A Unique Business Approach....

A question was recently brought my attention in a current class I am taking for my MBA program, the question was "How does LR Consulting Enterprise physical work on a full campaign for a client"? I was most certainly honored by the question and with this persons need to understand just how our unique business approach works. Let's begin!

To the right, you will notice a flowchart that indicates how LR Consulting Enterprise works on a full campaign. Although each service comes as an a la carte, the chart is specifically towards a full campaign for either Business Development ||Strategic Marketing ||Publicity. The initial process consist of client completing survey, moving towards an in-depth consultation based on survey completed. Next, based on survey and consultation, we advance to creative direction, this  is where we give our professional suggestions and realistic goals for campaign direction moving towards strategic marketing, this is when we determine our clients target, brand identity, value of market, and branding material such as, brochures, logos, pamphlets, operating manuals, etc.

Strategic  marketing works cohesively with public relations and website development. Public relations is the art and marketing is the science and because a company’s website is a branding source as well as a web based destination to house information about the company, all three play major roles in strategic marketing. After we have defined goals, created a more realistic project that is obtainable, and determined a feasible direction, the implementation stage begins, known to us as the review process which consist of an evaluation and follow-up.  

The purpose of our flowchart is to help maintain efficiency on each project not only for LR Consulting but also for the client to reassure them based on how we work and create an in-depth approach to their business needs. Each process does affect another process, which if not completely accurate, can cause additional barriers and preparation for a project based on inaccurate information. Although our flowchart does not use symbols, different colors, or arrows, the look and presentation is effective in appearance because it’s not confusing and does not allow room for assumptions.

For more details and information about LR Consulting Enterprise, please visit Company Website

When Fashion Matters…

Life as an Entrepreneur: When Fashion Matters…Column By: CEO LaNisha Rene of LR Consulting Enterprise, LLC

As an Entrepreneur, you don’t necessarily have to be a step ahead of the fashion curve to know how to dress for special events, the office, or client meetings. All it takes is a level of refinement when mixing and matching colors or patterns, accessorizing, and glamour to look your best! It’s extremely important to make a statement and not just by your work ethics or high levels of moral values; though your quality of work can make a major difference in how you will receive more work, compensation, or new clients.

In this issue, “Life as an Entrepreneur” will highlight some top, easy fashion trends that can be worn directly from your closet! After all, for a savvy business woman, there’s nothing more embarrassing or uncomfortable than wearing the wrong outfit to the “RIGHT EVENT”!

For instance, a multi-colored scarf draped around the neck with a sexy pair of denim skinny jeans, and solid color heels to match one of the colors from scarf, is a trendy ensemble that deserves a stamp of approval. You can also wear a sequence jacket or basic waist length jacket over the tank top instead of a scarf for a dresser look. This type of outfit is only for dress down occasions, entertainment based, or if you’re having late night drinks with client or co-workers. DISCLAIMER: It’s fabulous to wear a variety of solid color skinny jeans, not having patterns but different solid colors, makes it easier to mix and match accessories, shirts, and shoes. Denim leggings are suited for all body types and can work with tank top look as well, but the tank top will need to be longer than waist length. Some companies may permit blue denim jeans and leggings during the latter part of the week. DISCLAIMER: If your pants are tight, ripped, too low, too high, or white-washed, neither of them complies with office dress guidelines.

Now let’s move on to Red Carpet events! These events are the best events to display your style. When attending Red Carpet events, it’s important to accessorize everything, i.e. outfit with jewelry, shoes, hair, and make-up. A sexy, slightly tight fitted cocktail dress is always perfect for Fashion Red Carpets. Above are a couple examples. In addition, don’t forget -MIX AND MATCH YOUR COLORS!!

To read full article, please CLICK HERE

Barter or Buy? When Do you Draw the Line?....

Life as an Entrepreneur: Barter or Buy? When Do you Draw the Line?
Written By: LaNisha Rene CEO of LR Consulting Enterprise, LLC

Economics describes a “Barter” as an opportunity cost (the cost of any activity measured in terms of the best alternative forgone. The sacrifice related to the second best choice available to someone who has picked among several mutually exclusive choices. It has been described as expressing "the basic relationship between scarcity and choice). When you start or re-vamp your business, it’s important to understand that you will NOT get paid for everything you do when pertaining to your affiliations, branding, marketing, exposure, clients, sponsorships, or partnerships. Although sometimes you may need money to offset the value of the goods or services being traded, it’s primarily up to you to differentiate between what is a valuable opportunity. As you read further, you will learn essential tips and techniques that will help your decision-making process a smooth and easy one!

There are a few things you should do before “Bartering”. Compile a list of your goods and services you are willing to barter. Make a list of goods and services you need or want for your business. Know the approximate cash value of the things you are trying to trade and the value of the things you are seeking in return. All of this information can help you negotiate a successful “Barter” deal.

Everything in the WORLD of “Barter” is valuable but not always beneficial for both parties. This is why you must be savvy, optimistic, wise, and slow to saying YES when making the decision to enter into this type of agreement. Here are a few tips and questions you should be able to answer prior to determining just how beneficial this “Barter” will be for you and your business.

1. Why do you need to “Barter” with this company or person
2. How do you benefit from them
3. How do they benefit from you
4. Are they using you as an asset or liability
5. Are you their competition? If so, protect your ideas, clients, and information, only agree to a “Barter” that will allow you to maintain your creativity for your company while helping your competition. You can protect yourself by suggesting ideas they can expand on themselves, rather than giving them ideas, there is a difference.
6. How long have you known of this company or person, has it been at least 1 to 3 years
7. What makes this company so special to the point they do not have to pay you for your services
8. How long will this “Barter” be in effect? And yes, a “Barter” needs a time-frame or ending date
9. Do you have a NDA (Non – Disclosure Agreement) created specifically for a “Barter” arrangement

Now that you have asked yourself the above questions, based on your answers, move on to solidifying your NEW “Barter” agreement. It’s always great to meet with new teams or business owners to determine what your responsibility will be and then, of course, determine what you will receive in return.

DISCLAIMER: During the meeting, take notes and always ask after each stipulation or requirement “Are You Willing to Agree to This in Writing?” This is a valid question because once you include these key points in the agreement, if the party is honest and sincere about the “Barter” relationship, they will not change their wording or accommodations when they read the agreement. The best word to associate with “Barter” is Benefit; the purpose of a “Barter” arrangement is for both parties to benefit without paying for the services. However, as stated earlier in the tips and question section, there must be a time-frame or deadline in which the “Barter” agreement will no longer be valid. In simpler term, once both parties have met their needs, use what you have or what you have obtained and move on, unless either party is then willing to buy your products or pay for your services. Never drag out a “Barter” agreement, this is a short-term goal that should lead to compensation, or some form of business satisfaction.

To read full article, please CLICK HERE

What You Need to Know Before Opening a Business Account....

Life as an Entrepreneur: What You Need to Know Before Opening a Business Account
Business Column By: CEO LaNisha Rene of LR Consulting Enterprise, LLC


Society identifies finance as the management of revenue or the activity of providing funds or capital. Today, I ask you, what are the fundamentals of finance in your life? This is an important question to ask yourself to determine the best uses for it or the best ways to gain more of it. Learning the basics before you tackle the full responsibilities of finance is key and can be extremely rewarding in the end. As an Entrepreneur, having an understanding of finance can help your business prosper during the good times and succeed during the bad times. In this issue, we will discuss the importance of finance from a business and personal aspect. First, you must learn how to handle your personal finances before you can tackle the extreme responsibility of how to handle your business finances. As you read further, you will learn essential tips, differences, and tools that will help manage your personal and business funds.

Before opening a business account, you must know how to spend your money wisely, how to budget, balance a checkbook, create goals, and of course, how to save money in your personal account. Think of it as building a brick wall, the height of the wall is considered your savings goal, this goal will serve as your objective. The bricks can be considered the amounts of money you will save at a time, depositing $10.00 to $50.00 a month, and the cement will serve as your actual bank account, this is what holds your bricks together and allows you to reach your walls height. The above metaphor is important to understand because you can associate your finances with the steps it takes to build a brick wall. Now that you have figured out how to take pride in building your finances, we move on to separating them.

Your next goal is making sure, while you’re still saving; you choose the appropriate accounts to continue your savings goals. Your checking account will serve as your personal bill paying or primary necessity account, and yes, this account does require a set goal in order to handle your monthly deductions.

Determine what your monthly revolving accounts and house hold bills total. The best way to keep this account active and in good standing is by knowing your costs and having at least an additional $200 to $500 after these monthly deductions have been taken out just in case of emergencies. A savings account will serve as the next account to open, this account will also need a goal set, the difference in how you will save in this account from your checking account is you will not touch this money.

This is your special account, whether you’re starting a business or making an investment. It is essential to first meet your goal and only withdrawal what you need at a time. I will reiterate, this money is not to be touched until you reach or exceed your goal and should only be used with another goal in mind, a goal that will recoup or double the money you withdrew such as an investment i.e., buying a house, starting a business, taking out shares, purchasing stocks, etc.

Reality is - you can’t possible tackle the tasks of a business account without holding yourself accountable with your personal account first. The tips above are basics and will serve as your learning guide. Business finance will follow the same techniques. However, after you build your brick wall, you will separate and distribute your cash flow differently.

Let’s begin with your business checking account, this account is important because this is where you will receive capital and pay for your businesses overhead or expenses. You will actually need this account prior to opening a savings account for your business. The savings account mentioned for your personal account is a guide to help you learn to save money and set realistic goals. Though opening a business savings account is a good suggestion, the best type of account to open is one the business can benefit from besides the checking such as a line of credit.

A line of credit is the best way to build credit for the company without putting your business into major debt and the best part is that you only use what you need or what you can pay back at a time. I will not suggest a new business take out a loan or business credit card until you have built a substantial wall with enough capital to handle monthly expenses, emergency money, and operating costs for at least 3 months.

To read full article, please CLICK HERE

Business is Business, Personal is Personal....

Life as an Entrepreneur: Business is Business and Personal is Personal
Business Column By: CEO LaNisha Rene of LR Consulting Enterprise, LLC

As you enter another year with new goals, resolutions, and aspirations’, it’s important to understand your position or “career path,” as many would say, in life. This decision can ultimately be the key to your happiness. However, there are a few rules to the game that can be used to help you move productively along this path. The first major downfall of most business-minded and career driven individuals is the need to be accepted. Maslow’s Hierarchy describes it best as the need to feel love, affection and belongingness, though this is an emotional feeling that is hard to ignore or suppress, it can be detrimental to your business or career objectives.

As an Entrepreneur and HR Specialist, past experiences have taught me several lessons about the thin line between business and friendship.

For example, in the Consulting and Public Relations field, knowing the clients personal life, accomplishments, and behaviors’ are important to obtaining desired goals which can ultimately cause you to become involved emotional. In a corporate environment (9 to 5), you want to feel closeness with other employees so you begin to discuss your personal life, their personal life - which is not always a negative thing, this can actually help employees to relate to one another. Nevertheless, if you’re not careful, this personal bond you have created can become a professional headache in most instances. This once positive, friendly bond can turn into a nasty case of Gossip.

When other unknowing employee’s personal lives within a company begin to influence the topics of your conversations, you may want to watch your mouth and your back because I guarantee, not all involved gossiping parties have your best interest in mind. Gossip can also cause an irreversible cycle of rumors whether true or false, we have all been through one or more of these situations in our life at some point. Life as an Entrepreneur identifies certain traits that cause us to make personal and professional mistakes.

No, it’s not just one of your flaws; unfortunately, we as humans tend to make decisions based on our emotional imbalance at that time. The keys to becoming a better career driven individual or a successful entrepreneur are to focus on certain tools, resources, and tricks of the trade that others find beneficial. Here are a few tricks I have found to be helpful; hopefully, they will work for you as well.

Silence is Gold: Most people enjoy fabricating, over doing it, or as many call it, embellishing a little on numerous occasions. This isn’t necessary EVER! If someone ask you a question and you don’t know the answer, your response can save you from embarrassment and being known as a liar. Here is an Example Response: “That’s a great question! Never been asked that before, but I am intrigued to find out for you as well as for myself, that’s an interesting question! Do you have a card or contact information so I can help you figure this answer out?” This response just gained you a direct contact, respect, and of course, a good name.

Leave a Message: If you have a set of business hours or a standard business number, ENFORCE THEM AND DO IT OFTEN! Most clients, mangers, or co-workers have the tendency to call after hours to discuss personal life details that somehow turn into a business conversation every time. It is important to give your mind a mental break from the rampant world of People as I call it. This will also force the other person to understand that business is business and personal is personal without you having to say a word!

That is not my Job: Most of you are saying, “I don’t mind doing additional work for others,” if that’s you, then this paragraph does not apply. However, for those who deal with the harsh reality or thought of “It’s not my responsibility, do I really have to do this?”

Throughout my years of consulting and teaching other entrepreneurs, I have noticed that most small business owners are so elated to get a contract; they forget vital information during the contract approval process. Not defining what your company’s responsibilities are to potential clients is one of the worse mistakes you can make in the world of entrepreneurship.

Lacking specific details about any project can lead to a long road of unproductive emails, unwanted conference calls, and unnecessary, redundant meetings. Though this may be a tedious, time-consuming task, if you set the rules and standards of your company’s responsibilities in the beginning, this will be the least of issues encountered as the project moves forward.

To read full article, please CLICK HERE

Introducing New Products

Why do so many new products fail? Usually for many reasons. Companies often are so enamored of their new product ideas that they fail to do their research, or they ignore what the research tells them. Sometimes the pricing or the distribution channels are wrong. Sometimes the advertising doesn't communicate. Successful product launches result from an integrated process that relies heavily on research and solving up-front issues. Let's review some of these critical issues that affect product introduction.

Market Research - Market is key. Without necessary information, you're simply flying blind in a storm, headed for a crash landing without a para-shoot.

Timing - Can dictate your products success, without asking the right questions to research the correct answers, you are looking at a downward spiral in the production and launch of your product.

Capacity - If the product or service is successful, do you have the personnel and manufacturing capacity to cope with the success?

Training - Your sales organization, inside employees, and distribution channels will need to be trained about the product.

Promotion - Finally, you need the promotional program to support, introduction, forms of advertising, trade shows, promotional literature, samples, incentives, Web site, seminars, and public relations.

For time sake, we only indicated the bare necessities an entrepreneur will need to be successful and to expand their business further. Please visit WWW.LRCONSULTINGENT.COM and contact one of our consultants TODAY!!

Bill Gates…...The Ultimate Realist!!

Love him or hate him, he sure hits the nail on the head with this!


Bill Gates recently gave a speech at a High School about 11 things they did not and will not learn in school.


He talks about how feel-good, politically correct teachings created a generation of kids with no concept of reality and how this concept set them up for failure in the real world.


Rule 1: Life is not fair - get used to it!

Rule 2 : The world won't care about your self-esteem. The world will expect you to accomplish something BEFORE you feel good about yourself.

Rule 3 : You will NOT make $60,000 a year right out of high school. You won't be a vice-president with a car phone until you earn both.

Rule 4 : If you think your teacher is tough, wait till you get a boss.

Rule 5 : Flipping burgers is not beneath your dignity. Your Grandparents had a different word for burger flipping: they called it opportunity..

Rule 6: If you mess up, it's not your parents' fault, so don't whine about your mistakes, learn from them.

Rule 7: Before you were born, your parents weren't as boring as they are now. They got that way from paying your bills, cleaning your clothes and listenin g to you talk about how cool you thought you were. So before you save the rain forest from the parasites of your parent's generation, try delousing the closet in your own room.

Rule 8: Your school may have done away with winners and losers, but life HAS NOT. In some schools, they have abolished failing grades and they'll give you as MANY TIMES as you want to get the right answer. This doesn't bear the slightest resemblance to ANYTHING in real life.

Rule 9: Life is not divided into semesters. You don't get summers off and very few employers are interested in helping you FIND YOURSELF. Do that on your own time..

Rule 10: Television is NOT real life. In real life people actually have to leave the coffee shop and go to jobs.

Rule 11: Be nice to nerds. Chances are you'll end up working for one.

Basics of Business Credit....The 4C's......

What are the 4 C’s that companies look for? A business’s creditworthiness is ultimately determined by what are known as the “4 C’s of Credit” -- character, capacity, capital and conditions -- most of which can be found explicitly or implicitly in a company’s credit report.

Character includes factors such as: size, location, number of years in business, business structure, number of employees, history of principals, appetite for sharing information about itself, media coverage, liens, judgments or pending law suits, stock performance, and comments from references.

Capacity assesses the ability of the business to pay its bills, i.e., its cash flow. It also includes the structure of the company’s debt—whether secured or unsecured—and the existence of an unused lines of credit. Any defaults must also be identified.

Capital assesses whether a company has the financial resources (obtained from financial records) to repay their creditors. In general, this portion of the credit report is the one most closely reviewed by the credit analyst. Heavy weighting is given to such balance sheet items as working capital, net worth and cash flow.

Conditions consider the external factors surrounding the business under consideration - influences such as market fluctuations, industry growth rate, political/ legislative factors, and currency rates.

A credit manager or loan officer will answer these questions by locating and reviewing:

1. requests for credit information
2. customer supplied information
3. bank information
4. trade information

These factors are also taken into consideration by other service providers, such as insurance companies to set premiums. More than ever, companies are using automated decisioning, which means they input scores and ratings that summarize the 4 C's into a financial model to determine the risk of doing business with you.

Partnership for Community Action, Inc....

Thank you to all of the entrepreneurs for the interviews including CEO of The Urban League Nancy Johnson, TEC Director Mark Parham, and Commissioner of Dekalb County Larry Johnson!

CLICK HERE to view interviews and video footage of graduation.

We also want to thank Executive Director Reginald Davis, LR Consulting's photographer, video production dept and Partnership for Community Action!

The Risk and Rewards of Business Ownership.....

When were really excited about doing something, we sometimes forget or ignore the downside of it. However; it would be very foolish to ignore the risks of going into business!

Failure. The emotional stress of failure can be very hard to handle.

Loss of money. You may have your own money at risk.

Long hours. You may have to work 60 or more hours per week.

Family problems. Your family relationships are likely to suffer unless you can find a way to balance your personal life and your business life.

Bad timing. Sometimes, its just not the right time to start a business. In that situation, its better to put it off for a while, than to let unresolved problems in your life threaten your business success.


Now lets look at some rewards of starting your own business!

Independence. The ability to be your own boss is a very powerful incentive.

Money. The financial rewards can go far beyond what one can expect from a normal job.

Pride. The experience of making idea work transforms many people, and gives them a real sense of self-esteem.

Fun. Running your own business presents opportunities for fun, excitement, and creativity that many businesses can't offer their employees.

Four Stages of Business..........

Starting A Business

Starting a business is one of the most exciting journeys an individual can take. Over ten million people each year consider starting a business. As a result, more than three million new small businesses are started annually. Entrepreneurship offers numerous rewards, but it also presents many challenges. Understanding these challenges and careful business planning can help a new business succeed.


Managing

The success of any business is closely related to how well the business is managed. Good management is the root source of business growth. Managing your business should not be considered an academic exercise. Rather, it is the real-world application of strong leadership, a positive attitude, solid business knowledge, and good people skills. It is the ability to influence and make decisions; and it is the ability to inspire and lead others. Acquiring good management skills is essential for the success like putting money in the bank.


Marketing

Few things are more exciting than expanding a business. Whether you want your business to grow in size or remain small but successful, growth is critical. Business growth assumes you have made it through the early start-up phases and are now ready to expand. It is a period where you can spread your wings and look for new business horizons. However, like earlier stages of development, growing a business requires solid preparation, steadfast commitment and a willingness to take calculated risks. There are many resources that can assist you in expanding your business.


Exit Strategy

Exiting a business is a reality that should be considered and planned for during the early stages of a business. Such preparations will require development of contingency plans for events that may never happen. Planning for getting out of a business is just as important as the planning required for starting a business. A solid, well thought out exit strategy can save time, money, and a great deal of frustration in the future.