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This year has thrown more than its share of curveballs at business owners. Changing guidelines and shifting consumer confidence make planning exceptionally challenging. The U.S. Chamber of Commerce shares these six tips to safeguard your business for potential difficulties ahead. Embrace adaptability The pandemic has given small businesses a crash course in adaptability. Businesses that weren't operating online or remotely suddenly found themselves making huge changes to their business model on the fly. This willingness to pivot...

07 July, 2020

When selling a business, you’ll want to consider the different buyer scenarios you’re presented carefully.  The buyer pool for most organizations can be very diverse, and different kinds of buyers pose different implications. It's important to develop an understanding of the parties’ backgrounds and their intent to buy. Of course, will help you find the right fit, but it never hurts to be prepared. These are five of the more common types of prospective buyer...

03 July, 2020

Can positivity gain you a competitive advantage? Emphatically yes, says Harvard-trained "happiness researcher" Shawn Achor. According to Achor, author of The Happiness Advantage, "If you can raise somebody's level of positivity in the present, then their brain experiences what we now call a happiness advantage. Your brain at positive performs significantly better than at negative, neutral, or stressed. Your intelligence rises. Your creativity rises. Your energy levels rise." A positive start to your day may increase...

01 July, 2020

As businesses navigate reopening amidst uncertainty, customers are making their own decisions about where and how to make purchases. Fostering relationships with returning customers and rewarding customer loyalty are crucial during this time. The U.S. Chamber of Commerce shares these tips for reengaging loyal customers. Extend reward redemption windows A simple way to improve rapport with customers as you reopen is to extend the window in which customers can redeem rewards or points through your loyalty program....

30 June, 2020

A recent Wall Street Journal article raises the questions, where do you want to live, and why? As work life shifts to remote models, the need to live near hot job markets is challenged. People are reassessing living situations and moving to places that make them happy, both for improved quality of life and ability to save money. “At one point in April people were relocating at twice the normal pace, according to data from Cuebiq,”...

25 June, 2020

The New Mexico Economic Development Department released this statement today concerning new guidelines and deadlines for Paycheck Protection Program loans: Economic Development Cabinet Secretary Alicia J. Keyes announced that new forgiveness and flexibility rules for the federal government’s Paycheck Protection Program (PPP) will benefit more New Mexico businesses and she is urging those who have not yet applied to take another look at the program. With the PPP deadline for loan funding on June 30, there are...

19 June, 2020

"Significant uncertainty surrounds what the 'new normal' could look like for firms beyond the COVID-19 crisis. But scenario thinking can help organizations better anticipate and adapt to dramatic changes, increase agility and resilience, and turn uncertainty into advantage," according to this Knowledge@Whatron article. Scenario planning is a powerful tool for developing strategy, especially given the complex web of unknowns in which we find ourselves. It leverages the cognitive, creative power of narrative to imagine and respond...

18 June, 2020

Sellers generally desire all-cash transactions; however, oftentimes partial seller financing is necessary in typical middle market company transactions.  Furthermore, sellers who demand all-cash deals typically receive a lower purchase price than they would have if the deal were structured differently. Although buyers may be able to pay all-cash at closing, they often want to structure a deal where the seller has left some portion of the price on the table, either in the form of a...

17 June, 2020

COVID-19 and related restrictions have made it necessary for many business owners and commercial landlords to evaluate options and create some measure of flexibility. "These discussions require both sides to assess a variety circumstances and issues, many of which are in a state of flux due to the uncertainty of COVID-19," cautions real estate and finance attorney Steve Ostrow. He outlines some short-term options: Rent Relief: Deferral versus abatement of base rent only or all rent...

12 June, 2020

Before leaping into a new business opportunity, most entrepreneurs face the challenge of securing working capital. Although it’s not an easy task, it is essential to getting your idea off the ground. It’s also not a decision to take lightly, as the choice you make will stick with you for years to come, even after your business starts making a profit. You can set yourself up for a win by researching the different avenues available and...

02 June, 2020

Businesses reopening amidst uncertainty regarding regulations and safety are facing some challenging operating decisions. The U.S. Chamber of Commerce shares these eight strategies to reopen safely. Beefing up delivery, takeout and curbside Restaurants and retail stores have been hit hard by COVID-19, so those operations are making big changes to try to survive this challenging environment. In the restaurant world, many joints reopening are keeping dining rooms closed (even if they are allowed to open), and instead they’ve...

27 May, 2020

Sign of the Pampered Maiden is an iconic, enduring brand and luxury fashion destination in the heart of downtown Santa Fe, and it could be yours. A dramatically reduced price and supportive SBA programs make this a perfect opportunity to become part of the Santa Fe retail and fashion identity. Now listed at only $180,000, Pampered Maiden’s 2019 gross revenue was $615,266, with a cash flow of $74,417. Find more information about this exceptional opportunity here. Pampered...

15 May, 2020

Gov. Michelle Lujan Grisham announced last week that some businesses can begin to reopen (in modified form) and that others might be able to on May 15. To help businesses prepare, the Santa Fe Chamber of Commerce shared this useful checklist: Determine the square footage of your business and know how many customers can be inside the space at one time. Under possible new guidelines, businesses could be limited to 20% of your maximum capacity. ...

06 May, 2020

Lenders in New Mexico are still able to help businesses with loan applications for the U.S. Small Business Administration’s Paycheck Protection Program (PPP), Economic Development Department Cabinet Secretary Alicia J. Keyes said in a recent virtual roundtable discussion. As reported, Congress appropriated another $310 billion for crisis relief funding last week. As part of that bill, about 20 percent of the money ($60 billion) was reserved for small banks and community lenders. Applications reopened on April...

04 May, 2020

President Trump signed the legislation today to replenish business relief programs and support hospitals and COVID-19 testing. The package totals $484 billion and includes: An additional $310 billion in funding for the Paycheck Protection Program (PPP), with $60 billion reserved for small banks and lending institutions $75 billion for hospitals $25 billion to support testing efforts $60 billion for emergency disaster loans and grants (EIDLs) In a recent virtual town hall hosted by Inc., U.S. Chamber of...

24 April, 2020