Business - Knowledge

In this Business Insight feature - sponsored by EFI and written exclusively for Large Format Review - Rosemarie Monaco, CEO of Monaco International Ltd, an international marketing firm specialising in high technology and services, discusses how large format print businesses - small and large - can make savings whilst implementing green initiatives...

"On the 29th of October, 2012, Hurricane Sandy clobbered the New York Metro area. I was without electricity and heat for 11 days. But that was trivial in comparison to the damage others sustained. Hurricane Sandy was the most devastating storm in the history of New York City.
Living in New York, I used to wonder why anyone would live in areas of my country frequented by tornadoes, wild fires and flash floods. I was safe. Not anymore.

That got me thinking. Who out there can still deny the effects of global warming? Why aren’t we doing more to reverse its course?

I also thought about something else. As a member of the “Green Council” of a New York business association, I’ve seen businesses flourish after implementing green initiatives. Almost every company, many of them very small, that made a well thought-out change on behalf of the environment, not only recovered its initial investment in a short period, but almost immediately, began to save thousands a year by reducing waste and energy consumption.

So what are we waiting for? With the right plan we can support our businesses while helping the environment.

Steps to Saving Money on Behalf of the Environment

There are many “green” steps you can take that will lower your energy costs right away, such as replacing all your high-energy light bulbs with high-efficiency ones. But I will restrict my recommendations here to those that fall directly under the banner of large-format printing.

Workflow management. There are many ways to reduce waste, but the one that is most intrinsic to efficiency is workflow automation and enterprise resource planning (ERP). Don’t let the acronyms throw you. Your vendor will recommend the right solution for your company. But print management software will not only reduce paper and ink waste, it will also increase overall efficiency which can result in lower energy consumption.

Inkjet Ink. Beware of water-based inks. Some of these also contain co-solvents to compensate for water’s absorption issues. They also require extreme temperatures for the ink to bind to the media. Look for UV curable inks that are derived from renewable resources. These contain no VOCs (volatile organic compounds) or heavy metals. There are also some solvent inks that are made from renewable resources. While not as good as UV, if you do need to use solvent inks, these are an excellent alternative. So be sure to ask about ink composition when purchasing.

Energy Consumption. Large-format printers can be greedy energy eaters. Before purchasing a new system, compare energy requirements. Even with UV inks, some systems require high heat so the ink dries faster. You want the right combination of ink and curing technology so that you use less energy. LED technology uses the least amount of energy. Add to this cool curing and your energy provider will practically owe you money. And, using low heat also allows you to print on recycled substrates.

Media. Or substrates, or whatever you like to call that which you print upon. Ironically, with the newest inkjet technology you can print directly on just about anything. That saves mounting, which in turn, not only saves you money, but also saves large amounts of material and chemical adhesive waste. If the material you need for a specific project is not available in a recycled version, then go for those that are at least in part, biodegradable. Consider fabrics. In many cases textiles can be recycled or are made from natural fibers such as cotton.

Printer Components. Ask your vendor if the printer components are easily disposed of without high environmental impact.

Third-party Certification. While many vendors claim their systems are environmentally sound, certification from a credible third-party source will provide proof.

Maintenance. If a system requires a high-level of maintenance, that probably means an increase in waste and cleaning agents. Look for low-maintenance printers.

So even if going green is not high on your list of things to do in 2013, consider how an investment in green practices will benefit your bottom line. And remember that the devastation of severe climate change will likely find its way over the pond in the near future."

About Rosemarie Monaco: With 25 years experience in the graphic arts industry, Rosemarie Monaco is an expert in technology marketing. She is CEO of Monaco International Ltd, an international marketing firm specializing in high technology and services.

Spandex has released an online video tour of the November Open House event held in the UK headquarters in Bristol.

At the event, Spandex welcomed hundreds of visitors though its doors all of whom were able to see the latest trends and innovations for the printing and signmaking industries.

The event included 22 display stands, three vehicle wrapping booths and 18 pieces of print and production equipment.

To view the tour, please visit www.spandex.co.uk/openhouse12video

 

It's all for charity, mate!

Friend of LFR and print industry PR and commentator, Jack Gocher, has spent the last few weeks helping out with Radio Christmas – a charity radio station broadcasting from a house in Amersham.  A little garden cottage has been converted into a proper radio studio and local people - young and old - have come together to host shows which are available to listen to on 87.7FM, online at www.radiochristmas.co.uk and on iPhone and Android apps.

The station is raising money for Street Kids Direct, which runs projects in Guatemala and Honduras for children either living on the streets or working in the city dumps. They set up schools and orphanages and they also work on the streets, helping children with medicines, food and other support. It is a unique charity, which ensures that every penny donated goes directly to helping the kids – no admin, no expenses, no other costs – it all goes to making sure some children living in the worst imaginable conditions have a happier Christmas.

Jack still has some shows left if you want to check it out [insert: 'have a laugh'. (Ed)].  He is on air at 8pm to 10pm on Thursday night (20th December) with the 80s show and also Saturday 22nd December at 3pm with the Football show.

On his first move towards the global domination of the airwaves, Jack says, “It’s been great fun. And at least I have been able to provide the charity station with some great signage, courtesy of GPT and Colourgen. It’s all for a good cause, so hopefully people will help us out with a donation*."

Please tune in [insert: 'if you can bear the thought'. (Ed)] and - if you are feeling Christmassy - Jack asks that people check out the web site for details on how to donate to the charity. There are some great prizes to win, including a mini iPad, a champagne tea for two at the Stoke Park Hotel and many more.

*The easiest way to donate is to send a text to 85010 then space, then KIDS. This will give a donation of £1 to the charity. More details can be found on the website www.radiochristmas.co.uk

This latest LFR ‘On the Money’ feature looks at how businesses can deter the late payment of invoices.  With businesses across the country continuing to struggle with late paying customers, Alex Hilton-Baird, Managing Director of Hilton-Baird Collection Services, explains that many could be doing more to protect themselves.

"Late payment remains the scourge of business owners and is often their primary cash flow concern in the current climate. As a consequence, many agonise over the credit management strategies they should be employing in order to get paid on time.

One major challenge is the time and money that some processes can consume. Can a business afford to credit check each new customer? Should they really refuse making the next sale because of a couple of missed payments in the past? Is credit insurance really worthwhile?

Hilton-Baird Collection Services’ most recent Late Payment Survey highlighted this dilemma, with fewer than half using credit checks and suspending work and services at the end of 2011.

But a more surprising figure that came out of the research was that only one in five charge late payment interest when an invoice exceeds credit terms. Whether it’s due to a lack of awareness or a conscious decision not to, it would appear that the majority is missing out on one of the most useful and easiest-to-implement credit management strategies in the book.

A proactive stance

The UK was one of the first countries to crack down on late payment when it introduced the Late Payment of Commercial Debts (Interest) Act in 1998. The statute initially enabled small businesses to claim interest for late payment from large businesses with 50 or more employees.

The Act was then extended in 2000 and 2002 to allow businesses to charge interest on any debt that exceeds credit terms. Interest of 8% plus the Bank of England base rate can be levied once it falls overdue, in addition to compensation of at least £40, depending on the value of the debt.

This therefore not only helps to offset the financial impact late payment can have on a business, but it can also serve as a useful deterrent to prevent customers from delaying payment.

Enforcement

One possible reason for this oversight is the fear of losing customers. Would charging late payment interest upset the customer enough to discourage them from placing repeat business?

Crucially, however, businesses have the option to decide whether these charges are enforced. Simply referencing the statute in the terms and conditions of sale and the invoice itself should at the very least make the customer think twice about prolonging payment. If the invoice is still not settled on time, a decision can then be made as to whether the charges are added to the invoice total.

It can additionally be a useful bargaining tool in the chasing process once the invoice becomes overdue, for instance by informing the customer that the charges will be applied should the invoice reach a certain age.

There are several online tools* that will provide an instant indication as to how much businesses could claim in statutory interest, and we would urge businesses to consider every credit management strategy at their disposal in order to best safeguard their cash flow."

* for Hilton Baird's simple online interest calculation tool, please visit http://www.hiltonbaird.co.uk/CS/Late-Payment-Calculator/?utm_source=LFR&utm_medium=website&utm_term=latepaymentinterest&utm_content=paymentcalculatorlink&utm_campaign=interestchargesarticle

About Alex Hilton-Baird:  Alex Hilton-Baird is Managing Director of Hilton-Baird Collection Services, which is part of the Hilton-Baird Group of companies. Established in 2001, Hilton-Baird Collection Services provides award-winning outsourced debt collection services to the UK's SME and corporate markets, as well as some of the most respected invoice financiers, leading banks and insolvency practitioners.

Hilton-Baird Collection Services was voted Commercial Debt Collection Agency of the Year in 2008, 2010 and 2011 by Credit Today magazine. In addition, two of its employees have been awarded the Commercial Collector of the Year title, with Team Leader, Charlotte Christie, winning in 2010 and Senior Collections Advisor, Peter Hepburn, winning in 2012.

Find out more about Hilton-Baird Collection Services’ range of debt collection services at http://www.hiltonbaird.co.uk/CS?utm_source=LFR&utm_medium=website&utm_term=latepaymentinterest&utm_content=link&utm_campaign=interestchargesarticle

For more information, please contact:
Alex Hilton-Baird
Managing Director, Hilton-Baird Collection Services
Tel: 0800 9774848
Email: LFRCollections@hiltonbaird.co.uk

Landa has published a white paper providing informative insight into the Landa Nanographic Printing™ process, also known as Nanography™. This new category of printing combines the versatility and short-run economics of digital printing with the qualities and productivity of offset printing.

The white paper highlights how Nanography differs from other printing technologies. It employs Landa NanoInk™ colorants, proprietary water-based inks with nanopigment particles that are merely  tens of nanometers in size.

Topics covered in the white paper include:

• The characteristics and limitations of current digital printing technologies
• The unique properties acquired by materials when reduced to the size of nanoparticles
• A description of Landa NanoInk and the Nanographic Printing process
• The special characteristics of dots printed with Landa NanoInk
• The transfer of the printed image to any substrate

The white paper also explains how the Nanographic Printing process can yield the lowest cost-per-page of all digital printing technologies.

Gilad Tzori, Landa Vice President of Product Strategy, explains, “The white paper is designed to both educate the market on the Nanographic Printing process and highlight the economic advantages and eco-friendliness of the technology. It also demonstrates our commitment to provide our customers with information on an ongoing basis as we continue the work on product development and bring the presses to full commercial availability.“

“The Nanographic Printing™ Process” white paper can be downloaded from the Landa website at www.landanano.com/white-paper.

LFR's latest ‘On the Money’ feature focuses on how businesses can manage the problem of late paying customers.  With the problem of late payment showing few signs of subsiding, Alex Hilton-Baird, Managing Director of commercial debt collection agency Hilton-Baird Collection Services, looks at the measures businesses should take to safeguard their cash flow.

“The issue of late payment remains a constant thorn in the sides of businesses large and small.

Research from Bacs Payment Schemes has highlighted just how difficult things are at present. It found that there was £36.4 billion owed to UK businesses in overdue payments at the end of June. This equates to the average business being owed a shocking £36,000.

But while the debate surrounding what can be done to reduce the problem continues, it’s important for businesses themselves to do all they can to ensure their processes are as watertight as possible:

Set clear procedures

Often overlooked, it is important for businesses to implement and stick to a credit policy. This should define the step-by-step set of procedures across the business that should be followed from the moment a customer places an order, ending only once the invoice has been paid in full. This will ultimately improve efficiency and reduce the likelihood of an invoice slipping through the net.

Know your customers

As soon as an order is received, perform credit checks to ascertain whether the customer is creditworthy or has a history of paying late. Hilton-Baird Collection Services’ Late Payment Survey found that just 47% of businesses credit check new customers, with only 30% regularly assessing the creditworthiness of existing customers. This information can then be used to determine the length of the credit terms offered, or whether payment is requested up front.

Invoice on time

It may sound obvious, but invoicing immediately will help to speed up payment times as many customers won't pay until the invoice is received. Just as important is the accuracy of the information on the invoice; any mistakes and customers could well delay payment further. A quick call to confirm receipt of the invoice and to check there are no disputes can help to identify any problems early on.

Make payment easy

Just one in five businesses cite cheques as a preferred payment method according to the British Chambers of Commerce, yet two in three accept them as a form of payment. Cheques are susceptible to a range of excuses, so offer customers fast and simple payment methods such as direct debits, standing orders and BACS payment. Clearly display the accepted payment methods and details on invoices and note it can also be beneficial to offer early settlement discounts.

Be proactive

Make sure you’re aware of when each invoice is due. Chasing payments as soon as they exceed terms will mop up any genuine mistakes from customers, but also serve the purpose of demonstrating that you are in control. Should reminders continue to go unanswered, consider the benefits of using an outsourced debt collection agency. This will increase the likelihood of a full recovery and enable the accounts receivable team to focus on ensuring other invoices don’t follow down the same route.

Exercise your rights

Did you know businesses have a right to charge compensation and statutory interest on overdue debts? While this will help cover the cost of an invoice not being settled on time, it can also act as a useful deterrent to prevent customers from delaying payment beyond terms in the first place.

Focus on what you do best

Chasing a single customer for payment can be a drain on internal resource and also detract from the rest of the sales ledger. It also takes the attention away from identifying and securing new business. For this reason it can be useful to enlist the help of specialists who can assume control of your credit management, providing additional peace of mind.

Say thank you

Show appreciation to those who pay on time. This will make customers feel valued and being polite can go a long way towards securing repeat business.”

About Alex Hilton-Baird: Alex Hilton-Baird is Managing Director of Hilton-Baird Collection Services, which is part of the Hilton-Baird Group of companies. Established in 2001, Hilton-Baird Collection Services provides award-winning outsourced debt collection services to the UK's SME and corporate markets, as well as some of the most respected invoice financiers, leading banks and insolvency practitioners.

Hilton-Baird Collection Services was voted Commercial Debt Collection Agency of the Year in 2008, 2010 and 2011 by Credit Today magazine. In addition, two of its employees have been awarded the Commercial Collector of the Year title, with Team Leader, Charlotte Christie, winning in 2010 and Senior Collections Advisor, Peter Hepburn, winning in 2012.

Find out more about Hilton-Baird Collection Services’ range of debt collection services at www.hiltonbaird.co.uk/CS.

For more information, please contact:
Alex Hilton-Baird
Managing Director, Hilton-Baird Collection Services
Tel: 0800 9774848
Email: LFRCollections@hiltonbaird.co.uk