Ways to Fight Economic BS --Morgan
Provide consistent product quality. A poor economy is a buyer’s market, so it is not the time to deliver less-than-superior results. Deliver quality products, every time or you may find your customers will start turning to your competitors.
Maintain equilibrium between profits, debt and investments. Dust off financial text books and review current ratio, total debt ratio and profit margin formulas to determine how much liquidity your company has. Or find a trusted intern to do it for you for free. This information will enable you to take the necessary steps to get things back on track.
Adjust business plans. Sit down with your management team and tweak your numbers to reflect accurate financial projections. Actively demonstrate the precautions you are taking to ensure that your company is insulated from the economic crisis, and how you will be able to expand operations to keep up with the competition once the economy turns around.
Educate print buyers on their options. Let them know how they can save money and they will keep coming back. Saving money is on every buying company’s mind. The key is to offer proactive solutions, such as reducing paper weight, reducing the size of the piece, etc. Sharing how they will save money will secure their business, and put you in a position to be perhaps one of the few printers that does get their work.
If you begin to feel disheartened, remember that history has proven that those who roll with the punches will stay in business. You must change and adapt in order to survive. It’s up to you to figure out how to do so.
Our team at Print Buyer Online.com encourages you to find ways to help your print buyer clients reach their budgetary and environmental goals. To learn more about how vanguard buying companies are remaining successful during these trying times so you can share their techniques with your customers, join us at the Print Oasis 2009 Print Buyers Conference and Exhibit in Phoenix on May 17-19.