By Finance New Mexico

Businesses invest lots of human and capital resources into marketing, asset purchases and outreach. Their goal is to generate the best return on every dollar spent, every hour worked and every keystroke made.

Return on investment, or ROI, measures how much money or other tangible benefits the business makes on every investment.

For example, if a business invests in a modern computer system to expand its reach and improve its service to Internet shoppers, the return on investment would measure how many new customers it gained and how much these newcomers spent. Continue reading →

By Sandy Nelson, Finance New Mexico team member

Many businesses rely on suppliers or vendors for inventory, raw materials or services, and that makes contract negotiation skills essential to securing the best prices, terms and product quality. Becoming a skillful negotiator requires a business owner to know what his business needs and can do without and what materials costs are common in his industry. It also requires flexibility and a willingness to compromise — qualities that can lead to a sustainable business-to-business relationship.

Price isn’t everything: Sometimes getting the best price for a product requires a business to buy in volume or agree to inconvenient delivery schedules. Sometimes it means getting a product of lower quality. Not all businesses can afford this. Continue reading →

By Finance New Mexico

Making a name in the art world used to mean the artist toiled in obscurity and poverty, dependent on galleries and patrons to exhibit and champion his work. This notion — that artistic creativity and business savvy occupy separate worlds — was reinforced by art schools that taught students how to make art but not how to market or sell it.

An emerging, 21st century approach is that art making is a business and the artist should be at the controls — the chief executive officer of her own production and distribution network. This model borrows many ideas from the business world.

Get serious about sales. Artists should tear down the contrived wall between the creative and the commercial, because distribution of artwork is just as important as production. Continue reading →

By Finance New Mexico

Spanish-speaking people have been part of New Mexico’s work force for hundreds of years. But the dramatic growth of this population — driven largely by immigration — and the anticipated growth well into the future underscore the urgency of culturally tailored workplace safety training.

The Census of Fatal Occupational Injuries has consistently shown higher workplace fatality rates for Hispanic workers than for workers from other racial or ethnic groups, and these rates are highest among Spanish speakers born outside the U.S. Hispanic workers also suffer higher rates of nonfatal occupational injury and illness. Continue reading →

By Holly Bradshaw Eakes

New Mexicans never have to wonder where they can go to widen their professional networks or learn the skills that will grow their businesses or advance their careers.

The online Business Calendar — or Biz Calendar for short — offers the most comprehensive cache of information about the business events, workshops, meetings, certification classes and professional gatherings that are happening anywhere in the state today, tomorrow, next week and later in the year.

Public and private service providers use the collaborative web-based calendar to inform Continue reading →

Stephen S. Hamilton

A clear, detailed contract with a dispute resolution clause is the best defense when a business and client disagree over performance or other conditions.

But even the most airtight agreement can’t inoculate a business from all potential conflicts with customers, partners or other businesses.

Simple arguments can be resolved through formal mediation or arbitration, but more complex disagreements require judicial intervention.

Different Courts for Different Conflicts

If a business believes a client or competitor has broken federal law, say, by infringing on a trademark or copyright, it can bring the case in state or federal court. Continue reading →

By Finance New Mexico

Life for a business owner is exhilarating and dynamic, especially in the beginning, as the plan is set in motion and a product or service begins its path to market. The unpredictability of this journey is part of the reason it’s so stimulating to start and build a business, but maintaining that level of excitement and drive can be challenging when the business’s evolution doesn’t unfold according to plan.

When initial funding from family or an investor runs out before benchmarks are met, a startup owner can worry about her ability to repay investors and stay on track. Continue reading →