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HMA UPDATE RECALIBRATING
HMA UPDATE RECALIBRATING AND GETTING “AHEAD OF THE GAME” In late May, The Wall Street Journal ran an article that really got my attention. It was entitled, “In Lousy Market, Magazine Giant Axes Nostalgia,” and it was about how market changes have forced magazine publishing giant, Meredith Corp., to recalibrate its modus operandi. The following ‘snippets,’ from the article, really hit home. • “Meredith’s top brass believes business can be divided into ‘problems’ and ‘situations.’ Problems can’t be solved with any amount of time and money. Situations, on the other hand, can. Managing the difference is the key to surviving a declining industry at its darkest moment.” • Meredith’s path forward: “Be direct and unemotional in business. Invest in assets with the promise of profit growth; don’t waste money trying to fix hopelessly weak ones, no matter how strong the romantic attachment.” To say the least, Meredith’s ‘recalibration’ has been significant - selling off time-honored magazines Time, Fortune, Money, Sports Illustrated; investing in publications more focused on “lifestyle content,” women’s services, celebrity, epicurean, culture and news. Bottom Line: Modern publishing has changed. And so has Meredith Corp. And if there’s a lesson in this for us all, it’s this - accepting change is far from easy. Failing to manage it, can be ruinous! And so, as I contemplate today’s Hardwood industry, I think it’s all about being “ahead of the game,” and positioning ourselves, our businesses, and our industry to succeed in today’s - and more importantly - tomorrow’s highly competitive and ever-changing world. How do we do that? As you can imagine, I have some ideas on the subject. I’m guessing you do, as well. And I’d love to discuss them with you, perhaps later this month at the Hardwood Federation’s Fall Fly-In, September 17-19, in Washington, DC. Or at HMA’s upcoming South Atlantic Regional Meeting slated for September 23-24 in Virginia/North Carolina. Nevertheless, if our paths don’t cross soon, I hope you’ll contact me, via phone at 412-244-0440, or at ljovanovich@-hardwood.org. Let’s talk. After all, we’re in this together, right? n BY LINDA JOVANOVICH, EXECUTIVE VICE PRESIDENT, HARDWOOD MANUFACTURERS ASSOCIATION, PITTSBURGH, PA 412-244-0440 WWW.HMAMEMBERS.ORG 14 SEPTEMBER 2019 n NATIONAL HARDWOOD MAGAZINE
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