The final quarter of 2008 was one of the dreariest in recent economic memory. As I write this, early in 2009, bad news appears daily. Equipment manufacturers and suppliers are reporting missed financial targets and consequent lay-offs with disconcerting regularity. News from the U.S. is rife with reports of layoffs at printing firms and company closures. It’s difficult to find any sliver of light or hope that conditions might turn around any time soon.
 

Here at home the carnage seems less savage, though we have had some high-profile closures, and Quebecor World and Komunik are struggling to re-fashion themselves into more profitable enterprises under the cloak of creditor protection.
 

But even so, our cover story, the Print Executive Survey, paints a rosier picture of the printing industry than I would have believed. We went into this story with some apprehension, thinking we would uncover a litany of cutbacks and a mountain of negativism.
 

What we found is an industry that, on average, does not feel caught up in the economic maelstrom, and is approaching this year with a healthy dose of optimism. An overwhelming majority, 75.9%, have made no staff reductions yet, almost 60% say they have had no difficulty obtaining financing, more than 85% say they haven’t had any deal scuttled due to lack of financing, and almost 60% expect to have moderate-to-strong growth over the next 12 months.

No survey can deduce whether the respondents are making right or wrong predictions; it can only provide a snapshot of current thought and expectations. So, taken in context with feedback from other industries and reports, do these answers indicate that printers may be operating with blinkers on? Unfortunately, some indicators point exactly to this.
 

For example, reports from two economists in the U.S. address the fact that in addition to the recession, printing is facing structural changes, particularly electronic media, that are redefining markets. Yet, when asked to comment about the state of the industry, not one of the 165 respondents—from a total of 236—who chimed in addressed this issue. Instead, many comments focused on what has been standard issue for at least a decade: there’s too much iron out there, margins are tight, we need the industry to consolidate and get rid of inefficient shops. 
 

When asked how to cope in tightening economic times, a common thread was to batten down the hatches, offer better service, strengthen those customer relationships and generally get a better outlook. Some even suggested a dose of reality is necessary now and then. Fair enough. But not very much was put forth in the way of innovative ideas for coping with evolving and challenging times.
 

And, when asked if they see any opportunities in web-to-print, transpromo, direct mail, packaging or mailing, almost a third say they don’t see any of these segments as business builders. Some suggested “other opportunities,” but a reading of their responses doesn’t indicate anything really new.
 

Another point to consider: the NAPL in the U.S. has been suggesting for years that the gap between industry leaders—the most successful printers—and the rest, is widening, and will get even bigger during the recession.
 

No one can predict where this crazy economic ride will take us. But according to NAPL, what leaders do is put plans in place during a recession so they hit the ground running when they come out of it.