By: Geri Stengel
Not everyone ignores women’s innovations. One trade group in the toy industry recognizes that women know what kids — and their parents — want. To encourage innovation, Women in Toys, Licensing & Entertainment (WIT) provides what entrepreneurs need: access to decision-makers and mentors to help them overcome obstacles.
As the primary purchaser of children’s toys, women are adept at perceiving market gaps and opportunities. “Our industry thrives on creativity and fresh ideas” said John Lee, cofounder and general partner of Bambini Partners. “Some of the most substantial toy and game brands in the market today were spawned by small, independent (female) entrepreneurs (Barbie Dolls, American Girl, Monopoly) who followed their passion and persevered in spite of daunting challenges to bringing their ideas to market.” Lee is a leader in the educational and developmental toy industry and is a WIT mentor.
But, as we all know, “It’s not what you know, but who you know.” If you didn’t go to an Ivy League school or come up the rungs of a big company in your industry, you may not have an existing network to get you where you want to go. Mentors provide guidance, advice, and, yes, may even open some doors for you. Not to worry about finding that mentor. Many organizations, not just accelerator programs, but also industry specific groups like WIT connect you to mentors.
To make sure women get the opportunity to showcase their ideas, WIT brings women together for WIT Empowerment Day, to be held this year on Monday, October 2, 2017, the day before Fall Toy Preview in Dallas. Entrepreneurs at every stage of development — from idea on a napkin to prototype to in production — get a chance to sit down with top industry experts in areas such as manufacturing, sales distribution, product testing, licensing, marketing and more. “Empowerment Day gives female entrepreneurs amazing mentoring and solid business leads that can help them launch,” said Nancy Zwiers, CMO at Spin Master. As a mentor Zwiers, advises attendees on “play value,” which bridges the disciplines of evolutionary psychology, child development and marketplace analysis.
It’s not just that toy retailers like Walmart that get access to innovative products for children, they benefit from increased loyalty from the primary buyer of toys — moms, “utilizing female businesses increases brand loyalty and commitment to these women-supportive companies,” said said Marsha Firestone, Ph.D. in Forget the Glass Ceiling: Build Your Business Without One. She is also president of Women Presidents’ Educational Organization, a regional affiliate of WBENC, an organization that certifies a business as women-owned. They show their gratitude with their purchases.
Click here to read more.
Every event hosted by the Women Presidents’ Educational Organization (WPEO) represents a powerful opportunity to expand your professional network, learn about different industries and support other female business owners. Being a proactive participant at every event has a way of coming back to your company in the form of visibility, insight, and partnerships. Call it strategic karma.
With the ides of March fast approaching and signaling the return of WPEO’s Annual Awards Breakfast on March 9th, one of the most common questions our WBEs ask is: “Will there be Matchmaking at this event?” Some people are disappointed to learn this is not the case.
Matchmakers are great opportunities to pitch your company’s unique value proposition one-on-one to supplier diversity executives at Fortune 1000 companies. But the notion that participating in Matchmakers is the only way to make a connection is short sighted and can definitely hurt your chances of identifying and ultimately closing the next big business deal.
Optimizing any business event starts with your own attitude and perspective. That doesn’t just mean talking about yourself, your company and your interests. The best female entrepreneurs create opportunities for themselves by being a generous listener when it comes to other people’s interests and challenges or sharing their company’s work on your social media channels.
Even referring a useful contact for services or products makes you and your company memorable at a large event like the Annual Awards Breakfast. People remember those that helped them. More often than not, they are eager to return the favor. All that is required is a follow-through, persistence and patience.
This year, approach WPEO’s Annual Awards Breakfast with a new mind set: Use it as a chance to take the initiative to learn about other people, industries, and WBEs. You’ll be surprised to find how a small change of perspective can bring you closer to opportunities on the horizon.
New York City is home to the most diverse business community in the country, and the success of New York City’s minority- and women-owned businesses (M/WBEs) – which collectively employ almost 600,000 New Yorkers – is critical to the city’s economy.1 This is particularly the case in communities where business owners are confronting today’s deep affordability crisis while facing long entrenched economic disparities.
The City has the ability to confront both of these challenges by choosing to purchase goods and services from M/WBEs that are likely to use those funds to grow jobs, invest locally, and create wealth in all corners of the five boroughs.2 In addition, by contracting with a diverse array of businesses, the City fosters the competition needed to spend taxpayer dollars most efficiently. Consequently, a vibrant M/WBE program is vital for the fiscal and economic health of the City and its communities.
Since 2014, the Office of New York City Comptroller Scott M. Stringer has annually evaluated the performance of the City and its individual agencies on their spending with M/WBEs.3 Building on that previous work, this year’s report provides both an analysis of the City’s 2017 M/WBE performance and a more comprehensive review of the M/WBE program as a whole since 2014.
The City has made tangible progress since 2014. In 2015, Mayor de Blasio set a goal of awarding $16 billion to M/WBEs by 2025.4 Building on that commitment, in September 2016, the Mayor designated high-level City Hall personnel to oversee the M/WBE program and committed the City to awarding 30 percent of the dollar value of contracts to M/WBEs by 2021 while increasing the number of certified M/WBEs to 9,000 by 2019.5 In May 2017, the City announced that it was on its way to meeting the $16 billion goal and had grown the number of certified firms to over 5,000.6 And, more recently, the City’s Fiscal Year (FY) 2017 Agency Procurement Indicators Report found that the City had increased its M/WBE procurement awards from $463.5 million in FY 2015 to $1.037 billion in FY 2017.7
While these announcements demonstrate positive steps forward, this report finds that there is ample room for continued progress. Specifically, in FY 2017:
- The City procured a total of $21 billion in goods and services, of which slightly more than $1 billion, or only 4.9 percent, was awarded to M/WBEs.8
- Only 22 percent of New York City’s 5,259 certified M/WBEs received City spending.
- Overall, the City received a “D+” grade from the Comptroller’s Office, the same as in FY 2016. More specifically, the City earned a C grade with Asian American-owned firms, a D grade with Hispanic-owned firms and women-owned firms, and an F grade with Black-owned businesses.
- Compared to FY 2016, grades increased at 13 agencies, but decreased at seven agencies and stayed the same at 11 agencies. Overall, 42 percent of agencies saw their grade increase in the last year.
- Three agencies received an “A” grade, the Commission on Human Rights, the Department for the Aging, and the Department of Small Business Services, while four agencies received “F” grades, the Department of Buildings, the Department of Citywide Administrative Services, the Department of Sanitation, and the Department of Transportation. Notably, the combined amount spent overall for the three agencies that received an “A” grade is less than one percent of the dollars graded in FY 2017, while the 13 agencies that received either a “D” or “F” grade account for 89 percent of the City’s grade.
With the FY 2017 analysis complete, the Comptroller’s Office has analyzed the last four years of data on the City’s M/WBE program and found that:
- M/WBE awards, as a share of total City contracts, increased from 9 percent in FY 2014 to 4.9 percent in FY 2017, although a high of 5.3 percent was reached in FY 2015.
- Annual spending with M/WBEs increased to $554 million in FY 2017, a $208 million increase since FY 2014.
- The number of City-certified M/WBEs increased from 4,115 in FY 2015 to 5,259 in FY 2017 and the percentage of M/WBEs that received spending increased from 18 percent to 22 percent during this time.
- Compared to FY 2014, more City agencies are receiving “A” and “B” grades while fewer are receiving “D” and “F” grades in FY Specifically, in FY 2014, only two agencies earned an “A” or “B” while 21 received a “D” or “F,” compared to FY 2017, when 12 agencies earned an “A” or “B” and 13 received a “D” or “F.”
The City must continue to make progress to meet its important goal of awarding 30 percent of the dollar value of contracts to M/WBEs by 2021. Indeed, City leadership on this issue is of national importance, as New York and the nation face the potential for federal disinvestment in programs that support M/WBEs, including a proposal by President Trump to eliminate the Minority Business Development Agency (MBDA) and cut funding for the Small Business Administration (SBA).9 For that reason, this report also makes a number of policy recommendations that will help the City attain the Mayor’s goals and increase its spending with M/WBEs. Specifically, this report calls on the City to take the following steps:
- The City should assess large contracts with upcoming renewals and consider re- bidding those contracts to create new M/WBE opportunities. A number of the City’s largest contracts will reach their conclusion in the coming years, presenting an opportunity for the City to evaluate whether they should be renewed or re-bid. That decision is made on a case-by- case However, through re-bidding and “debundling” them into smaller contracts, greater procurement opportunities could exist for M/WBEs. For instance, in FY 2017, the City’s largest vendors received $2.3 billion in City spending. These vendors collectively hold 148 contracts ending over the next four years with a combined total value of $4.5 billion.10 Local Law 1 already requires the City to review new procurements over $10 million to examine whether they should be “debundled.” Although this law does not require the City to conduct the same review of large renewal contracts, the City should still determine whether it is appropriate to exercise renewal or to re-bid at the point of expiration.
- A working group composed of all certifying bodies and relevant stakeholders from the City and State should convene to streamline the M/WBE certification process and move towards a single platform for certification. Currently, there are more than 10 institutions that certify businesses in New York City that are owned by minorities, women, or other historically disadvantaged groups. Even with recent improvements, the redundancy within the various certification processes poses a barrier to firms seeking to certify across multiple government agencies. The City should work with other certifying entities to simplify the process and make it easier for M/WBEs to become certified across multiple government The Office of the New York City Comptroller will work collaboratively with interested parties to pursue this goal.
- Every City agency should hire a full time Chief Diversity Officer to focus exclusively on M/WBE accountability. Local Law 1 requires every agency to designate an executive officer as an M/WBE Officer, but the application of this requirement is uneven, and it does not require the M/WBE Officer to focus full time on supplier In order to drive compliance, each agency should hire a Chief Diversity Officer (CDO). Similar to the M/WBE Officer, the CDO would report directly to the agency head. However, M/WBE accountability would be the full time focus of the CDO, rather than just one part of their larger portfolio. This directive could be given by City Hall, or could be accomplished through City Council legislation to create long term sustainability beyond any one administration.
As with previous years, these findings are based on a review of 32 City agencies: 31 mayoral agencies and the Office of the Comptroller. The grades are based on actual spending with M/WBEs during the fiscal year rather than the value of contracts awarded, because the value of contracts may or may not result in real dollars being spent over time. Therefore, the grades represent an assessment of the City’s real-time utilization of M/WBEs, rather than an estimate of future year M/WBE spending.
Click here to read more.
By: Madeline Farber
The mega-retailer—along with Campbell Soup, Coca-Cola, ExxonMobil, General Mills, Johnson & Johnson, Mondelēz, PepsiCo, and Procter & Gamble—is taking part in a collaborative effort to source from more women-owned businesses (WOBs). The Women’s Business Enterprise National Council (WBENC), the largest third-party certifier of businesses owned, controlled, and operated by women in the U.S., will track and publicly report the aggregated value of the sourcing done from WOBs each year for the next five years.
Walmart, which is spearheading the program, announced it Wednesday during its Women’s Economic Empowerment Summit in Washington, D.C. This isn’t the first time that the retail-giant has taken part in an effort of this kind, though never before at this scale. From 2011-2016, Walmart initially sourced over $20 billion from WOBs on its own, as part of its five-year Global WEE Initiative. The effort resulted in more than 1,500 WOB suppliers to-date, varying from food, to children’s toys, to lingerie, to cleaning products, and more.
According to Kathleen McLaughlin, the chief sustainability officer at Walmart, the companies taking part in the larger initiative have a similar objective: to increase the awareness of the importance of sourcing from women’s businesses. She declined to put a dollar figure on the sourcing target of the effort—but did emphasize that the program aims to be transparent.
Sign up: Click here to subscribe to the Broadsheet, Fortune’s daily newsletter on the world’s most powerful women.
Like Walmart, Coca-Cola has led programs focused on supporting women’s economic progress. Nearly seven years ago, Coke made an external commitment to “enable the economic empowerment” of 5 million women entrepreneurs by 2020 through programs that enhance financial literacy, job training, and more. By the end of last year, the company helped over 1.7 million women, says Charlotte Oades, the vice president and global director of women’s economic empowerment at the company.
As for the collaborative sourcing initiative, Coca-Cola hopes to work with women-owned fruit suppliers, among others.
Ariela Balk, CEO of lingerie company Ariela & Associates, has been doing business with Walmart for over 18 years, and is one of the many WOBs it sources from. Aside from running her company, Balk says she helps to advise and guide other female entrepreneurs before they pitch to Walmart.
“To do businesses with a retailer the size of Walmart, the requirements—both logistically and operationally—are very significant, so we wanted to make sure that these companies are ready, and that it will be a good thing for both Walmart and the businesses,” she said. “It’s a rigorous process.” But despite the tediousness of the preparation process, “it’s exciting to be a part of this and help other women-owned businesses grow,” she says.
Both McLaughlin and Oades stressed that sourcing from women’s companies is not just the right thing to do—it’s the smart thing to do.
“This isn’t just good for women, it’s good for everyone,” says Oades. “We are are now the leading companies in this space.”
By Geri Stengel
How do you start a tech-enabled company when you’re not a techie? One way — but not the only way — is to find a technical co-founder. After Julie Auslander sold her business, she founded a new company, partnering with David Rifkin and with Ken Redler, who as CEO of a web development company had helped her take the old company into the modern era.
Their company — cSubs — is a technology company. It helps financial institutions, manufacturing companies, ad agency conglomerates, media firms and others manage the information resources they consume. It helps eliminate duplicate spending and manage site licenses more efficiently.
One of the companies it partners with to deliver its services is SAP Ariba. Auslander, cSubs president and chief culture officer, Redler, cSubs CTO and Annie Neubrech, COO and regional VP of SAP America, gave me some great tips on how non-technical founders can get the tech help they need in our wired world.
- Get with the program: most companies are tech-enabled
“Today almost every business is going to use technology to function optimally,” says Auslander. Chances are, you have a website to market and sell or you’re using technology internally to make systems flow more smoothly. Of Women Presidents’ Organization’s 50 Fastest-Growing Women-Owned/Led Companies, 39 planned to make capital investments in technology in 2016.
- Find a guide
“Technical people are a breed unto themselves,” says Auslander. “They speak their own language.” Auslander found a guide to that world in Redler. He has a foot in both worlds. He can speak both user needs and programming code. Who is going to be your guide? Will he or she be on staff or will you outsource?
- Kiss a lot of frogs
Whether you insource or outsource, “It’s like dating,” Auslander said. “You have to kiss a lot of them before you find your prince.” Redler was the CEO of the web developer for Auslander’s previous company. “We liked working together,” said Redler.
- Know your wants, resources, and ability
Bringing in a technical co-founder may not be the right solution for every company. Usually, a co-founder gets a piece of the company. Are you both comfortable with that? Or would you rather pay a salary? Cash flow projections will be part of the decision as to whether you want someone in-house every day or just need someone on call.
Click here to read more.
By: Shani Soloff, PT, MS, CFMT, CEAS1
Keeping healthy at work is a daily effort, and requires regular attention and mindfulness. Movement during the day is critical to maintaining wellness, while also fostering greater concentration and engagement and boosting productivity. The key becomes how to set up for success, and be wary of common pitfalls. Also, knowing what will help and what will hurt is extremely advantageous.
It is fairly common knowledge at this point that too much inactivity such as prolonged sitting is harmful to our health. The alternative to immobility is to add more activity. Replacing static sitting with static standing does not combat the inactivity. A standing desk is not a magic panacea. Movement in the Workplace discusses how productivity is improved by adding mobility to the workplace.
7 Tips for improving your health at work, focusing on simply adding more activity to your day:
Tip #1: Drink more! Bring your water bottle to work, as drinking more water accomplishes many things. First, it hydrates your body, which makes the tissues of your body feel better. Second, it forces you to get up and go to the bathroom more frequently (Yes! Moving around more!).
Tip #2: Move frequently used items further away, enough so that you have to get up and get them. For example, the aforementioned water bottle: place it so that standing and walking a few steps is required. (Of secondary benefit, this reduces the likelihood of potentially damaging liquid spills.)
Tip #3: Stand up to talk on the phone, when not simultaneously typing (or writing). Everything counts, so a few minutes standing to talk is definitely better than staying fixed to your seat for the duration of the whole phone call.
Tip #4: Take the stairs instead of the elevator! This is commonly recommended, yet often hard to follow through on. Consider taking at least 1-2 flights to your destination. Invite a colleague to walk with you.
Tip #5: Move more frequently! Sitting still for too long is bad for the body and the brain. You can get “stuck” in the position you’re in, and it becomes physically difficult to get out of that position. Moving around, standing up, changing your position- these can jumpstart both your body and your brain.
Tip #6: Walking or stand-up meetings: encourage meetings to be either walking meetings, or shorter meetings conducted while standing. Nowadays, many people are interested in health and wellness, and more inclined to be receptive to the suggestion. It is also a great way to keep your meetings shorter, and save on wasted time. Short article on stand up meetings how-to’s here: It’s Not Just Standing Up: Patterns for Daily Standup Meetings
Tip #7: Track your steps! As you can see from reading these tips, we are trying to encourage you to minimize stationary behaviors and maximize your mobility during the day. Many people find step trackers a great incentive to encourage more mobility during the day. Start tracking your steps- see how much you really walk around, and how many calories you are burning!
Every little bit counts! Don’t give up on adding motion because you cannot do this list in its entirety. Rather, pick the one item that seems easiest and start there. Often, a small amount of mindfulness will get you started on your journey to improve your working health.
Start small, and start today!
By Geri Stengel
An exit strategy is how entrepreneurs and investors transfer ownership of their business to a third party, or lays out how they will recoup money invested in the business. You may want to be acquired by another company, do an initial public offering (IPO), sell to employees or keep the business in the family. For many of you, the plan is simply to liquidate the company or close its doors.
For those of you who are considering passing your business on to your children or to other family members — whether they run the business or not — this article is for you. Family businesses comprise 90% of all business enterprises in the U.S., and 62% of total U.S. employment.
Susan Michel, founder and CEO of Glen Eagle, a broker-dealer and investment advisory service, not only advises clients on succession planning for their businesses but she’s done it for her own business. Here are six tips she shared.
- Start planning for your succession early
When Michel started Glen Eagle, she wasn’t thinking of establishing a family legacy. Initially, the goal for Glen Eagle was to provide supplemental income so the family could take vacations. But the values of the company resonated with a segment of the market and it grew because they, like Michel, believe:
- There is a higher purpose to money than just increasing it.
- Wealth management can help you fulfill your dreams, which often revolves around relationships and family.
- Your business helps you serve others, including clients, employees and your community.
“When the company became profitable, I realized that I needed to develop a succession plan to protect my family and employees,” said Michel.
- Form a posse
She formed a team, like the ones she participates on for clients, that included an attorney and an accountant who helped her figure out her strategy. If you’re not a financial planner, you want to have one on the team. You may also want to have an executive recruiter who can help you develop a formal process for evaluating internal and external talent as well as develop a training program for the successor.
Your advisors help you evaluate whether you have the talent and interest in the family or not. “Having outsiders provides objective insight,” said Michel.
- Identify your successor
You may dream of keeping your business in the family and passing the torch on to a child or family member. The reality may be that no one in the family has the interest or talent to take over the business.
Not to worry. If you choose to turn over the management of the company to others, there are financial structures, such as trusts, that can provide for family members.
As teens, Michel’s four kids helped with shredding and filing. As they got older, they helped prepare Excel spreadsheets. She discussed the business around the kitchen table. Her kids enjoyed giving their advice. She never imagined that they would have an interest in becoming financial advisors or coming into the family business.
Now that her children are adults with careers in the legal and financial services industries, they’re all on the family board and are a huge asset. After graduating from Yale, her youngest son, Robert worked at Morgan Stanley and is now going for his MBA at Wharton. He expressed interest in working in the firm. It is likely he will take over the business.
- Prepare your successor with training
Determine the critical functions of your business and have your successor work in each. Technology is critical to managing clients at Glen Eagle With his big-firm experience, Michel’s son is well suited to managing this area and is already contributing significantly.
The Outstanding Corporation Award
The Outstanding Women’s Business Advocate
Completed Applications should be mailed to:
Attn: Awards Committee
155 East 55th Street, Suite 4H
New York, NY 10022
Applications can also be sent via email to:
All applications must be received by Wednesday, February 15, 2017
01/03/17: Supplier Diversity and Sustainability: Inclusion and Engagement—Game Changers/Bridge Builders
By: I. Javette Hines
This article focuses on Supplier Diversity and Sustainability as areas of interest and curiosity. Many articles have been written about both topics, which have been
subject to compliance considerations and mandatory requirements over the past 40 years when trying to assess business value. However, the more practical approach is
to recognize both not simply as another area of evaluation and compliance, but instead as an opportunity to improve business value and ensure sustainable business practices.
Supplier Diversity—The Program
The practice of inclusion, utilization and advocacy of diverse and small business suppliers in servicing supply chain requirements is referred to as supplier diversity.1
As a practice, it is focused on a process that is rooted in procurement practices. Suppliers must meet general requirements including size, scale, and scope, as well as meet the needs of business for the type of supplier. In order to be considered diverse, a fi rm must also typically show that it is owned, managed, operated and controlled as “diverse” per standard definitions. Supplier Diversity is a business imperative that has been integrated into the fabric of entrepreneurship for many decades via the concept of developing “small businesses.”
In the 1970s, President Richard Nixon’s Executive Order 11625 recommended additional actions be taken to suggest programs and goals for the development of minority businesses.4 The term “supplier diversity” was coined sometime after this period. It gained traction in the years to follow as inclusive procurement practices evolved and expanded to include business owners beyond the minority business community and consideration of majority ownership, management, and control of the business as a deciding factor.
Suppliers interested in doing business with larger corporations and agencies should be cognizant of their priorities. While there is no guarantee of a contract or long-term business relationship, the creation of a sustainable business is at the crux of the value and benefit of supplier diversity programs. Supplier diversity programs create access for diverse businesses and provide education and training to sustain them. Programs have evolved over the years with the founding of organizations that serve to support diverse
businesses. These include membership driven organizations that promote the sharing of best practices, so that diverse firms get a better sense of what growth looks like, how success is measured, and real insights into what is required in the short and long term to sustain business.
Membership and direct engagement with diverse firms, agencies, academic institutions and corporations contribute to viable businesses being considered and included in the supplier selection process, as well as their ability to compete for opportunities. Ultimately, working with a wide range of diverse and small businesses creates business value and contributes to a stronger economy.
Firms that also incorporate sustainability into their business model are more likely to be innovative and, therefore, sustainable over time. Sustainability for some denotes a focus on the environment. For a growing number of firms, however, sustainability extends to suppliers and includes: 1) human rights and labor, 2) the environment, and 3) management of those efforts.7 Over the past several years, sustainability has risen as an important consideration. Greater emphasis will be placed on all suppliers to adhere to and comply with the sustainability expectations of their current and potential clients.
Many businesses have evolved and grown beyond the traditional “small business” designation.
Many have even moved on and become multi-million dollar—and in a few
cases, billion dollar—businesses. When this occurs, the intent of supplier diversity as an integrated strategic approach is met. But the criteria with which we measure and
evaluate success also continue to evolve. Sustainability has in its evolution increased in importance, driving a need for awareness as an equal partner in strategic thinking relative to the supplier selection process. Because of increased interest by customers, as well as regulatory agencies in supplier risk management, insight into the overall general health of the supply chains of suppliers has become very important.8 Corporations, for example,
are being asked with greater frequency to demonstrate and report on sustainability, increasing the need for all suppliers to speak to sustainability within their standard
Click here to read full report.
Reprinted with permission from: Inside Newsletter, Fall 2016, Vol. 34, No. 2, published by the New York State Bar Association, One Elk Street, Albany, New York 12207.
By Janet Odgis
Consistency sits at the core of brands. No matter what the circumstances, the people behind the brand are expected to deliver the same experience or product; a can of Coca-Cola purchased in Tokyo should taste identical to one in New York City or London. With great brands, you know what to expect, and it is delivered time after time regardless of the location.
In creative fields, consistency is likewise important. A creative firm must also deliver consistent value on every job. That reliability becomes a distinctive factor in the relationship between firm and clients, resulting in smoother production and, often, repeat business. It ultimately creates trust.
But establishing that sort of consistency, especially in a firm with many teams working in parallel, presents a challenge. The firm must establish a process that’s systematic in its reliance on investigation, observation, exploration, refinement, & feedback. The creative firm must follow a set procedure.
Step One after the process is created and in place is education: everyone in the creative firm must learn and understand and agree to implement the system.
Step Two is more detail-oriented: procedures are discussed and fleshed out, including feedback loops, and contingencies with benchmarks, deadlines and goals.
Step Three involves the creation of a timeline, which must include not only sufficient space for the team to develop ideas, but also receive client input on the project in development. (The proposed pace must be manageable, but not so comfortable that the process potentially slackens from lack of momentum.)
Step Four is to keep track of your time and budget. Compare it periodically against your original expectations. This is important for future projects so you can measure the results and budget accordingly.
In Step Four, the firm enacts this process with clients. This could include planning timelines, and establishing a schedule of meetings for feedback.
Of course, this is easier said than executed. Creative work isn’t the most linear; it takes time, effort, and often a lot of decisions must be made. It is important to incorporate the possibility of client delays and lack of availability or consensus into your procedure, and build in time for additional meetings, setbacks, and brainstorming.
While establishing such procedures may seem like a lot of effort for firms that are (often) already time-strapped, the results can be worth it. Clients aren’t the only stakeholders comforted by consistency; it can also assure employees working at the firm. Solving problems consistently will open up a deeper client relationship and create the trust necessary to do even greater work for everyone.