Preparing to sell your business can be scary. Here's something you've worked so hard to build and grow. Of course you want to know it will be continue to thrive beyond your time at the helm. You also want to be sure you get what you deserve for all your vision and effort. To maximize the value and sellability of your business, we suggest you consider and address these eight factors. Strong preparation will set...
"What impact has working from home had on productivity and creativity?” A recent study conducted by researchers from Harvard Business School, MIT Media Lab, and McCombs School of Business at the University of Texas at Austin explored this question with more data than has historically been available. The Study The researchers state: "We decided to explore how employees have fared since they began working virtually. To that end, we started surveying a diverse group of more than...
"When times are good, you should advertise. When times are bad, you must advertise." The 100 year old adage coined by advertising pioneer Bruce Barton remains relevant today, says Forbes Contributor Brad Adgate in this article. "Studies going back nearly one century point out the advantages of maintaining or even increasing ad budgets during a weaker economy," writes Adgate. Those advertisers that maintained or grew their ad spending increased sales and market share during the recession...
This conversation about changing consumer behavior patterns due to the pandemic is trending on LinkedIn this week: The coronavirus pandemic has reshaped consumer behavior and the marketing landscape, pushing companies to rethink how they interact with customers. Amid social distancing measures and shutdowns of brick-and-mortar stores, e-commerce sales are booming — growing 76% in June, according to Digital Commerce 360. Meanwhile, shoppers continue to prioritize their spending on essentials such as grocery and household goods. As consumers become...
In today’s business climate, reviews are the differentiator. Years ago, people commonly asked for references when they were vetting a product or service. But these days when people are searching for a local business to work with, they are likely to conduct research on their own and read online reviews. Google reviews can give businesses a big credibility boost without having to spend a dime. Let’s take a look at some of the key benefits. Increased Credibility...
COVID-19 has forced sales teams to radically adapt. "Consider how important the handshake has been in sales culture for generations," writes U.S. Chamber of Commerce Contributor Nicole Fallon in this article. "It simply can't be replicated over video chat." That said, relationships are still vital. How can we cultivate connections at a distance? Here are five tips to help pivot your sales process for virtually mediated business. Use social media to its fullest potential Social media allows...
The New Mexico film and television industry is becoming a state favorite. A recent survey by the Garrity Group polled New Mexicans to determine the state's perception of 17 industries. Film tied with community colleges for #3 most favorable, following the farm and ranch industry at #2 and small business in the #1 spot. The film industry was included in the survey this year because of its increasing economic impact and the positive exposure it brings...
When contemplating the sale of a business, an important option to consider is seller financing. Many potential buyers don’t have the necessary capital or lender resources to pay cash. Even if they do, they are often reluctant to put such a hefty sum of cash into what, for them, is a new and untried venture. Why the hesitation? The typical buyer feels that, if the business is really all that it’s “advertised” to be, it should...
Customers are venturing back out to shop, dine, and feel a semblance of normalcy. However, the consumer experience has changed since the onset of stay at home orders. Social distancing requirements, masks, and ubiquitous hand sanitizer are reminders of why we need these precautions. We know that emotions strongly impact purchasing decisions. Anxiety and frustration are common, and disappointed expectations can make things worse. Make your business feel good. It will help customers be comfortable...
This year has thrown more than its share of curveballs at business owners. Changing guidelines and shifting consumer confidence make planning exceptionally challenging. The U.S. Chamber of Commerce shares these six tips to safeguard your business for potential difficulties ahead. Embrace adaptability The pandemic has given small businesses a crash course in adaptability. Businesses that weren't operating online or remotely suddenly found themselves making huge changes to their business model on the fly. This willingness to pivot...
When selling a business, you’ll want to consider the different buyer scenarios you’re presented carefully. The buyer pool for most organizations can be very diverse, and different kinds of buyers pose different implications. It's important to develop an understanding of the parties’ backgrounds and their intent to buy. Of course, will help you find the right fit, but it never hurts to be prepared. These are five of the more common types of prospective buyer...
Can positivity gain you a competitive advantage? Emphatically yes, says Harvard-trained "happiness researcher" Shawn Achor. According to Achor, author of The Happiness Advantage, "If you can raise somebody's level of positivity in the present, then their brain experiences what we now call a happiness advantage. Your brain at positive performs significantly better than at negative, neutral, or stressed. Your intelligence rises. Your creativity rises. Your energy levels rise." A positive start to your day may increase...
As businesses navigate reopening amidst uncertainty, customers are making their own decisions about where and how to make purchases. Fostering relationships with returning customers and rewarding customer loyalty are crucial during this time. The U.S. Chamber of Commerce shares these tips for reengaging loyal customers. Extend reward redemption windows A simple way to improve rapport with customers as you reopen is to extend the window in which customers can redeem rewards or points through your loyalty program....
A recent Wall Street Journal article raises the questions, where do you want to live, and why? As work life shifts to remote models, the need to live near hot job markets is challenged. People are reassessing living situations and moving to places that make them happy, both for improved quality of life and ability to save money. “At one point in April people were relocating at twice the normal pace, according to data from Cuebiq,”...
The New Mexico Economic Development Department released this statement today concerning new guidelines and deadlines for Paycheck Protection Program loans: Economic Development Cabinet Secretary Alicia J. Keyes announced that new forgiveness and flexibility rules for the federal government’s Paycheck Protection Program (PPP) will benefit more New Mexico businesses and she is urging those who have not yet applied to take another look at the program. With the PPP deadline for loan funding on June 30, there are...
