MTTI owner Timothy Gay, left
By Sandy Nelson for Finance New Mexico
Timothy Gay shopped around before securing a loan in 2013 to buy a building in downtown Las Cruces for his Massage Therapy Training Institute (MTTI). He chose Century Bank to help him secure a U.S. Small Business Administration commercial 504 loan.
“They were the nicest people to work with, which is definitely a bonus,” he said about the bank. 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 Damon Scott for Finance New Mexico
The era of big box retailers and internet giants like Amazon have made it easy to write off local independent businesses. But Rita Riebling, co-owner and managing partner of Triangle Grocery in Cedar Crest, has built a business that local and surrounding communities rely on. Nevertheless, you won’t hear Riebling say that running an independent grocery store is an easy task.
To stay relevant and keep business buzzing, Riebling has worked hard and made strategic moves at opportune times. She recently purchased the building that’s home to Triangle Grocery and bought out her partners so that she and her husband Morey would have controlling interest in the grocery store. 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 Damon Scott for Finance New Mexico
International trade and export opportunities have been a consistent bright spot in the New Mexico economy. Edward Herrera, director of the Office of International Trade at the New Mexico Economic Development Department, would agree.
The longtime trade expert hopes business owners will take advantage of the services his office offers. Finance New Mexico asked Herrera what small businesses can do to boost their bottom line through exporting. Continue reading
The certified business incubator offers 7,000 square feet of on-site leasable incubation space, with dedicated areas for computer training and hands-on 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
By Damon Scott for Finance New Mexico
Tom Gibbons in his shop
It was a strategy Farmington business owner Tom Gibbons didn’t see coming. Let alone one that would help position him to achieve big results for San Juan Closet Works, his custom closet manufacturing company that specializes in storage and organization solutions for residential and business clients.
The New Mexico Manufacturing Extension Partnership (NM MEP) used a little Japanese-inspired ingenuity, “poka-yoke,” to help Gibbons not only grow business, but focus on his next goal. “I have a plan to retire in two years,” Gibbons said. “I’ve reached the ceiling for how much work I can do with two people.” Continue reading