By Damon Scott for Finance New Mexico

State tourism departments are assigned a big task: drive visitors to cities, towns and attractions, where tourist dollars can spur the economy. When they’re successful, local businesses get a boost from increased sales.

For the New Mexico Tourism Department, much of selling the state is easy, as the Land of Enchantment’s natural beauty sells itself. And since the department’s 2012 launch of the New Mexico True campaign, businesses can leverage the visibility and heft of the state’s sales efforts by becoming certified as New Mexico True. Continue reading →

By Damon Scott, Finance New Mexico

The New Mexico film industry has been an economic bright spot for the past several years, helping businesses grow and weather the recession.  After state tax incentives for the industry kicked into gear in 2003, opportunities for individuals and businesses have been continually created. And industry leaders say there’s still room for growth.

Nick Maniatis, director of the New Mexico Film Office, said the industry is “as strong as it’s ever been,” with 2017 shaping up to be the third-consecutive year of record activity — defined by overall economic impact and job creation, among other markers. Continue reading →

By Damon Scott for Finance New Mexico

Customers, workers, partners and associates have seen it: Business owners with incredible drive and energy who fall into the habit of working harder, not smarter.

This phenomenon may be especially true when applied to understanding business finances. And it can happen to someone who has been in business for 20 years or just two months.

A long-running program at WESST in Albuquerque has sought to change the equation when it comes to the language of business finances, which can be intimidating for both startup entrepreneurs and seasoned business owners. Continue reading →

By Sandy Nelson for Finance New Mexico

Whether it’s a sole proprietorship or a multinational corporation, every New Mexico business needs an individual or group of people whose job it is to advise the owner or leadership team.

Those advisers might be family members or mentors in the case of a small business, or they might be experienced executives providing a larger company objective, expert feedback and wise direction as members of a formal board of directors.

Big or small, the group of people offering counsel should reflect the business’s stakeholders, most especially its customers. It should be as diverse as its audience. Continue reading →

By Sandy Nelson for Finance New Mexico

Employers who fail to protect employees from a co-worker’s racist, sexist or otherwise derogatory and defamatory comments on social media platforms can find themselves on the losing end of a workplace harassment lawsuit.

Case law on work-related cyber-harassment is evolving with the popularity of social media as a way for people to connect, communicate and commiserate, but one trend is clear: Courts expect employers to intervene immediately when they learn of workplace disputes spilling over onto social media, and the law increasingly considers online harassment and bullying just as egregious as the kind that happens obliquely or directly in an office or other physical job site. Continue reading →

By Sandy Nelson for Finance New Mexico

Government organizations save money on procurement the same way private companies do — by finding volume discounts on products and services. Such economies of scale benefit the companies that can afford them, and they stretch taxpayer dollars, but they also squeeze out small businesses that don’t have the capacity to complete large, national jobs or work on tight profit margins. Continue reading →