How to Weather the Economic Storm: A Q&A with Eric Kampmann, president of Midpoint Trade Books and Beaufort Books
Book Business Extra: What are some key steps that publishers need to take now to deal with the current recession?
Eric Kampmann: … Stop all unnecessary expenditures immediately. Reduce debt to zero, if possible, but definitely reduce it. Assume the economy is not going to shift back into drive anytime soon, and review every aspect of your company so that you are operating at 100-percent efficiency. It is time to be hard-headed, and the choices you make over the next several months will probably determine how well you will be positioned when the economy begins to recover. Remember, every company faces hard times ahead. Both large and small publishers, distributors and booksellers must make provisions for this crisis. … Lean and mean is the name of the game.
- Places:
- New York City