As a definition, Managed Services allows a business to offload IT
operations to a service provider, known as a Managed Services Provider.
The managed service provider assumes an ongoing responsibility for
24-hour monitoring, managing and/or problem resolution for the IT
systems within a business.
Many SMEs are operating with a break-fix mentality where they do all their core and non-core business (eg IT) and only contact the service providers when they need a fix for a broken component or system.
Operating a fully fledged IT department for a non IT company (eg a Consulting company, College, Marketing company, etc) is "almost illegal" ;-). What you need is just a competent IT company having the right toolset and mindset and ofcourse competitive priceing. Then and only then you can afford to keep your legs on the table.
Way forward ? Many companies big and small have realized this and are making the big move. With this in mind make sure you company isnt wasting valuable resources managing an IT service while you can outsouce the same (whole or part).