Advanced ‘1001 Titles’ Workshop Shows How Publishers can Profit

Providing an essential lesson in building a successful business model in publishing sector, the ‘1001 Titles’ initiative – whose mission is to publish 1,001 first edition Emirati titles in 2016–17 –  has conducted a three-Day workshop to help new publishers make an early profit and enable existing ones to increase their margins.

Through ‘1001 Titles’, a Knowledge without Borders (KwB) initiative, the course reached an advanced level where it helped publishers to develop a strategy and budget for a sustainable business.

They learned how to analyse research-driven approaches to define markets and the potential for new opportunities, as well as identify the challenges and possibilities of a particular programme by applying practical management tools to define viable strategies and action plans, the participants developed a greater understanding of more effective and efficient practices for their operations.

Regardless of the participant's respective departments, including editorial, production, marketing, promotion and many others, each learned the process of developing the optimum plan for the best results.

Majd Al Shehhi, Manager of 1001 Titles, said: “We are living in a world where much of the publishing industry is under considerable strain and many of the businesses need to rethink their strategies. This made the course even more relevant, as it addressed the uncertainties, transitions and complexities of both a market and an industry in transition, with an emphasis on solving strategic and operational challenges.

“The primary goal over the three-day workshop was to provide the skills and knowledge for publishers to make their businesses more effective and more productive. As with any sector or industry, there are obviously going to be peaks and troughs, our duty is to make sure there are more peaks, and through these workshops, that is what we have helped to achieve. There is still a lot of room for high quality publishers in this market and we will make every effort to help them succeed,” she added.

The final part of the program focussed on budgets and financial planning. A specialist workshop helped non-financial managers to understand the concepts and methods to prepare a standard Profit & Loss (P&L) plan and a monthly cash flow statement for the first two years, improving each participant's managerial effectiveness through a better understanding and use of the financial information.