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"When times are good, you should advertise. When times are bad, you must advertise." The 100 year old adage coined by advertising pioneer Bruce Barton remains relevant today, says Forbes Contributor Brad Adgate in this article.  "Studies going back nearly one century point out the advantages of maintaining or even increasing ad budgets during a weaker economy," writes Adgate. Those advertisers that maintained or grew their ad spending increased sales and market share during the recession...

22 July, 2020

This conversation about changing consumer behavior patterns due to the pandemic is trending on LinkedIn this week: The coronavirus pandemic has reshaped consumer behavior and the marketing landscape, pushing companies to rethink how they interact with customers. Amid social distancing measures and shutdowns of brick-and-mortar stores, e-commerce sales are booming — growing 76% in June, according to Digital Commerce 360. Meanwhile, shoppers continue to prioritize their spending on essentials such as grocery and household goods. As consumers become...

19 July, 2020

In today’s business climate, reviews are the differentiator.  Years ago, people commonly asked for references when they were vetting a product or service.  But these days when people are searching for a local business to work with, they are likely to conduct research on their own and read online reviews.  Google reviews can give businesses a big credibility boost without having to spend a dime.  Let’s take a look at some of the key benefits. Increased Credibility...

17 July, 2020

COVID-19 has forced sales teams to radically adapt. "Consider how important the handshake has been in sales culture for generations," writes U.S. Chamber of Commerce Contributor Nicole Fallon in this article. "It simply can't be replicated over video chat." That said, relationships are still vital. How can we cultivate connections at a distance? Here are five tips to help pivot your sales process for virtually mediated business. Use social media to its fullest potential Social media allows...

15 July, 2020

The New Mexico film and television industry is becoming a state favorite. A recent survey by the Garrity Group polled New Mexicans to determine the state's perception of 17 industries. Film tied with community colleges for #3 most favorable, following the farm and ranch industry at #2 and small business in the #1 spot. The film industry was included in the survey this year because of its increasing economic impact and the positive exposure it brings...

13 July, 2020

When contemplating the sale of a business, an important option to consider is seller financing.  Many potential buyers don’t have the necessary capital or lender resources to pay cash.  Even if they do, they are often reluctant to put such a hefty sum of cash into what, for them, is a new and untried venture. Why the hesitation?  The typical buyer feels that, if the business is really all that it’s “advertised” to be, it should...

10 July, 2020

Customers are venturing back out to shop, dine, and feel a semblance of normalcy. However, the consumer experience has changed since the onset of stay at home orders. Social distancing requirements, masks, and ubiquitous hand sanitizer are reminders of why we need these precautions. We know that emotions strongly impact purchasing decisions. Anxiety and frustration are common, and disappointed expectations can make things worse. Make your business feel good. It will help customers be comfortable...

09 July, 2020

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