How to Sustain Your Business and Keep it Running

Competition is one of the biggest problems a businessman engaged in the printing industry can encounter. Whether small, medium, or big printing business, competition is the businessman’s worst nightmare. And more often than not, newly-started printing businesses suffer great loss in terms of resources; in money and in manpower. However, what separates a successful business from a less successful one is not the amount of money they invest; rather, its native talent.

Native talent is the ability to know exactly the needs of their market. It is a must for printing businesses to realize and adopt what is the latest pulse of consumers. It is also understanding what is the best and most applicable strategy to use in maintaining the edge in marketing the product.

But the best thing any businessman would wish to have are some guidelines and principles to follow in sustaining their carefully invested money. Thus, here are some useful guidelines you can follow to maintain your business:

1. Deliver your product as promised. There is no better way of keeping your reputation than making your product delivered as promised. Make sure that you keep track of your promises even if it means a loss of margin or time. Remember that word spread quickly when you fall to your promise. Your reputation is your greatest asset. Protect it at all cost.

2. Create and stick to your game plan. Define your strategic position. What is it that differentiates you from others and makes your services worthwhile? To determine a strategic position consider how you can capitalize on recent industry trends and developments in printing, competitive opportunities and openings. Printing technology changes rapidly and therefore you have to take advantage of it. And most importantly, determine your strengths and interests. Next, turn these gains into a strong marketing message that’s clear, precise and repeatable in your sleep.

3. Satisfy your current clients. Your current clients are the best source of new project. You may not realize it but your client might have other assignments in mind that they want you to do. Don’t hesitate to ask what they are. Who knows, this might be your great opportunity to create more income. And remember what we have mentioned earlier that word spread quickly when you fall to your promise? It is also applicable here. Current clients can be a good source of referrals outside and they can act as your merchandisers outside.

4. Market constantly. To sell better, it is advisable that you continue to sell your product. However, creating your marketing plan is easy, but making the first call is difficult. If you focus your business strategy on relationship-building opportunities and exercises, start calling your potation clients whom you have already had the chance of making acquaintance with at seminars, conferences, symposiums, and classes, friends, colleagues, clients.

5. Monitor your cash flow (in and out). According to Small Business Administration, more businesses fail from cash flow problems than any other reason. Always ensure that the money coming in clearly by stating payment terms in the contracts, staggering payments through the course of the project, billing promptly, and staying on top of your accounts receivables. Don’t let your receivables exceed for more than 30 days without at least one telephone call or e-mail, 45 days without a few phone calls and e-mails, and 60 days without sending out the Light Brigade. Don’t hesitate in doing this because you are losing the value of your money by not circulating to generate more income. One last thing. Purchase strategically, spend wisely, and negotiate well.

6. Value your talent. The problem with strict competition in the printing industry is that businessman tends to compromise their service to negotiate their way into a contract. The result is printing businesses book up a low paying project when a sweet job rolls in. You can solve this by establishing your absolute minimum: receive jobs for less only when you can gain advantage from them like bigger opportunity in the future and larger market in the future.

7. Partner strategically. In printing industry, it is far better to enter into a partnership rather than doing all the work. You can create common clients and personal referrals by doing so. However, when choosing your partner, make sure you know him very well and have proven track records. You don’t want to end up losing rather than gaining after partnership so make sure that you have the right choice in choosing your partner.

8. Practice the fundamentals. Professional work habits, excellent customer service, best foot forward, win-win partnering, appropriate use of time and technology for each project, answering the phone, responding quickly to e-mails, rectifying errors with a smile. They're fundamental and they work.