The most recent State of the Industry Survey by NAPCO Research asked respondents how they are dealing with increases in both labor and material costs. In times like these, companies typically have three options.
David Wilaj
This is the sixth in a series of COVID-19 Print Business Indicators Research reports that examines the effects of the COVID-19 crisis on the printing industry, how printers are responding to the crisis, and how they can create a path forward.
In the latest NAPCO Research and PRINTING United Alliance COVID-19 Print Business Indicators report, respondents expected plenty of growth in the packaging/converting segment. The economic boom ahead will create trillions of dollars of products that have to be packaged.
The index of current indicators, which tracks trends in sales, production, employment, prices and pre-tax profitability has reached 50.0 for the first time since the research began in April. It now sits at 52.2, which indicates more of the companies we survey report activity is increasing than report activity is decreasing.
When looking at certain economic and industry indicators, it is easy to see exactly when the COVID-19 pandemic began to debilitate business. Fortunately, the print industry was able to adjust and although we remain far from pre-pandemic levels, these same indicators have already shown plenty of recovery progress.
A year full of uncertainty is capping itself off in a similar fashion as questions continue to swirl around the results of the 2020 elections. However, it may be time to start considering how the new administration’s policy changes can affect both business and the industry as a whole.
As the U.S. economy continues its climb from the depths of recession, there are still many questions regarding the second stimulus package. Further delays in an agreement could possibly lead to a deceleration of economic recovery. A situation like this would certainly slow recovery and the longer the wait, the more urgent the situation may become.
In the second COVID-19 Print Business Indicators Report, participants indicated that activity, as well as optimism, was rising across all segments compared to the deepest days of the crisis. While the road ahead may still be challenging, the past few months have been highlighted by some clear steps toward recovery.
In the second COVID-19 Print Business Indicators Research report from NAPCO Research and the PRINTING United Alliance, the packaging segment of the printing industry has shown the least amount of negative impact from the COVID-19 pandemic, due to increased demand for essential products across multiple market segments.
With signs that the economy is beginning a path toward recovery, it's a good time to prepare your business for what lies ahead. A recent NAPCO Research report offers essential trends and strategies to help print service providers drive profitability into 2021 and beyond. Here are four key trends.
In print, the best practices have been evolving for years across a diverse group of segments and there are plenty of lessons to be learned. Benchmarking against industry leaders and average companies provides invaluable insight and can set a struggling company on a new strategic path or even take an average firm to the next level of profitability.
