My hat’s off to every business owner, entrepreneur, and CEO who is operating a printing company today. While other industries will claim the hardships and the changes that they have had to overcome, it seems like our industry continues to catch all the headwinds. From technological changes like going from film to digital files to staffing concerns as many skilled operators are (or have) aged out with few truly qualified replacement hires. Think of how the sales efforts have changed for most companies as well and how about the industry consolidation? For those that know me, I’m a “glass is half full” guy. So, with change, I see opportunities. Now let’s tackle the next headwind – when a good company stops being a growing company.
I see plants that are somewhat busy but with a combination of flat revenue, rising operating costs, skinny margins, and limited new business growth. In most cases the company hasn’t done anything wrong, it’s just that what got them here, won’t get them there. The playbook needs a refresh. Where to start? Let’s talk about four areas that operators can check out to assess their situation and look to the future.
Four Critical Business Checkpoints
Let’s begin with a hard look at the revenue quality. Simply maintaining is not a bad thing if that was your goal. However, with the investments that most companies have made, you should be looking to grow into your potential.
Read the rest of this article on Printing Impressions, a publication of PRINTING United Alliance, ASI’s strategic partner.
