Category Archives: General Business Advice

Exiting a business presents owner with critical decisions

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Stephen Wiman, former owner of Good Water Company; Article by Sandy Nelson

When the owner of a small business wants to move on, whether to retire or to pursue other ventures, he or she has three potential paths: close the business, sell it to investors or to a competitor or let the employees purchase it.

Each option has consequences for a community that relies on local businesses for jobs and revenue generation.

Stephen Wiman, former owner of Good Water Company in Santa Fe, never considered closing the independent water company he purchased in 2005 when he exited the company 11 years later. Continue reading →

SEC rules allow everyone to invest in small businesses

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By Karl Dakin, Owner, Dakin Capital Guild LLC

Owners of startups and early-stage businesses can now look beyond traditional financing and equity sources when searching for growth capital. Changes in federal and state laws make it possible for everyone — not just the top three percent of income earners known as accredited investors — to invest in small businesses.

Crowdfunding is the activity of raising money from everyone. Organizations have used it since the late 1990s to obtain a large number of small donations for art and philanthropic projects. Rules adopted by the U.S. Securities and Exchange Commission (SEC) in 2015 allow the general public to participate in securities-based crowdfunding. Instead of receiving a tee shirt or other gift of appreciation for a donation, crowdfunding investors get equity in the company they help fund. Continue reading →

Survival tactics help business owners stay on track

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Entrepreneurship is exhilarating and dynamic, especially in the beginning, as the business 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 his ability to repay investors and stay on track. Even businesses that reach the second stage of maturity can stumble — for example, when a large account goes to a competitor or a product doesn’t find traction. Continue reading →

OSHA consultation program aims to protect worker health, safety

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Photo credit: Jane Phillips Photography

Preventing job-related injuries and fatalities requires companywide safety consciousness and a commitment to spend time and money on workplace safety, but the folks at the New Mexico Occupational Health and Safety Bureau (NM OSHA) say that in addition to supporting a safe and healthy workforce, there are other benefits that make the effort worthwhile.  Increased productivity and lower workers’ compensation and insurance payouts are tangible rewards that affect a business’s bottom line.

To encourage small businesses with 250 or fewer employees to take a proactive approach to workplace safety, federal OSHA provides 90 percent of the funds necessary to run the free and confidential New Mexico State Occupational Health and Safety Bureau Consultation Program. Continue reading →

Plan for Disasters Before They Happen

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Small businesses are attuned to the risks they face when material costs and interest rates start to rise and competitors make inroads into their market share, but they’re not always conscious of less predictable but increasingly common risks, such as natural disasters. And they don’t always know about the resources available when their city or county is formally declared a disaster area and they become eligible for government assistance.

In April, for example, the U.S. Department of Agriculture declared 12 New Mexico counties primary natural disaster areas due to drought-related crop losses. The declaration enabled qualified farm businesses to access USDA emergency loans. Continue reading →

Chambers of Commerce Offer More than Networking

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Chambers of commerce are trade associations charged with creating a business-friendly environment for their members in the communities where they’re based. They do this by advocating, educating and providing a variety of publicity tools.

While most chambers have a singular mission to support commercial activity, others advocate on behalf of businesses whose members represent segments of the community with special concerns or a unifying social mission. New Mexico has Hispano/Hispanic, American Indian, “green” and LGBT chambers. Some members in these tailored groups identify with the dual mission, while others support the chamber’s advocacy or simply want to do business with those who do. For example, Hispano Chamber members don’t have to be Hispanic to prosper from joining that association. Continue reading →

Business Owners Benefit When the Numbers Become Their Friend

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By Finance New Mexico

Entrepreneurs don’t need to be certified public accountants to start or operate a business, but a basic grasp of bookkeeping principles can help them accurately gauge performance and profitability, keep track of cash flow and make smart decisions about assuming debt or prioritizing payments to creditors based on what the financial reports say.

Though “bean counting” is perceived by some business owners as a time-consuming nuisance, a good accounting system is actually a tool that allows the owner to trace every dollar the business receives from a customer and to monitor dollars owed.When someone pays for a product at the point of sale, the transaction is applied to the appropriate account, where related expenses can be applied to indicate gross profit. When a client is billed on a monthly or quarterly basis, the accounting system can oversee payments to a different account and alert the business when payments are missed so steps can be taken to collect on aging invoices. Continue reading →

Businesses Enjoy ROI in Breastfeeding-Friendly Workplace

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Employers who provide a space where employees can express and store milk or breastfeed a baby quickly realize the benefits of doing so.

According to the New Mexico Breastfeeding Task Force, employers who comply with state and federal laws requiring them to provide a clean and private space for lactating mothers and to offer flexible break time so mothers can breastfeed or pump milk experience less absenteeism, lower health care costs and turnover rates, higher productivity and employee loyalty and positive community perception.

In other words, businesses that support breastfeeding employees are improving their own competitiveness and profitability. Continue reading →

Patent Assistance Is Available for Low-Income New Mexico Inventors

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Patent pending stampBy Finance New Mexico

Inventors know that patents and trademarks offer protection against the theft of their ideas but hiring an attorney or agent to help prepare and submit the patent application can cost more than low-income applicants can afford.

To help inventors clear that hurdle, the U.S. Patent and Trademark Office (USPTO) Pro Se Assistance Program pairs qualified low-income inventors with patent attorneys willing to work for free. Patent applications submitted through the program are evaluated by a USPTO examination unit dedicated specifically to examining pro se patent applications. Continue reading →

Startup Success Begins With Team of Top Performers

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Startup journeyBy Paul Butler, Managing Partner, Azrael Partners and former Chief Operating Officer of Lumidigm, Inc.

Building a startup or creating a new line of business is hard work, and statistics show the odds of success are long ones. Beating the numbers comes down to a combination of experience, expertise, and commitment.

The last of these three traits is important, but experience and expertise can make or break your venture in three critical areas. Continue reading →