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There are 50,000 printing companies, and if the shops that report to the PIA ratio studies are typical, printers average 3 percent to 4 percent "profit" on sales. That's dreadful, we moan. We ought to be ashamed, we say. But wait a minute. If our shop were a dotcom, we'd be in fat city with 4 percent on sales. If we were reporting 10 percent on sales, but it was all tied up in inventories and receivables and we couldn't make payroll, we'd be in hot slop. Now if we were a grocery supermarket, 2 percent profit on sales might look just dandy—if that 2 percent were cash in a money market account. Look at the "ecology"—the total environment—of profit or residual value.
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