Living Waters has been closely monitoring the economic downturn that has happened. Already, many companies are reporting losses in the hundreds of thousands and millions. In an effort to continue giving our clients effective marketing, we are scaling back on our administrative costs, which now totals about 35 percent of the annual budget. Fifty-five percent of that will now go into more extensive marketing programs for our books.
Living Waters will be closing our Louisiana location. We will be cutting overall office hours at all and moving nearly all of our operations online. This will have a major impact on how we do business. First, it will mean that we won't be accepting hard copy submissions. All submissions will be digital copies only. Nearly all inquiries will be handled online within 72 hours. Our standard minimum publication turnaround time of six months will change to twelve months.
Letters will be going out to all clients about what to expect during this time of transition. We will still handle royalty questions via phone until we're able to move that online. Please keep checking our blog for more updates.