Site logo

How Your Print Business Can Survive The Coronavirus


As we deal with Coronavirus, now more than ever the industry as a whole needs help. This is the darkest time we will see in 100 years. In this video, I am showing the process that we have used to solidify our position in the current crisis.

Health Of Staff And Family

The health of your staff and family is number one. Ensure you are putting them first. Your customers will understand this during this time.

Know Your Current Position Under Coronavirus Conditions

You need to know your current working capital to help tie you through. You need this to determine how long you can actually survive. You also need to work out how much money you are owed from customers and also what you owe to suppliers and work out your position.

Figure Out Your Current Break-Even Point

Work out what your essential overheads are and what staff entitlements that you need to pay in the case of a lockdown.

How Long Can You Last For During The Coronavirus Pandemic?

Divide your working capital by the monthly break-even point and see how many months you can last for.

Are You Comfortable?

If you are not comfortable with how long your business can last for, then can you get tighter with your overheads? Can you go to your landlord or bank? Can you extend repayments? Do you need to make some hard calls? Every 10% you can find savings to your cashflow monthly is 10% longer your business can run.

Staff

Certain contracts and awards have Standdown Clauses. But ensure you are looking after your staff as much as you can and that they can survive. But the number one priority is to ensure they have a workplace to come back to. When this Pandemic gets to the tail end, more people will be unemployed so by you having a job for them is a better position for them than some short term pain.

Keep Calm and Reset After Coronavirus

This is the best opportunity you will ever get to change your business, use it wisely.

Similar articles
March 14, 2024
Why Offset Label Printing Alternatives Stack Up

Offset printing labels – is it worth the effort to set up and the overall cost? After all, the method you choose is less of a significant impact on quality thanks to the improvements in label print tech. The intended application and required turnaround times are the focus areas in 2024 & beyond. For decades, […]

March 12, 2024
Why CMYK Reigns Supreme in Commercial Printing

In the vibrant world of commercial printing, colour plays a pivotal role in capturing attention and conveying messages. Yet, the colours you see on your screen don’t always translate directly onto paper. This discrepancy lies in the fundamental difference between the RGB (Red, Green, Blue) colour model used by electronic displays and the CMYK (Cyan, […]

have a question?
question
Link added to the buffer