What is a Strategic Plan?
Strategic Planning is that process a publishing company goes through, often in the formative stages, and too often, after years of mediocre operations, to define its existence, determine its direction, and set its goals. It answers broad questions, like those below, and by doing so, sets both policy and procedure. For example, if the editorial plan is to create hands on science books for children, then books using cartoons to explain physics concepts to university students simply will not be considered - they are off target and will unfocus the editorial and likely damage the financial.
No, it is never too late to create a Plan - and no, just because you have managed to operate for ten years without one is the equivalent of suggesting you have driven a car for ten years without using a map. That’s fine, but if there is a long trip (like success, or the direction the company is headed for the next five years) in your future, a roadmap becomes a travel essential.
It is also the detail of the process that creates successful companies. What you don’t or won’t do is as important as what you decide to do. The financial side of the Plan does not allow for 180 day invoicing, high levels of returned books, and substantial numbers of books out on consignment? Then trade distribution is not in the Plan as a revenue creator - and that means you have to target and establish other successful selling methods that fit into these financial perimeters. DO NOT allow the industry to dictate how it will allow you to do business; do business as you believe to be viable and if that doesn’t allow access to certain parts of the industry’s program, so be it. (No one is going to reimburse you for “the industry’s” distribution mistakes.)
A Strategic Plan covers four broad questions and answers.
The answers, carefully reviewed and analyzed, provide your company with the roadmap to success:
What is your mission? (What is your publishing goal?)
What is the editorial plan? (The publishing side.)
What is the financial plan? (The business side.)
What constitutes success? (Is there an exit strategy?)
Roadmap to Success
Every publisher must have a Strategic Plan. The Plan: sets out your goals; how you will achieve them editorially and financially; and what happens when you achieve them. A Strategic Plan is a roadmap, and while you don’t absolutely need one, it will ensure that you get to where you want to go - a Strategic Plan accomplishes the same thing.
As the “master plan”, everything else you do evolves from this Plan. Annual budgets, PR programs, editorial directions and preferences, financial decisions, and day-to-day operational answers all come from the guidance and direction in the Plan. It is the roadmap for your company’s journey to success, and success as you have defined it.
Remember, publishing is a business like any other. Revenues, return on investment, market share, and other goals MUST be met to ensure the continuation of the company. A Strategic Plan takes your idea of publishing and guides it to become your reality of a successful publishing enterprise.
Goals, Achievement, and Success!
Every Plan is different, though most have a number of skeletally similar features. We will be pleased to provide you a cost estimate based on the “condition” of your current Plan, how in depth the Plan has to be, and the budget allocated to it.
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