Guy Gecht, the CEO of EFI, took the the stage at Connect09 yesterday to deliver the keynote speech. The speech centered around the topic of positioning your print shop now to be a leader. This often requires a thorough examination and “hard reset” of every aspect of the business during challenging economic times. The session focused on 10 evaluation points.
Topics
- Confront the brutal facts of reality.
- Tighten your belt (strategically).
- Got Strategy?
- Customer intimacy, more critical than ever.
- Pie got smaller? Go after a bigger piece.
- Increase your share of wallet.
- Keep Innovating.
- Do you have the “A-Team”?
- Use the judo strategy.
- Be Optimistic!
m-Bossed’s Take
Confront the brutal facts of reality.
Arm yourself with data. Decisions need to be made from facts and figures, not guessing and assumptions. Today this data is readily available from both management and production systems. With these systems, the operational pulse of your shop can be captured with minimal effort. Once the numbers are crunched, the right decisions can be made.
Tighten your belt (strategically).
Running an operationally lean business is a requirement in stressed economic times. Get creative and implement changes with surgical precision. Educate the staff on the challenges of the business and empower them to identify areas for cost savings and process improvements. Their suggestions are invaluable since they are on the front line (subject experts) of the business.
Got Strategy?
Every ship needs a rudder. Likewise, businesses need a strategic plan. Who are our customers? What is our market? What is our expertise or niche? What are our potential growth areas? All are answered by a complete business strategy. It is nice to know where you have been, but better to know where you are going.
Customer intimacy, more critical than ever.
Know thy customer. Without knowing every conceivable detail of your customer’s business, your business has no strategy (see previous point). This knowledge of your customer base is the keystone to these 10 points.
Pie got smaller? Go after a bigger piece.
Although the overall printing market has contracted in total sales volume and production capacity has increased, opportunities still exist. As printers exit the market through buyouts, consolidation, and failure, aggressive print shops can capture more market share. One companies misstep is another’s opportunity.
Increase your share of wallet.
By understanding the nuances of your customer’s business (topic #4), the relationship becomes more of a strategic partnership. At this point, the printer can offer targeted solutions to the customer’s business needs. Now and moving forward, this will include more value added services that extend beyond putting ink on paper. Complete marketing campaigns that include variable data, personalized URLs, and social media metrics, are an example.
Keep Innovating.
Fresh, unique approaches that exploit your core competencies with your key customer base leads to more business.
Do you have the “A-Team”?
Those core competencies and innovative thinking are not possible without phenomenal employees. It is far cheaper to retain existing talent than having to re-cultivate it. If you need to gain expertise in any particular area, evaluate your methods for attracting your A-Team. Salary need not be the motivating factor. Additional vacation time, on site day care, gym memberships, and even free soda, can be additional enticements. Gen Y, for instance, might be attracted to flexible working hours and a liberal social media policy.
Use the judo strategy.
Be smart. Use common sense. Transform your perceived weaknesses into strengths. Fore small shops this could be as simple as competing on turnaround time and availability instead of price.
Be Optimistic!
A confident attitude exudes calmness and determination. Avoid negativity whenever possible as this can lead to a self fulfilling reality!
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