Your printing business may be successful but is it time for some new strategy? Over time your business and your personal needs may have changed. Do you think about any of these goals?
- Time to sell. You’re ready to cash out.
- Time to buy. You want to grow your printing business with a smart acquisition.
- Time to grow. You believe it’s time to take your profits to a new level.
- Time for succession. You want a new generation or someone else to take control of your business.
Goals are great but you need strategy to make them happen. These are things that can undermine you:
You’ve Lost Your Growth Mojo
We often see this in people who suffer from burnout. In some cases, you’ve become so involved in the day-to-day work, that you have trouble thinking about the big picture.
Despite this, you have a nagging feeling that you’re missing out on growth opportunities but you don’t know where they are. Making the wrong move will hurt your bottom line, so you do nothing.
Your Operations are Like a Flip Phone
There was a lot to love about flip phones but the technology is out of date. Are you trying to run your business with a flip phone, when everyone else is using a smartphone?
It’s important to keep up on cutting edge technology. It’s okay if you don’t understand it all but find someone who does.
And maybe you need to start reading trade magazines again, instead of using them as placemats or coasters.
You Competitor is Taking Your Customers
You’re starting to lose some customers and have a strong feeling that many of your current customers will become your former customers, unless you do something. But you don’t know what.
Getting mad at your competition isn’t a strategic move or a customer retention strategy.
You Don’t Have a Succession Plan
You’re used to being in charge but know it won’t last forever. You have talented people waiting in the wings but aren’t sure how the hand off would work.
And maybe you break into a sweat when asked to talk about your legacy and what you'll do in retirement.
Your Succession Plan is Failing
On paper, your plan looked great. In the real world, your hand-picked successor isn’t performing, making it harder for you to walk away.
Beyond yelling, you don’t know what to do next.
While all of the scenarios above involve challenges, none are insurmountable. These are the times when your printing business needs some new strategy.
Yes, these situations are stressful but that doesn’t mean you need suffer. Get some strategy. Let’s talk.