It always feels like it is crunch time whenever you are running a startup. There is always an urgent need for stimulating revenue growth and to curb costs that can affect the profit margin for the business. Stakeholders in startup ventures will often make critical business decisions based on cost, when in fact they need to look at the long-term value that their startup will benefit from any supplies, products or services that they choose to invest in.
Printing is one of those critical components that’s tied to the growth and success of their business. The startup’s investment in its print deliverable structure will have both a direct and indirect impact on the business’s costs. These costs will range from the cost per print, wastage, damage and business opportunity. It’s important that businesses acknowledge the potential risks and that the stakeholders have the information to make a calculated decision that will allow them to invest in the right printing infrastructure for their business so the startup can benefit over the long-term.
Invest in the right printing technology.
You need to have the right printing technology from the outset. Most entrepreneurs or startups will be tempted to purchase a cheap printer for less than $100. These printers usually print each page at a higher cost compared to the more expensive and more powerful printers that produce prints at a lower print cost per page.
Invest in the right printing suppliers.
This is critical to the success and sustainability of your startup. The right printing supplier will ensure that you receive the right type of equipment, products or supplies that will enhance your business.
For example, receiving OEM ink cartridges is critical to the safe operation of your printer. Although many startup owners might find the cost of OEM ink cartridges to be high, opting for other solutions such as non-OEM ink cartridges or ink refills may damage your printer and force you to fork out more money to repair your printer.
What are the opportunity costs that can affect your startup?
The biggest opportunity cost that can affect your business is the impression that your prints have on securing new or recurring business. The quality of the prints that your business publishes will have a direct impact on sales and referrals for your business.
Here are a few scenarios that could cost your business severely.
- Printing an invoice that isn’t legible. This could cause issues with payment or queries with the tax office in the future.
- The print quality of proposals for tenders cost you thousands or even millions of dollars in new business.
- Increases in wastage costs. This might occur from paper jams, printer malfunctions and printer damages, which can lead to expensive repair jobs or even the need to purchase a new printer.
The savings that you think you made by choosing a cheaper printing solution erodes with the losses in revenue and profit for your business.
You should also consider the environmental impact of your printing solution.
There are some printing solutions that are designed for sustainability. However, there are others that are purely designed for commercial purposes. Look for eco-friendly printers that conserve energy when they are idle.
Another consideration is to partner with suppliers that can close the loop with ink cartridges. This will reduce used ink cartridges ending up in landfill.
Printing solutions are important for businesses. They can be business critical and it’s important that wise decisions are made from the outset.
Do you have an opinion on printing solutions for startups? Let us know in the comments below.