Monetise your existing resources

S K Khurana Generally, business strategies of printers focus on the objective of decisively improving the overall performance and generating revenues constantly. But it’s not going easy to accomplish optimum results in prevailing scenario in graphic arts industry. Presently, some players are struggling greatly in terms of maintaining their current profitability, leave around achieving the growth. And being in such a position one needs to find out the alternative ways to get additional revenues to compensate the reduced amount of revenues happening because of obvious reasons like recession or competition, etc. As such the immediate rescue comes handy is nothing except monetising untapped opportunities with effective measures which may be: utilising spare capacity of equipment production by creating self branded products; introducing ‘mailing, fulfillment facility to the clients by using idle manpower; utilising extra floor space by venturing into exhibitions \ sales outlets; venturing into training facility on chargeable basis; collaborating with fellow printers; associating with NGOs and civil societies; and making website earning money.

Printers can come up with their own branded products, like lunch packaging boxes, table mats, publications, greeting cards, calendars, religious pictures, diaries, carry bags, wall papers, stationary items, decorative products, directories, maps, etc. Introducing mailing, fulfillment facility can bring them a quite good amount by handling mailing and fulfilment requirements and making the staff multi-tasking. Identify products to be displayed and making a showcase gallery displaying innovative offerings, one can utilise their own extra space in exhibitions\sales outlets periodically. Appoint a training officer, developing a training course and promoting youth to enter into printing and offer that on chargeable basis.

Sharing jobs of/with fellow printers of equal strengths may create win-win conditions and may be helpful in ensuring on time delivery turning idle time into productive. NGOs and civil societies may be a good source of workflow. Don’t mind if such organisations offer little low rates, considering work for ‘good cause’. Last but not the least, printers can also make money from their websites by offering banner space to their customers having general interest products/services like travel, banking, stationary manufacturers, retail malls or even fast food joints.

So, it is time to focus on: utilising the existing resources up to optimum level, creating alternative ways and means initiating to increase jobs flow, ultimately enhancing profitability. And, monetising untapped opportunities with effective measures may not just bring more revenues but open up doors to new diversified businesses.

Wishing you to monetise resources of your own!