Publishers: Do You Know Your FQ?
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Everybody knows that IQ stands for Intelligence Quotient and some of you might even know what your IQ is. More recently, there have been many articles and books written about our EQ or Emotional Quotient, and if you picked up Cosmopolitan or GQ, you might even have taken a test to try and find out what your EQ is. But what is your FQ, your Financial Quotient? If you are a book publisher or distributor, it is highly likely that you did not go to business school. As a publisher and entrepreneur, you probably take great pride in the seat-of-your-pants way you run your business and continue to expand, make payroll, and turn out great work. Financial statements and projections are just “not your thing.” You figure that you can always hire a bookkeeper, accountant, or chief financial officer. You are an entrepreneur — a big picture kind of guy/gal… No bean counting for you! The truth is that in business a low FQ can kill you. Bam! Smash! Road kill! The worst thing is that you will probably never see it coming. And it can destroy you and your dreams in so many ways. Poor financial planning, overborrowing, runaway costs, and bad record-keeping can drain the lifeblood out of your company like so many leaches on a fish. Our firm sells publishing companies, and the saddest, most difficult cases we get are the brave entrepreneurs who drag their little companies in like broken toys without a clue as to how to fix them. “If only someone would put some marketing mone…IBPA Members – Click here to view the full article (login required).
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