It is so highly competitive nowadays in the publishing world, and you need to be constantly trying to think of ways to innovate, in order to keep your business current, and in profit. Without innovation, your publishing company will not be successful, because customers now expect a lot more and they understand the market a lot better. There are probably numerous other businesses offering the same product or service that you do, and so it is crucial that you create some kind of edge that allows you to stand out from your nearest competitors.
Stay ahead of the curve.
Innovation is the thing that can keep you ahead of the curve, and it should lead to increased profits, increased productivity, and future growth. Surprisingly, only 25% of small to medium-sized ventures invest money into research and development, and while nobody is looking for a ground-breaking break through, there is an expectation that you would at the very least, make straightforward and future bound improvements in some areas of your publishing business. Obviously, it can become cost prohibitive to invest in journalism research and development, but thankfully there something called a regional and small publishers innovation fund that can assist with that.
Essential financial assistance.
It is the goal of this innovation fund to provide some kind of financial assistance to assist your business over the medium term, and this will allow your publishing business to take some risks, while trying to adapt your current business model and to make it a success in the digital age. They realise that smaller, regional publishers cannot be compared with the leading publishers when it comes to the provision of news and public interest stories. It is their hope that providing you with essential financial assistance, will allow your business to be able to create increased revenue with regards to advertising and subscriptions.
It’s all about innovation.
By encouraging your business to innovate, the hope is that you will improve on your sales and your customer relations. If you can receive financial assistance from this innovation fund, then that should allow you to invest your time and money into the necessary innovation that will cause customers to better understand and appreciate the value that you are bringing them, and this should translate into extra advertising. These additional funds should help your publishing business reduce waste and this, in turn, leads you to a better position where you are looking at your long-term goals.
The innovation fund will also allow you to boost your market position and being able to invest more money and time in your publishing activities, which includes initial newsgathering, the production, and finally, the distribution of your material. Additional funding will allow you to get ahead of any opportunities that may arise, so that you are not in a position where you have to react quickly to large shifts in the market. You will find that this innovation fund will create a more stimulating workplace for your current employees.