(Comments requested by May 17th either directly to this blog or to Cheryl(AT)FMI(dot)CA.
Do you subscribe to an academic, scientific, literary or business journal? If you are a professional, it is likely your association sends you a monthly journal – do you have time to read it? How about self-subscribed content? My junk folder is filled with LinkedIn groups that seem like a good idea at the time, accounting firms newsletters, Canadian CPA webinars – and the list goes on. The point is that there is lots of content that I am largely ignoring because there are only so many hours in the day and gas in the tank to do things.
Given this context, I was asked to join the editorial board of the Financial Management Institute’s (FMI) electronic journal (eJournal). The journal has been struggling a bit with both its medium (now electronic, formerly paper) and content. Nevertheless, there is a market opportunity for journal with the following target audiences (in order of importance):
- Financial managers within the public service.
- Public servants.
- Financial professionals in general and interested academics.
The last audience is of particular interest because of the consolidation of the three legacy accounting journals into the current CPA Magazine. A well-written journal, it nevertheless has a strong general-business and private-practice focus. Articles of a more technical or industry focus have a hard time finding the space or the word count within the CPA Magazine.
Given the market opportunity, what is the problem? Alas, creating a journal of value takes dedicated volunteers, paid staff and a good value proposition to make the journal a paying proposition. To this end, I am outlying two very different futures for the eJournal: an ‘Underpinning Resource‘ versus a ‘Nice Newsletter‘ through this blog. Based on feedback received, the FMI will decide what its eJournal should/can be. Although presented as an either/or proposition, these two futures represent two extremes on a range of possibilities.
FMI eJournal – a Nice Newsletter
On a bi-monthly basis, the FMI will send out an e-newsletter to its registered members. The focus will be on National activities (e.g. educational courses and events), and future/past chapter activities. The typical FMI reader will skim the content primarily for activities of interest to him or her. Original articles will be accepted but the eNewsletter will typically re-publish articles from other organizations.
Costs are minimal, as the bulk of the content, Chapter News, will be written by volunteers. A small editorial board will scan other publications and arrange for pro bono re-publication of the content. The same editorial board will review submitted articles for their merits and consideration for the journal.
Enduring Value or Future
The eNewsletter is designed to have a very short life and will typically be scanned and then deleted by most readers. Past editions will be posted on the FMI.ca website.
FMI eJournal – an Underpinning Resource
The eJournal will be an extension of the educational efforts of the FMI and will seek to produce original content supporting public servants in general and financial managers in particular. An editorial board and a full-time managing editorial (who may also have responsibilities for FMI educational activities) seeks out original content according to an editorial calendar. As a rule of thumb, over a rolling 100 article average, the journal should will have the following groups:
- Pracademic Group: About 70 articles that help the public servant deliver value through pragmatic examples, tools and discussions they can readily use in their work place. Included in this count are the articles dealing specifically with financial management in a public sector context as well as articles supporting FMI Chapters. Submissions from this category will be mostly from FMI members, notes from Chapter events and a guest authors such as from CPA-Canada or major accounting firms.
- Industry Group: About 15 articles will deal with our chosen industry, the public service. This includes perspectives from elected officials (current and former) at all levels of government, senior administrators, researches, etc. These articles will generally describe the challenges and solutions of the ‘government-industry’ and provide context to those working for the public service in best matching their efforts to the challenges. Generally, these articles will be solicited from specific authors, for example, former politicians, academics, senior government officials and the like; nevertheless, FMI members contributed articles will be preferred.
- Macro Group: About 10 articles will deal with larger macro-economic/social /political/technical issues that affect public servants and the elected officials. These articles will provide the environmental scan and may be in both from a Canadian, Commonwealth or other jurisdiction’s perspective. Generally, these articles will be solicited from specific authors and may be paid for by FMI.
- Other Group: The final five articles or so are a free-for-all. They are articles of opportunity, humor, fun or don’t quite fit anywhere else. This may include editorials, book reviews or re-publications of blogs and other articles (with permission). These articles will come from a variety of sources.
To attract and assure good quality, a paid managing editor is required who will coordinate a volunteer editorial board. It will be advantageous to coordinate the managing editing functions with FMI educational activities so they are complimentary.
Enduring Value or Future
The eJournal will generate original thought leadership within the financial and public service communities. Beyond posting the FMI.ca website, the mark of enduring value is that 5-10% of the articles published in the journal are referenced in other journals or are republished via LinkedIN or other social media.
Two Futures – What Say You?
The above identifies at a summary level two very different futures. How realistic or beneficial is one future over the other? Are there value opportunities I have not identified or a third future worthy of consideration? Leave a comment before May 17th with your thoughts!