Printers must have a strong current ratio and money in the bank if they are going to survive a major disaster like COVID-19. Those who were living off their cashflow are finding it difficult to get the economic engine started again. If experts are to be believed, there is a chance that the virus could revive this winter, and they’ll have to learn how they can become financially stable to ride out another stay-at-home order in the future.

Too often, printers extend credit to companies that don’t have a good history of paying quickly or fail to extend credit correctly. Even if some companies will eventually pay, they may string you on for months before you see the money. Printers must review their accounts receivable regularly and immediately contact those companies in arrears. Printers who had allowed customers more than 60 days of credit may not be able to collect their money fast enough to avoid having to shut down themselves. Even if your shop is closed, you must get on the phone and start asking for your money.

COVID-19 has shown businesses and the public how important video conferencing can be, especially with the new social distancing. This means customers will want to continue to communicate via video in both business and personal situations. More of your employees will need access to video conferencing and this will suck up your bandwidth.