Publishers thrive when they persist and keep their business growing in tough times—and when has publishing not been a competitive business? Historically, companies that invest or develop within hard economic times are better positioned when the economy improves.
Here are some tips that come from our own education in publishing's school of hard knocks:
Work efficiently. Make the most of your production and editorial staff (training, procedures, use of computers). In difficult economic situations, business as usual can often mean disaster. Now is the time to evaluate your workflow to determine if you are performing as well as you can.
Seek outside help only when you need it, and when it works to your benefit. Never outsource the core functions that define who you are as a company. When using outside assistance, evaluate the entire cost, not just the check you write. Make sure that those you employ are working to your standards and are not adding to the workload that your in-house staff has to bear.
Use technology properly. Technology is a tool that can help you to produce your materials efficiently, but it can also cost more in time and resources than it is worth. Computers are excellent at speeding up repetitive tasks, ensuring consistency, and improving communication. When used properly, they can save significant amounts of time and money.
Make the most of your titles. Now is not the time to abandon electronic platforms. A solid multipurpose publishing plan increases your revenue and market exposure, without adding costs.
Employ the Well-Formed Document Workflow. This makes your documents available on multiple platforms and eliminates costly, time-consuming conversion work.
Maintain the value of your titles. By producing materials in the efficient manner the multipurpose publishing processes enables, you increase the value of your backlist. This gives you greater flexibility to pursue new front list projects, take advantage of distribution deals, and keep the value of your greatest asset high.
For more information on the Well-Formed Document Workflow or efficient ways to use technology, please feel free to contact us.