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Establish and monitor P&Ls for each distinct product, service and business

You must manage distinct products/services/businesses from the whole enterprise perspective, including building and monitoring economic performance with ‘whole P&Ls.’

This is an excerpt from “Table Stakes: A Manual for Getting in the Game of News,” published Nov. 14, 2017. Read more excerpts here.

Your news enterprise must manage distinct products, services and/or businesses from the whole enterprise perspective. This requires establishing and monitoring economic performance with ‘whole P&Ls’ – that is, setting, pursuing and monitoring progress against financial goals that match revenues and costs for the products, service and/or businesses at hand. A key role in all this is the product/service/business owner (a role for an individual or team). Your enterprise must ask and expect such product owners to set and pursue revenue and cost goals that contribute to overall enterprise financial success and sustainability while simultaneously succeeding at non-financial goals related to audiences, innovation, skill building, partnering and more.