Innovators Regroup, Recover, And Redirect

Industry leaders always keep a keen eye on where their clients are going and what’s happening with the latest technology — through good times and bad. They have good sense and can make the business case for connecting those two points. Innovators know that providing their teams with the right technology to successfully delight their clients will enable them to build their competitive advantage in the marketplace. They also don’t forge ahead blindly, or without doing their homework as the days of “build it and they will come” are probably over.

Beyond Build It And They Will Come

Back in the day when print was growing for everyone, it was “less” risky to add capacity or new services to the business. But as the financial markets tightened and growth flattened, the risk factor increased significantly. No longer did you have the luxury of buying a “show special” with the ROI calculated on the back of a napkin. Too often, a year after the install the demand just wasn’t there. The equipment had a tarp on it, and you moved on. I know, it’s never happened to you, just to others.

Mistakes Will Happen

Lessons learned show that by having a solid customer business case and a reasonable ROI, that you can reduce the risk of adding to your services. Mistakes will still happen, and variables outside of your control can alter your expected outcomes, but today’s leaders are well positioned to regroup, recover and redirect their efforts as needed.

Hats Off To The Entrepreneurs

It’s not easy running a print business in today’s marketplace. There remains a shifting customer landscape and many are not clear on how to effectively use print to drive their business. Coupled with rapidly changing technology and an aging skilled workforce, these conditions will challenge the weak and uninitiated leaders and their teams. That’s why I congratulate those entrepreneurs who have been and remain successful in leading their teams in this industry.

Even during a public health crisis, I see companies forging ahead with building expansions and investments in new equipment and technology to meet the customer demand that they have earned. These innovators have made the decision that they will be a better, smarter, and more agile company coming out of this crisis than they were going in. My hat is off to all of them—congratulations.

If you have any comments or thoughts as to how you’ve approached these issues, please send me a note or include them below.

Mike Philie can help validate what’s working and what may need to change in your business. Changing the trajectory of a business is difficult to do while simultaneously operating the core competencies. Mike provides strategy and insight to owners and CEOs in the Graphic Communications Industry by providing direct and realistic advice, not being afraid to voice the unpopular opinion and helping leaders navigate change through a common sense and practical approach. Learn more at www.philiegroup.com, LinkedIn or email at mphilie@philiegroup.com.