How She Made It: Lori Luis, Project Management Extraordinaire and Entrepreneur
MN: Why did you decide to focus primarily on marketing, communications and project management at LoriLu Consulting?
LL: I have found that in many cases, small businesses, community organizations and non-profits lack the technology and resources to compete in this uncertain economic climate. Many groups need to gain exposure and access to a generation which has grown up with technology, specifically the Internet. I offer simple and inexpensive websites, social networking strategies and print media to broaden their modes of communication to their target audience. The project management component helps to organize all aspects of the plan for executing on specific goals or starting a new venture. The marketing and communications is really a subset of all the issues we address. As part of the project management process, my clients receive documentation (project charter, project plan, marketing plan, status reports on key metrics, etc.) and training in how to operate as a successful team. One of the inherent benefits of project management is team building.
MN: Lenders often won’t approve business loans without a business plan. Yet, many entrepreneurs start companies without taking the time to create business plans. How do you educate your clients on the importance of not only having detailed business plans but on taking steps to bring those plans to fruition?
LL: The business plan is key for funding, but it is also necessary as a roadmap for the management of the business. I use a very simple template which I ask the team to complete prior to our first meeting. It gives me a sense of how each member of the team sees the business operating, how they identify their target audiences, who they think their partners and sponsors are, and what they hope to achieve. When we first start out, everyone may have different ideas of how they see the business – then we work towards consensus to develop a business plan that everyone buys into and will support. I always stress that a business plan is iterative – it will change over time based on any number of internal or external conditions. Being flexible, creative and open-minded is one of the team attributes we build to adapt and make adjustments to the business plan when necessary. I developed a seminar called “Creative Business Planning” which highlights the key elements of a good business plan with tips on being imaginative and trying new techniques.
MN: If an African American woman new to the business arena contacted you and asked for support building a strategic plan, what specific types of services would you offer her?
LL: I would take her through my strategic planning or business planning sessions, which usually consists of two to three informal meetings. The first meeting is with the business owner to get a sense of the type of business, the market and to identify her “team”. I use the term “team” loosely, because it may not be an organized group of people reporting to her. It could be her family, friends, supporters or those who she looks to for advice and guidance. I then do some market research to investigate the competition, the physical location, the target audience and potential partners. Partners serve as contacts to help promote a business or a cause and should be identified early on to help test the market. I’m a big proponent of “partnerships” and working as a team to everyone’s advantage. The next two meetings may include some of these resources, and we address specific items in the business plan – open and honest conversation, challenging questions, identifying risks, dependencies and how to measure success. All information is documented and the business owner receives a written plan as a result. If the business owner requires further assistance I provide marketing and guidance throughout the start-up process.
MN: In less than two years you’ve worked with organizations like the Bedford Stuyvesant Restoration Corporation, NYC Imaginary Library, The Hope Program and Clothed With Love, to name a few. Did you network to gain these clients or did these clients approach you mainly due to your marketing efforts?
LL: All of these clients were gained through networking. I identified a target audience here in Brooklyn, NY which would benefit from the project management methodology and I attended networking events, programs and seminars which would give me access to the people who make decisions. Networking is extremely important. Do your homework – research the clients you are after and learn about their management structure – know who the “key players” are – don’t be afraid to approach the senior people. Pitch your ideas, then follow-up with an email and a phone call. Attend events where you know you can meet people who are influential – spend a little money to do so, if you can make the right contacts. Use your own network – Linked in and Facebook are powerful if used correctly. You can build a substantial network from your connections and their connections.
