliance. If you’re unsure, take time to consult with experts and weigh the pros and cons before moving forward.
If you’re evaluating new revenue streams and wondering whether CMMC is a viable option for your business, Stride Services can help guide you through the decision-making process.
[How to determine if CMMC is the right revenue opportunity for your MSP]
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This Stride Live Webinar is hosted by Stride Services. Stride is a comprehensive financial solutions provider, specializing in outsourced bookkeeping, accounting, tax, and advisory services for Managed Service Providers.
If you’re interested in being a featured guest on our Live Webinars or if there’s a subject matter expert you’d like us to interview, please CLICK HERE and let us know!
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Show Notes + Transcript:
Casey Seaborn: Email: casey.seaborn@stride.services
LinkedIn: https://www.linkedin.com/in/casey-seaborn-stride/
Brian Guenther: Email: brian@exceeditmd.com
LinkedIn: https://www.linkedin.com/in/brianwguenther/
Webinar Transcript:
How to determine if CMMC is the right revenue opportunity for your MSP_transcript
