By Claudia Infante

Counterfeit products — from pharmaceuticals to steel parts to electronics — proliferate in the global economy, posing enormous risks to businesses and consumers.

Manufacturers lose big when warrantied products fail because of phony components, especially if injuries and fatalities result. The Federal Bureau of Investigation estimates that counterfeit parts in consumer and industrial products cost U.S. businesses more than $250 billion annually.

When counterfeit parts infiltrate the government supply chain, the cost falls on taxpayers. Counterfeit electronic products alone cost contractors and the federal government billions of dollars every year. Continue reading →

By Julianna Silva, Marketing Director and Managing Director, WESST Enterprise Center

Artists, artisans, designers and other “creatives” don’t need an M.B.A. to make a living from their artistic talents, but attaining some fluency in the language of business and finance gives them more control over a creative career.

To that end, WESST and ArtSpark, two New Mexico organizations dedicated to business development and entrepreneurship, are co-sponsoring an immersive, interactive “Business Canvas Workshop for Creatives.” The training will help arts-oriented professionals fashion an uncomplicated and useful blueprint for their chosen vocation.

Continue reading →

By Finance New Mexico

Just because a company invents a popular product or introduces a novel service doesn’t mean it won’t face competition from late movers eager to share the action. New Mexico entrepreneurs can fight for a niche in new industries — or even challenge a pioneering company with significant improvements on the original — but they need a clear strategy, good timing and the right product category.

The developer of a new commodity or service has the initial advantage. It sets a standard by which all competitors are judged, and it dominates the market at first because it created the market.
It maintains that place until a rival offers something compelling enough to persuade people to try a fresh alternative. Continue reading →

By Finance New Mexico

Many small-business owners fantasize about what they’ll do when they retire, but most are too preoccupied with day-to-day survival to devote the same attention to what will become of the business once they’re gone.

Some expect to sell their business or take it public; others assume it’ll stay in the family if an heir or relative shows interest and aptitude. To protect their interests, small-business owners need an exit strategy that includes a well-conceived succession plan that also accounts for unexpected events, such as disability, financial collapse or death. Continue reading →

At some point in the life of most businesses, finances become complex enough that the owner decides to delegate financial oversight to someone with the training and expertise to provide more than basic bookkeeping or tax preparation services.

If the business is being audited, for example, the owner might hire an enrolled agent to represent it. Enrolled agents are tax-law experts authorized by the U.S. Treasury Department to advise and represent individuals, businesses and other organizations in such situations. Continue reading →

By Amy Lahti, WESST

Entrepreneurs and owners of small businesses are accustomed to doing everything it takes to move their business forward. But there comes a time when even the most efficient entrepreneur must call in help. For most startups and small businesses, hiring workers is the only path to growth.

Many early-stage entrepreneurs outsource work or find contract employees among friends and family. Even if a first employee is a friend of the owner, the business is subject to the laws governing employee-employer relationships as soon as the first paycheck is written. If the business thrives, the first employee will be one of many workers hired in the life of the business. Continue reading →