Is it time to downsize?
It is a continual challenge, within printing and related services, to maintain and improve the sales line. The larger the top line target, the harder it is to increase it.
A few ways could be:
- Buy another company, there are plenty out there for sale.
- Take on a new sales people who make promises to bring in new accounts.
- You could try and do it organically with your existing team.
All have their challenges and risks and generally the harder you chase you may actually end up losing margin.
What are the challenges?
There are more mouths to feed, more personalities in the mix, and certainly when merging companies it is trying to merge the different cultures which becomes the major challenge.
The truth is, it is very hard to make it work and to ensure you cover all the expenses and can pay the bills to cover the growth. New clients, new relationships, taking on additional trade work – all bring with them their own set of challenges.
The cost of acquiring new business is generally several times the cost of managing existing customers.
What shall I do?
Within print, big isn’t always beautiful, it is about moving the business forward to adapt to the challenges of the current marketplace.
Don’t take on work for the sake of it and it may be time to down size.
You won’t have the continual pressures of running a large ‘house’ or operation. Without those pressures your personal quality of life will instantly improve.
In the same way we do with our houses – as we all get older -it should be the same in business. Unless you are experiencing strong growth or any growth – it is time to enjoy life again.
Generally, if you push for growth, unless you have a specific USP you will lose money. That’s not just a unique selling point but the unique selling person you need.
If you are facing these same issues with your business please don’t hesitate to give us a call for an informal chat on 0118 918 7480 or drop us an email. At The Business Board we have experience of all of the above and can help you map the way forward.