The last two years have been tumultuous for business owners. U.S. inflation is at a 40-year high, but according to the Bureau of Labor Statistics, the Consumer Price Index increased 8.6 percent from May 2021 to May 2022, representing the most significant 12-month increase since the period ending December 1981. If we aren’t already there, all signs point to a contracting economy and a looming recession, which is why learning how to recession-proof your print business is crucial.
In the United States, the National Bureau of Economic Research (NBER) makes an official declaration of a recession. They define a recession as “a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real Gross Domestic Product (GDP), real income, employment, industrial production, and wholesale-retail sales.” While nobody can control when a recession strikes, you can take steps to recession-proof your business, including focusing on your core competencies, earning more from current customers, and continuing to market your print business.
How do I make my business recession-proof?
While a print business can’t prevent a recession from happening, there are measures you can take to help recession-proof your print business. Print businesses can mitigate the impacts of a recession by focusing on their core competencies, earning more from current customers, and continuing to market their print business.
Focus on Your Core Competencies
Product diversification is a way companies can add value to customers by offering them a new range of products and services that can solve more customer problems. However, confusing projects or jobs atypical to your normal offerings could create obstacles for your print business that slow down production and hinder employee productivity. Print businesses must identify what is most important to their business and concentrate on those areas. Finding a trusted outsourcing partner allows companies to provide more options for their customers while in-house employees focus on the things they do best.
From full-color printing and promotional products to checks and forms, partnering with a trusted partner such as DFS allows print businesses to add a wider variety of print jobs to your product line, all with no upfront costs for your business. Outsourcing print jobs can help businesses run more smoothly and efficiently, optimizing resources and driving business success. With extensive print industry experts, and a trusted network of printing solutions, DFS takes the burden out of outsourced printing services.
Earn More From Current Customers
Help your business grow by upselling and cross-selling to current customers. Cross-selling and upselling by offering customers additional items that can solve a problem for them or benefit them. Most of your customers would like to buy from you, a company they already trust, rather than having to find one that they’ve never done business with before. When your customers see that you can provide a wide breadth of products and services, offering everything they need in one place, they’ll be more likely to come to you for all their print and promotional needs.
Your DFS advisor has all the resources you need to offer more printing services. When you partner with DFS, your company will benefit from industry experts who can expand your offerings. Your customers will get business cards, checks, forms, and other custom printed materials exactly how they want them, with solutions designed to fit all business needs, formats, and budgets.
Continue to Market Your Print Business
Continuing to market your print business in a contracting economy likely feels like going against standard operating norms and may even go against your instincts. However, customers can’t do business with you if you aren’t staying top of mind. Promoting your business is essential to keep driving the business forward. When customers have a need, their awareness of your business will remind them that you can help solve their problem. DFS helps print businesses stay top of mind with customers with professional digital marketing tools, including free ready-to-go banner ads, email templates, videos, and sales tools.
Position your print business to remain resilient despite economic changes by partnering with DFS. With over 35 years of experience, DFS has supplied thousands of dealers with advice and solutions to manage and grow their businesses. Outsourcing with DFS allows you to benefit from industry experts who can help you find ways to offer more printing services and make your business more profitable and efficient. Let DFS help you drive long-term business success. Contact us today to be matched with a DFS business advisor.
Key Takeaways
- Help recession-proof your print business by focusing on your core competencies, earning more from current customers, and continuing to market your print business.
- Finding a trusted outsourcing partner allows businesses to provide more options for their customers while in-house employees focus on the things they do best.
- Help your business grow by upselling and cross-selling to current customers.
- Promoting your business is essential to keep driving the business forward.
- Position your print business to remain resilient despite economic changes by partnering with DFS.
