When Kate Laufer Gorenstein, Founder and CEO of KLG Public Relations, started her PR agency five years ago, she was a first-time mom to a three-month-old baby. Realizing that she needed more out of her career but scared to make the change at that point in her life, she chose to feel the fear and begin the entrepreneurial journey while navigating through her life as a new mom and growing her family.
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Business wasn’t always easy and there was a lot of learning as she went, but she managed to build her successful PR agency and build her team to 15 employees. KLG PR specializes in the wine and spirits industry and maintains a roster of brands that can be categorized as industry darlings. Additionally, the agency has a sub-specialty of sorts. They also have an impressive celebrity clientele list which includes brands from: Cameron Diaz, Conor McGregor, Dan Aykroyd and Vera Wang to name a few.
Raising two young kids and growing a company at the same time has been both exhilarating and challenging, but Kate really wants other women to know that working moms do not have to choose between entrepreneurship and family. It’s important for professional women to know that you can have both. “If you want something done, give it to a busy woman,” she says.
Kate appreciates her team of professionals, and is a firm believer that you need to lead with humanity. Especially during the recent health and economic crisis, Kate’s focus is on her team’s well-being. Supporting her team and letting her know that she’s fought for them throughout the poor economic climate to ensure no job losses has been important to her. Kate believes that happy people are productive people, and she genuinely cares about her work family.
In her years of business, she’s of the personal belief that caring for employees impacts your bottom line. When people feel valued, they go that extra mile for their employer, and positive relations are not only felt around the office, but with the clients as well. This leads to client retention thereby reducing the expenses of finding new clients. It’s a win-win for everyone.
Having grown her business, Kate shares these tips for you:
Maintain a pace of controlled growth
Kate does not always say yes to new business. Regardless of the status of her clients and the growth they can bring to her agency, Kate is a believer in controlled growth. Kate recognizes the risks that come with quick growth and prefers a conservative approach to ensure as she grows her agency that her clients and her team will receive the best care.
Lean on a network of people you trust
As Kate grew her business and needed to add to her team and hire professional consultants, she used her existing network filled with people she knew already and trusted. It’s important to have a network around you that you know support you and have your best interest at heart. Networking also provides an excellent way to get business referrals.
Finance background brings awareness of importance
Having started out pursuing a degree in Finance, Kate understood at the outset the importance of managing the money in her business. As the business grew she realized it was more important than ever to have control over the cost in her agency and understand the profitability. Although she engages with an accountant to help her manage her agency, Kate is aware of the financial health of her business and understands the importance of maintaining that financial knowledge.
The bottom line is running a celebrity PR agency sounds glamorous, but it is no different from any other business. You need to ensure that you are keeping your expenses controlled, your team is treated well, and that the revenue is coming in. Managing the money in your business is essential, as profit will keep your business in the game for the long term.
