Mike Mykris,  NMSBDC

Writing a business plan is a daunting process to many entrepreneurs, but one that will help find financing and keep a new or existing business on budget and on schedule for growth and development. And it’s worth it — studies show that business owners without a formal plan are three times more likely to close their doors.

A plan can clarify how much money is needed to open a business and help the owner determine where to find capital — whether from a bank or relative — to keep it running. Established businesses are in equal need of a plan in order to stay on track or to make crucial changes, particularly with the state of the economy in mind.

Business plans are from 15 to 150 pages long. Any business plan should contain the following: Continue reading →

Julianna Barbee, Director, NMSBDC at NNM College

Marketing is essential to the growth and success of any business, yet it seems to be the first part of the operating budget that managers slash when revenues dwindle and the economy gets unpredictable. Understanding and appreciating the role of marketing can prevent business owners from making the mistake of viewing this type of outreach as a dispensable luxury.

Whether you conduct business in a small, rural area or the global market, some principles are universal:
 
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Ray Gulick, President & Creative Director, Evolution Web Development

Many business owners remain unsure how to market their companies online, even though they know that today’s consumers use the Internet to research products and decide what and where to buy. They know a static online brochure won’t generate business, but many perceive social media as a waste of precious time.

The middle way between the set-it-and-forget-it website and the time-sucking demands of social media is an effective and manageable approach to online marketing. This approach recognizes that more than 70 percent of shoppers use Google to tell them who provides the desired product in their local area. Meanwhile, phone book distribution has been decreasing steadily for at least five years as fewer people use the traditional Yellow Pages to do this research.

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Fred Owensby, Director, NMSBDC at Dona Ana Community College

When it comes to hiring people, small businesses usually don’t have the resources of large corporations, which have human resources specialists who are trained to recruit employees and to monitor their performance with regular performance appraisals. A small-business owner usually has to rely on gut instincts, observation and pointed questions when hiring a new employee and thereafter has to monitor how the employee is doing to make sure she is a good fit for the job and is performing at the height of her abilities. While large corporations sometimes tolerate the underperformance of mismatched workers, hiring the wrong person can be devastating to a smaller company.
 
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Shelley Gregory, President of Media Matched, Inc.

Judging by the number of Americans who participate in sweepstakes and other promotional contests, a company owner wanting to generate business might consider hosting some type of giveaway contest as a promotion for its product or service. Advertising the contest can make the promotion even more effective, but a business owner should know the rules before initiating such promotions.

The Federal Trade Commission has federal oversight over contests on behalf of the tens of millions of Americans who participate every year. But the FTC also advocates for the public when the contests seem rigged and offers sponsors advice about how to run a contest without running afoul of the law.

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