By Finance New Mexico
Small Business Saturday came and went with the Thanksgiving holiday weekend, but persuading budget-conscious consumers to shop locally is not just a one-day effort. If they hope to compete with national chains and internet-based rivals, small businesses need a year-round strategy that highlights how their products or services are superior to what a national or multinational corporation can deliver. Continue reading
Photo credit: beebright / 123RF Stock Photo
By Finance New Mexico
Barring congressional intervention, the Deferred Action for Childhood Arrivals (DACA) program is ending, and DACA recipients — or “Dreamers” — are subject to deportation when their work permits expire if they didn’t get an extension before the Oct. 5 deadline.
The demise of the program has created uncertainty among employers who are required to fire DACA recipients the day after their permits expire but risk discrimination charges if they act too soon to terminate — or even identify — DACA recipients on their payrolls. Continue reading
By Sandy Nelson for Finance New Mexico
A common complaint of people who hire specialists or tradespeople to provide a service is that the person didn’t show up as promised or didn’t even return a phone call. Sometimes all it takes to build a client base is to treat prospective customers with the basic decency you would use in personal relationships that matter to you. Continue reading
By Finance New Mexico
The blueprint for starting a home-based enterprise in New Mexico can be a simple sketch or a complicated technical drawing. It all depends on the business type and location.
Common to all businesses is the need to pick a structure, secure a Combined Reporting System number, register with the city or county, obtain required permits or certifications and decide whether to hire employees and interact with customers or to work alone as an independent contractor. Continue reading
By Finance New Mexico
New Mexico’s gross receipts tax is admittedly confusing, but the state still expects businesses to follow the law and pay what they owe from the sale of property or services.
In a nutshell, GRT is a substitute for the traditional sales tax that shoppers in other states pay when they make a purchase. In New Mexico, the seller pays the tax on the sales price of a product or service even if the seller doesn’t collect it from the buyer — and even if the buyer lives out of state. Continue reading
By Damon Scott for Finance New Mexico
JTIP recipient Insight Lighting; photo Jane Phillips photography
The Job Training Incentive Program, the economic development tool better known as JTIP, is responsible for creating 10,000 New Mexico jobs since 2011, according to the New Mexico Economic Development Department (EDD).
Since 1972, JTIP has been providing incentives for qualifying employers who are expanding or relocating in the state. Incentives include money for on-the-job training for up to six months and reimbursement of up to 75 percent of an approved employee’s wages and training costs at an approved New Mexico public education institution. Continue reading
By Sandy Nelson for Finance New Mexico
Creating and expanding businesses is essential to economic development in rural New Mexico, and broadband internet access is essential to helping those ventures succeed. In fact, few businesses anywhere in the state can reach all potential customers without fast, reliable and affordable connections to the web.
To share information about existing resources and suggest how broadband-deficient communities can obtain better service, the New Mexico Economic Development Department (NMEDD) recently hosted a webinar under the auspices of its FundIt initiative. Continue reading
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