Four Ways Your London Printing Company Can Become More Profitable
Is your London printing service causing you to become unprofitable? These tips will help put things back in the black! Keep reading to find out more.
Reduce your overheads
The first place you should start is looking at your overheads and where you can make cuts. There are three key areas to look at: staff, materials and utilities.
Firstly, staff. How many staff members do you have? What do they all do? Do you need all of them? When survival is number one on the list, everyone in the organisation must pull together. Look at the output of all the staff members in your London printing business. Are they all pulling their weight? Are they productive? Do any focus on unprofitable areas of the business? Though itís difficult, this may mean one or two staff members are surplus, so they may need to go.
Second, look at materials. Are you shopping around to buy your paper and ink? Why have you chosen your current suppliers? It may just be a result of a long standing partnership. However, we have seen many situations when suppliers abuse this kind of agreement and add astronomical margins to their products. Get to know some other businesses that may be able to supply you. Get quotes. Have a management consultant see how you can cut in this area. Wastage is another issue. You could be wasting valuable space on warehousing. Cut your rent by removing the warehouse from the equation and embrace just in time production techniques. Have your suppliers restock your materials only when necessary, and donít buy large stocks of rarely used items. This can dramatically improve your cash flow.
Thirdly, see if you can make cuts on your utility costs. Lots of London printing businesses find they can make significant cuts by reducing the amount of heated rooms in their offices. While you could turn down the temperature a couple of notches, why not hire an office design company to survey your office space. Youíll see if itís possible to get your staff to move in to a smaller space. This could allow you to out source part of your office and generate a residual income.
Revamp Your Marketing
Marketing is another area where a large number of London printing services suffer. With the rise of social media, the world of marketing has been flipped on itís head. We recommend that all printing businesses start using social media to find leads and customers. This should also be supported by networking. Have your business development manager or CEO attend local networking meetings. To generate business, people need to know you exist!
Finally, embrace inbound marketing techniques. Top companies like Sales Force attribute their success to inbound marketing techniques like content marketing. Optimise your London printing company website for important SEO keywords, run PPC campaigns and offer online ordering. Not only can this help you generate new inbound leads, it can also help you cut your marketing costs.
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ABOUT THE AUTHOR
Victoria Orr works for Swallowtail Print, East Anglia's leading commercial printing company, which specialises in high-quality and affordable leaflet, business card and London printing services.