The true cost of the printing industry
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Evaluating a company's benefits is as difficult as trying to communicate with letter soup (various combinations of letters). Although there are tools, these tools are not too complicated, too tricky, and difficult to use. It is also difficult to filter out the methods that can help you and your company evaluate the benefits from a variety of methods. The answer to improving the financial situation may exist in many different ways. Whether it's the cost of serving a particular customer, or the total cost of a job, or the return of an investment, financial tools can help you analyze your best choices.
To avoid becoming one of the statistics, it is necessary to understand the total cost of printing. Printers must seek financial improvements from all sides. For example, when investing in new equipment, it is important to fully assess how this investment will change operating costs, rather than just asking for the best equipment prices. Obviously, the calculation of "return-on-investment" (ROI) should be complete, and the analysis of "total-cost-of-ownership" (TCO) is the key. Today's investment will significantly impact the cash flow in the next few years.
Michael Thews, vice president and chief financial officer of John Roberts, believes that one of the necessary actions that printers can take is to find out where the company's resources are wasted. "You need help from the production line staff to find the best way to get out." They know that those places are wasted because they see it every day. The full cost of educating employees about the company's operations is helping themselves.
Xius said that some of the costs are not directly related to the raw materials for the production of printed products. "We often forget that we can save a lot of money on such costs as electricity and natural gas. You should seek help from a utility company. They will be happy to help you reduce the amount or give you tips on saving energy. When it comes to the problem, it is very important to include suppliers together."
How to increase revenue
The first step in getting a company to work health is to understand that any industry has a hidden source of wasted money. The second step is to have enough courage to change the way you can make money by increasing your income.
To get the company healthy, you have to consider at least one of the following:
◆ Best operation and best equipment. A company must effectively manage its labor costs by combining the most suitable equipment with optimal operation. Sometimes you just have to adjust or reconfigure your current device.
◆ The power of the crowd. A peer group participating in a discussion or joining a message exchange can make you a knowledgeable buyer.
◆ Save anywhere. Don't ignore costs that are not related to printing, such as taxes, employee benefits, or utilities.
◆ Talk to customers. Tell them how you can improve your operations. They will cherish your efforts to improve efficiency.
Differentiate
A survey by PrintBuyersOnline.com found that printers don't know how to tell buyers what they are different from other printers. In the survey conducted in November 2004, 92% of print buyers expressed their ability to differentiate themselves, only to the printing industry. Only eight percent of buyers believe that printers perform well and are even better. So even if it's really different, proper communication is needed. If no one knows, what is the use of a single tree? And if you don't know the work you do, or no one benefits, then you are definitely wasting money and time. You have to make sure you tell the customer, or don't do it.
These differences can make your company more attractive to print buyers and, therefore, more profitable. You don't need to cut prices to put yourself in the position of a service provider, or a printer with high-end capabilities such as screening technology, and charge for your work. In this way, not only will you and your prints stand out, but customers will also cherish your efforts for the added value of printed matter.
Be sure to tell them all. Remember, all of the above takes time to investigate and manage, but the effort is definitely worth it.