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A recent white paper by Deloitte explores strengths intrinsic to family business that may give these enterprises a relative advantage during this unusual year. Interestingly, the subject of business culture is once again comes into focus. "Alongside the millions of healthcare professionals and volunteers, some family businesses are being branded as 'heroes' by their local and national communities in the current crisis," the paper states. "This often comes down to the family values that have...

19 August, 2020

Vendor relations are important, and this is probably even more true in a year with supply chain disruptions and budget adjustments. As many businesses are looking for ways to save money, many vendors are hoping to hold on to clients. It might be a good time to talk about wiggle room. "Suppliers and service providers are often open to negotiating their 'standard' prices if you ask, and doing so can help your business get the...

13 August, 2020

The Innovation Group at University of New Mexico's Anderson School of Management offers a program this Fall to "help New Mexico’s businesses respond to the management challenges of the new COVID-19 low-touch economy," according to a recent UNM post.  Teams of students can be tagged in to assist with a variety of challenges, including: Analyzing firms’ financial performance and plans Commercializing technology products and services Improving project management processes and plans Managing technology-related operations Writing...

10 August, 2020

A popular article on LinkedIn this week addresses career change. Personal growth sometimes requires new challenges. "There often comes a point in your career where it’s time to re-evaluate. Things change. You change," writes  business podcaster Jessi Hempel.  "How do you screw up the courage to leave the safety and security of the subject you’ve mastered and start something new?" To examine this question, Hempel interviews Robin Arzon. Arzon left a secure career as a...

05 August, 2020

[caption id="attachment_978513" align="alignleft" width="300"] Santa Fe Business Incubator public kick-off event via Zoom for Runway Program[/caption] New Grant Awards Announced Supporting 11 Economic Development Projects & 3 Solo-Entrepreneur Programs The New Mexico Economic Development Department has announced the recipients of this year’s LEADS grants, as well as three organizations that will split $75,000 for their programs supporting entrepreneurs working from home, Cabinet Secretary Alicia J. Keyes announced today. The Local Economic Assistance & Development Support Program (LEADS) supports...

04 August, 2020

New Mexico made multiple Top 10 lists in site selector Business Facilities' 16th Annual State Rankings Report. The Land of Enchantment is also the Land of Fantastic: Workforce Development/Talent Attraction (Number 9) Film Production Leaders (Number 2) Unmanned Aerial Systems (Number 9) Electricity Generation (Number 8) New Mexico's Job Training Incentive Program (JTIP) is one of the most generous in the country. NM JTIP funds classroom and on-the-job training, supporting newly-created jobs in expanding and relocating businesses. ...

30 July, 2020

The main street lending program has gotten less attention than other areas of the government's pandemic response and support for businesses. However, depending on your business' financial state and needs, it can be a powerful tool. The main street lending program was designed for businesses that were financially sound prior to the pandemic. The minimum loan amount is $250,000, lowered in June from the an initial $500,000 minimum to allow more small to medium-sized businesses to...

28 July, 2020

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...

28 July, 2020

"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...

24 July, 2020

"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...

22 July, 2020

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...

19 July, 2020

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...

15 July, 2020

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...

13 July, 2020

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...

10 July, 2020

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...

09 July, 2020