The success rate of small companies and startups is below 10%. Out of the surviving companies, very few companies are able to optimize their resources for keeping a check on their expenses. Optimizing expenses on business activities could contribute to increasing revenue through cost reduction. Once such business activity is Printing and Documentation.
90% of companies are not aware of the expenses on the annual printing activities. Printing, on average, costs 3% of the revenue, and companies should encourage their departments to keep a check on print-related jobs.
Before we move to the solution part, let’s first discuss common printing and documentation problems faced by small companies:
1. Limited Storage for Physical Files:
Startups usually occupy small office spaces, which means limited storage capacity for files and documents. Not everything gets stored digitally in offices.
On top of that, if any important file is lost, then that increases the stress level. It could lead to reworking or losing clients’ trust in you. The study suggests that employees spend more than 20 minutes of the time on an average looking for required documents during important events.
One of the outcomes of missing files and documents could be a serious business risk or compliance issue due to broken document processes.
2. Information Security:
Almost every company has confidential or sensitive documents, and sometimes, they need to take the print out of such documents for further business-related activities.
In some companies, employees, the legal, and the HR departments of the companies use shared printers for printing jobs. Such a scenario could lead to data security issues, which, in turn, could lead to breaking corporate laws.
3. Equipment Breakdown:
Printers are machines after all, and they are prone to breakdown too. In such a scenario, it could be a total halt of a printing business. It could be the direct result of the lack of preventive maintenance that increases high service time.
4. High Printing Costs:
Printing costs 3% of the company revenue, and at the same time, 40% of companies underestimate the cost of printing that affects the revenue. The printing cost increases due to:
- Uncontrolled dependency on printed documents
- Third-party printing company charges
- Wasteful practices
So how could small companies solve these problems?
1. Digitize Physical Documents:
Many companies have taken advantage of the Optical Character Recognition (OCR) technology that helps to recognize texts and convert information printed on physical files into digital copies.
With the help of document scanning services, physical files could be converted into editable and easy to search digital documents. It could be done for both previous and upcoming physical files and can be stored on the cloud to avoid dependency on the limited cabinet and hardware spaces.
2. Secured Printing Options:
Technology has made its advancements in the printing security as well, especially when it’s about providing a secured printing service to the clients.
Secured logins, ID punch cards, and pin authorization are a few security options available for safe printing jobs. It allows the user to send printing commands to the printers, but the print operation starts only when the user has entered the required pin or log in details.
3. Preventive Equipment Maintenance Services:
Instead of waiting for the manufacturer company to send the maintenance team at your office for fixing the equipment, you could choose a service company that has a higher response rate and lower waiting time. The standard service response time is 3 hours, and you could tie-up with service companies keeping this standard as your benchmark.
4. In-house Printing Upgrades:
One way to reduce the cost is by upgrading existing equipment, adding new printers, and reducing dependency on third-party services. Usually, companies contact third-parties for their high-quality and advanced graphic designs with multiple printing options.
Companies could also go for ONPASSIVE’s Print Shop solution that provides various printing options, such as brochures, catalogs, flyers, standees, banners, magazines, stickers, posters, invitation cards, etc. These printing options are backed by beautiful and attractive designs suitable for both casual and corporate level events and activities.
Usually, printing is overlooked by major companies that sometimes puts huge pressure on the company’s revenue for future business plans. An optimized printing solution and integration of machines allow companies to become independent, and also enable companies to keep a check on their expenses.
As a startup or a small company, there is no room for errors that could cost the survival of the business. The right action at the right time could save companies from losing funds required for other business activities.