Project Log: 12th October 2016

This week was the introduction of profit and loss sheets. Whilst this is something I have seen before, I have not physically worked with one until today. It is an effective way to record and estimate finances of titles and this is done using the company’s gross profit. The gross profit is something which should stay consistent in order to gain profit yet cover production costs.

In small groups, we made decisions on whether we should reprint, get new editions, or scrap a list of titles. There were instances of slightly conflicting opinions at times but we managed to come to sensible agreements.

At first, I found the idea of a P&L quite daunting, but, after spending some time  changing around the numbers, I thought the process was not as bad as I initially thought and became more comfortable dealing with dealing with figures and costing. With practice, I will begin to use P&L in my assignments (such as marketing plans, book proposals and sales). I think that today has reinforced the financial side of publishing to me – costing is something I feel I am developing on and I will definitely use this is a step forward into developing my skills – not only for assignments but also as a skill I can show and tell my future employers.

Further reading:

How Publishers Make Decisions Jane Friedman

How to Write a P&LMicrocosom Publishing

Profitable ModelForbes 

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