Experts believe that the managed services provider (MSP) industry is set to generate $86 billion in the year 2016. If you are looking for ways to bring more of this revenue to your own MSP business, there are some specific strategies you can employ to accomplish this task.

Here are 3 ways that you can make more money as an MSP in the future.

1. Become an expert project manager.

More and more small and mid-size companies are choosing to outsource their technology, human resources, and even customer service tasks. In order to increase your profitability in the MSP industry, you must prove to these companies that you have what it takes to manage their projects successfully.

To become an expert project manager, it is important that you focus on defining critical project milestones, ensure that the lines of communication stay open between you and your clients, and prevent projects from going beyond their original scope. Training yourself, and your employees, on these key project management components will allow you to make your MSP business more attractive to potential clients.

2. Offer a wide array of services.

The needs of each business differ in today's competitive marketplace, and offering a wide array of services can help to make your MSP business more universally appealing. In addition to basic information technology (IT) services, consider offering your clients access to virtual private networks, cloud data storage management, and firewall installation.

Offering to monitor existing networks can also be beneficial when trying to increase your revenue. Since many IT tasks can be completed off-site, offering a wide array of these tasks will help you attract new and diverse clients to your MSP business.

3. Learn to better manage your cash flow.

The profit margins in the MSP industry are slim, so taking the time to learn how to manage your cash flow is essential when it comes to increasing your company's profitability. Be sure that you take the time to create sales projections for a given time frame, and monitor your progress as you move through this time frame.

It can also be helpful to create a standardized invoicing system to ensure that you don't miss out on billing your clients for services rendered. Becoming more efficient in managing your cash flow will help you identify potential expansion opportunities and increase the profitability of your business.

Becoming competitive in the MSP industry doesn't have to be difficult if you take the time to master project management, diversify the services you offer your clients, and take control of your cash flow.