By Senator Blanche Lincoln, Chairwoman, It’s My Business coalition

Solo entrepreneurs — some of whom are independent contractors, others just one-person companies with no employees — make up 77 percent of New Mexico’s businesses, according to the U.S. Census Bureau’s 2007 Small Business Survey, and they generate about $4.5 billion in revenue each year.

While at least part of the revenue generated by independent contractors is subject to New Mexico’s gross receipts tax, companies that engage independent contractors are exempt from collecting and paying payroll taxes that would be required if the contractors were classified as employees.

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By Finance New Mexico

Sooner or later, an entrepreneur has to know his limits and acknowledge that some tasks can and should be done by others to allow him to focus on the bigger picture. That requires delegation — trusting others, whether subordinates, partners or independent contractors, to complete an assignment as directed.

As obvious as that sounds, an entrepreneur can have a hard time trusting others with his “baby,” ultimately defeating many business objectives and stunting the company’s natural growth.

Many businesses in New Mexico start small, with the owner doing all the work that’s required to get off the ground. Continue reading →

By Margaret A. Graham, Attorney, Montgomery & Andrews P.A.

Employment discrimination is toxic for the employer, the perpetrator and the victim. It cripples productivity, creates a hostile work environment and hurts employee morale.

If allowed to continue, it can lead to costly lawsuits and damage a business’s image, reputation and brand.

The best way an employer can avoid being found liable for employment discrimination is to make equal opportunity the company standard — from recruitment to promotions, pay, benefits and training opportunities. Employers should know enough about employment law to recognize discrimination and the potential for discrimination when they see it and to ask for expert help if they are unsure.

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The Internet has linked New Mexico businesses with a worldwide web of customers, and it’s also provided a universe of cost-cutting and time-saving tools that are simplifying many aspects of running a business. Better yet, many of these tools are free or affordable.

Many businesses already use social media sites like Facebook and Twitter to advertise products, offer discounts and interact with customers. Even critical comments from customers help businesses by pointing out correctable problems with service or products; they’re a cheap form of damage control and quality control. Continue reading →

By Finance New Mexico

Business leaders are a hardy breed, loath to admit trouble and express anything but optimism and confidence. This tough façade is handy when applying for loans, seeking investment capital and competing in the rough and tumble marketplace.

But it’s hard to maintain when customers are drifting away, employees are quitting, cash flow is falling short and a new product is taking too long to reach market. It’s hard to stay externally cool when internal fears wear down nerves and mental stability.

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