Article by Sandy Nelson
While it’s normal for the owner of a new business to go the do-it-yourself route, either for lack of money or sparse human resources, no one individual can perform every task associated with nurturing a startup and do all of them well.
The person who sets the idea in motion might not have a clue how to keep books and end up avoiding this essential skill in pursuit of more interesting or gratifying activities, such as networking and prototype creation. Continue reading
Guy Gaffney, Vice President of Credit at Los Alamos National Bank; Article by Damon Scott
Business owners and entrepreneurs get excited about their product and the market they serve. But to achieve long-term success, sooner or later they have to focus on a different critical area: their business finances.
Even when grants, initial sales or investments from family and friends have funded an idea from product development to market, most businesses will need financing in order to grow. If cash has been exhausted, the company’s financial position will be strained and its funding opportunities limited.
Guy Gaffney, vice president of credit at Los Alamos National Bank, has seen this situation many times during a decade with the bank. He encourages business owners to start the loan application process while they still have enough working capital to qualify for a loan. But just as important as cash, he said, is that the owner become financially literate. Continue reading
Mike Mykris, Director, NMSBDC at Santa Fe Community College
A business’s legal name is usually that of its owner, though businesses often assume a made-up moniker that says more about what the business does than who runs it.
When the business is a sole proprietorship, its legal name is the owner’s full name, even if it does business under something else. A partnership’s legal name consists of the partners’ surnames or whatever name is assumed in the partnership agreement. Corporations and limited liability companies have a little more latitude to register a legal name with the state; their legal name doesn’t need to mention the individual owners’ names.
Julianna Martinez-Barbee, Director, NMSBDC at Northern NM College
Professional publicists recommend press releases to deliver business news to the media for broadcast to potential customers. Publicity of this kind is free and can often be done by a business owner or someone who works for her company. If the media publish the story, the business stands to gain the goodwill of existing customers and attract new ones. The result can be increased sales at a cost of only the time it takes to write and distribute the release.
But the average newsroom receives hundreds of emails and faxes every day, only a fraction of which are published. Competition for print space and airtime means press releases need to be creative, factual and informative. They must provide content the media believe its readers, viewers and listeners want.
Elaine Palin, Advisor, PTAP at Santa Fe Community College
In times of economic upheaval when private sector output slows, government contracts may mean the difference between running a company at profit rather than loss. The Procurement Technical Assistance Program, set up by the New Mexico Small Business Development Network in 2009, is a non-profit organization that helps small businesses obtain government contracts.
John C. Woosley, District Director, SBA NM District Office
Janice Lucero was convinced people would pay a little more to renew their driver’s license or car registration if they could do it quickly from a convenient location with friendly service. Lucero turned her conviction into MVD Express, a $5 million company that serves 22,000 customers a month from its 11 New Mexico locations. Lucero’s success and community involvement led the U.S. Small Business Administration to name her the New Mexico Small Business Person of the Year. The award earned Lucero a trip to Washington D.C. where she’s in the running for national recognition.
The New Mexico district of the U.S. Small Business Administration will honor Lucero and other small-business leaders from 11:45 a.m. to 1:45 p.m. June 2 at the state’s Small Business Week Award Celebration luncheon at Embassy Suites Albuquerque Hotel, 1000 Woodward Place N.E.
Sandra Taylor Sawyer, Director, NMSBDC at Clovis Community College
Cash-flow imbalance is the leading cause of business failure in a healthy economy, according to the U.S. Small Business Administration. So when the economy is sputtering toward its prior vigor, it’s more urgent than ever to maintain a balance between what’s flowing into the business and what’s flowing out.
In business, cash is king. It’s used to pay short-term bills, cover unexpected emergencies and invest for future business needs. Savvy business owners look beyond income and expenses by keeping an eye on cash to manage all cash inflows and outflows.
Don Bustos, Director, NMSBDC at Luna Community College
Almost half of U.S. businesses are based in the business owner’s home, according to the U.S. Small Business Administration, and that number might grow as more people decide to go into business for themselves.
Those planning to launch a home-based business in New Mexico need to understand the zoning laws that apply in their area. Depending on where one lives in the state, zoning laws are enacted by city or county officials.
by Linda Ruckel, Advance Tax Services, on behalf of the Santa Fe SBDC
Multilevel marketing (MLM) is one way an ambitious person can supplement his or her income or even create a full-time job during an economic recovery in which job creation isn’t keeping pace with employment needs. An existing business can even use MLM to expand its product line by leveraging existing business and personal contacts.