We’re all talking Q1 budgets right now, and print management is like the kid in the back, waving their hand frantically, but no one is paying attention. Pay attention! The mismanagement of print costs can have your company hemorrhaging money that is so easily saved.
Do you know how much you’re currently spending on printing?
Sure, there might be an arbitrary number written down somewhere, or you might be able to scrounge up a few receipts and add them, but if you’re like a lot of companies we communicate with, you either don’t know how much you’re spending on printing, or the number you have is way off. According to a recent Gartner study, the average company spends about 1-3% of their annual revenue on print. Yet, when asked, the majority of the companies involved in the study didn’t know.
That’s an important number! Sure, there are several budget items with far more substantial numbers attached to them, that doesn’t negate the fact that there is plenty of room to save money here. Consider this quote from BizTech.com:
“Managed print services can be most beneficial for organizations that are highly document intensive. Law offices, for example, may see a savings of 41% with the right managed service, according to research firm InfoTrends, while financial firms and healthcare organizations can expect an average savings of 33% and 27%, respectively.”
How many vendors are you using?
The easiest way to get a realistic grasp on your print budget is to find an all-in-one print distribution company. Now, you aren’t dealing with several different printing companies with several different invoices. All of your print management information is a centralized place with one big beautiful number. Aside from that, there’s no paper trail to find out where your big budget or wasted print items are coming from and where they’re going. You can see it in one place.
The complication with using multiple printing companies is exacerbated when you’re dealing with multiple locations. Forget what one location’s budget is, what about the entire organization’s budget. Using one distribution center makes this logistics and budgeting nightmare a streamlined, effortless process.
Can you currently order in bulk?
Bulk rate? Yes please! Ordering in bulk on those items you know you will need more of in the future is a smart move if your print distribution company offers a discount to do so (by the way, if they don’t, move on). Consider any upcoming changes to documents and branding before you order in bulk and always consider storage. Do you actually have anywhere to store 10,000 envelopes? When shopping around for your all-in-one print distributor, find one with a warehouse and don’t go for big fees.
The supplemental question here is, “Are you doing it right”? It’s fantastic that you got a reduced rate on those 4,000 seasonal promotional fliers by ordering in bulk, but maybe you only used 3,000 of them. Be sure to have a transparent conversation with your printing distribution company about bulk ordering. Can I order 2,000 now and if we still need some, how quickly can you get them for me?
We hope this information helps you make wise decisions relating to your budget and overall print management. Want more simple and actionable ways to save on your print needs? Come back to the Performance Group blog for more!