It’s here—that scenario you thought your business would not encounter. What do you do now? It is better to prepare for the worst than be left standing in the dust of the still-eminent Great Recession that is affecting so many in the printing industry. Our own Dr. Ronnie H. Davis, Vice President & Chief Economist, Printing Industries of America, provides today’s printers with useful resources and an action plan to assess and prepare for tough economic stretches.
Action Plan for Turbulent Times
Step I: Take stock of what is actually happening
Evaluate your business and the current print markets. Members can download 2012–2013: A Planning Guide to get an accurate report on economic trends.
Step II: Review likely economic scenarios
By benchmarking your company, you can prepare for your financial future. Companies that benchmark are more efficient, better managed, and more profitable in the long run. Ratios 2011-2012 reports are a great resource that is available to you, as well as the ability to participate in Printing Industries of America’s annual financial benchmarking survey.
Step III: Prepare for the worst
“Those who fail to prepare, prepare to fail,” the always-inspiring Ben Franklin once said. Education is the antidote for uncertainty, and having a strong business and staff will sustain you through the tough times. Find great learning opportunities for any business aspect, including specialized industries like the financial and labels and packaging industries on our events calendar.
Step IV: Focus on key management actions
Unsteady times call for highly focused management strategies. Create your plan of action based on the operating keys of profit leaders detailed in Keys to Profitability.
Step V: Review talking points before meeting with your banker
Take a look at the liquidity, funding, and leverage ratios that banks and other lending institutions base their lending practices on. Review Ratios 2011-2012 to self-evaluate, then take it to the bank!
Learn more at the 2012 Printing Industry Financial Executives (PIFE) Conference November 7–9 in Coronado (San Diego), California. Join Dr. Davis, who will be presenting “Competing for Print’s Thriving Future: Understanding and Taking Advantage of Emerging Economic and Industry Forces,” and other leading industry experts as they delve into the topics and trends that matter to you.
The 2012 PIFE Conference is co-locating with the Label Printing Industries of America (LPIA) Innovation Conference. For more information or questions, please contact Justin Goldstein, PIFE Manager, at 412-259-1806 or via email at jgoldstein@printing.org.