The new administrator (we’ll call her Sue) of a professional financial group came to me to get advice about hiring and firing. Her predecessor had allowed the behavior in the group to escalate to the point that very little was being accomplished and the professional-field staff was being made responsible for clerical work. The results were tragic. Several professionals left the organization and the past administrator was fired.

Sue wanted to make sure she did not make the same mistakes so she planned on hiring the “right” replacements, by revamping the benefits package. Unfortunately, she had not addressed the original problem that caused the turnover. In evaluating the situation, Sue admitted that the three clerical staff were overpaid for their duties; they had too much time on their hands (spending free time on Social Media); and they expected the field-professionals to notate the files themselves and place them in the office to be processed. Meanwhile, the four professionals had been running their legs off (back and forth to the office) while making most of the income for the group (working with clients). Something was wrong with this picture.

Like her predecessor, Sue was reluctant to fire the clerical staff, reprimand them, or expand their duties. Two had been with the company for 20 years while the other one only five. One was a trouble maker so Sue knew she would make a scene before approaching the owners. Of course, one way to prevent that from happening was to discuss the problem with the owners in advance and get their support. In order to do that effectively, she needed to do her homework and crunch the numbers, remembering that everything comes down to profit.

First, she would have to assess how much money was being lost through turnover, a lack of productivity (time being spent on Social Media), and missed opportunities because those three staff members were allowed to continue their actions. She needed to find their job descriptions and talk to Human Resources. Since the company was relatively small, Sue was responsible for HR so I asked her to outline a plan of action for resolving the problem (working out all the possible scenarios). Then, take the financial proof and plan of action to the owners.

Remember, a problem untreated only grows bigger.

Like so many other people, Sue hates conflict. She looks at the situation and would rather ignore it than address it. However, a problem untreated only grows bigger, and if it does not change, the results will continue to be the same or worse. It is her responsibility to consider the company (her employer) first. She needs to be aware of the loss in profits involved when there is a lack of cooperation or productivity from employees. Then, the plan of action should be swift with outcomes and expectations made very clear. Staff members need to sign an agreement stating what is expected, receive new job descriptions, and be given a time period (probation) in which to change their behavior.

A manager who allows employees to steal from the company is as guilty as the thieves. Where managers fail is that they do not recognize that idle people are stealing from the company’s profits. If there is only enough work for two people, the third has to go or be moved to a place where they can be of use.

Staying ahead of problems is possible only if businesses provide clear communication (no surprises), include all staff in meetings where they can share ideas, and offer rewards and recognition (both must be earned) for productivity. On the other hand, managers need to be mindful of agitators and stop conflicts before they escalate. Often times, the problem is personalities — people will not or cannot get along with each other. This is still disruptive and has to be addressed because even minor conflicts within a company can influence productivity. Who wants to come to work when a team member is always angry, moody, or uncooperative?

Also, owners should never turn their businesses over to others to run. They should always maintain a standard by which business is conducted (internally as well as externally), with clear expectations. In order to hire and retain good employees, the problem employees have to be dealt with effectively and if the owner is not available or aware, issues may not be addressed.

On the good side, Sue reported that the owners were shocked by her findings. They had no idea the clerks were not busy. Together, she and the owners devised a plan that would be communicated across the board.

Upon approaching the clerks, first as a group and then individually, Sue learned that the trouble maker had lost both of her parents within a year of her divorce. She was angry and it was spilling over into the workplace. The woman agreed to change her performance and attitude.

The three clerks were given different work teams and assignments, new job descriptions, and two months probation to improve performance. The professionals were elated to have extra help and a team member who could learn more about field work.

All-in-all, the results were positive; however, Sue and the owners were prepared to fire those who did not want to change. Conflict and a lack of productivity are two disasters that are costly and demotivating.

By Jennifer Craig, WESST, February 7, 2012

The term, “Thinking Out of the Box,” is one of the most overused and under-appreciated phrases in modern marketing. In fact, most people would define the term as “a different way, of thinking, from the norm.” However, the problem lies in asking and answering, “What is the norm?”

Creative thinking has been linked with it, but even that does not truly characterize this popular catch phrase. Instead, look at the way we think. Our thoughts have been developed since childhood, based on life experiences or influences from family and friends.

In marketing, we are forced to look at past activities to see what has worked and what has not. If we are expected to think out of the box, we certainly need to know how that box is structured. When looking at what has worked in the past, I am reminded that, “If it ain’t broke, don’t fix it.” Many times we jump into new marketing strategies and campaigns that are expensive but may not be more effective than something we have done in the past. Be careful not to fall into that trap. Newcomers to the team want to do something different to prove that hiring them was a good decision. Even though we may not want to repeat a phrase that can be annoying, “We’ve done it before and it didn’t work,” we still need to weigh all ideas based on current market, cost, effectiveness, and merit.

The best method to use for discovering how we think, as individuals or as groups, is to brainstorm. Brainstorming requires free-thinking, a chance to throw out ideas (regardless of how absurd) without criticism, and someone to write all those ideas on a large surface so that other ideas can form from the ones being presented. When the exercise ends, select (as a group) several good ideas. Then ask the group to be extremely creative on each idea until they have expended their energy. From that exercise decide which idea best serves the organization at this time, again based on budget, market, and merit.

Once the idea has been selected, the marketing begins. Many people believe marketing is advertising only and they put their budget toward that end. However, marketing itself requires as much thought and creative activity as the, “Thinking out of the box,” exercise. An effective marketing program requires a multi-faceted approach, using a vast array of methods to reach the intended market (targeted or niche). Again, the best way to be sure of reaching the target market is to look at the past. What method reached more of its intended market? If there is no past efforts, know your market (research when, where, how, and why those people buy and what they want to buy). If you do not understand your customer, you should not be marketing.

Presentation of the marketing strategy is another element that becomes a challenge. The marketing message, as well as your tactics, needs to be something positive and reflective of your business.
If your message is unclear or your methodology is out of character, your customer may become confused and not sure of your purpose (thinking, possibly, it is under new management or changing from something familiar). It is fine to increase your target market (bringing in new customers; older or younger, men or women) than before, but do not exclude your current target.

Success depends on the effort you put into the process. Consider:

• Planning is everything. Put your strategies into a Marketing Plan (of action), setting realistic, achievable goals.
• Look for cross-promotional opportunities (spas and gyms, massage and acupuncture, tires and car parts, carpet and property managers, etc.).
• Think of incentives and promotions (free services for referrals, discounts for volume purchases, monthly drawings for discounts, quarterly drawings for free merchandise, etc…).
• Find networking prospects – Economic Development, Chambers of Commerce, Associations, and other professional meetings and events.
• Build relationships in the community. How many times have you heard, “It’s not what you know but who you know?” The truth is that we are loyal to people with whom we have built a relationship.
• Create a data base of current customers. Too many times, they are overlooked and should be notified by phone, letter, postcard, or email (do not spam, get permission to contact them) about specials.
• Build a professional, search-engine optimized website.
• Survey current customers as well as potential customers to get their ideas about products, types of services, or even location and prices. Find out their needs and wants.
• Package your program as attractively as any new product – color, design, themed, etc.
• Deliver with zest, enthusiasm, and diversification.

When everything is said and done, measure results and track customer purchases. The more information you acquire, the better for your next marketing blitz. Stay aware of trends and changes in sales. Knowledge is power and keeping abreast of marketing successes gives you an edge over the competition. This opens the door wider the next time, you decide to “Think out of the box.”

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By Ann Utterback, VP of Development, WESST; February 1, 2012

They say that you shouldn’t invest in an organization in which the participants don’t have “skin in the game”. There was a classic story told in which a group was meeting with an investment company to decide if they should make an investment in that company. The group asked the company where the employees had their own personal money. When told the employees had their money in bonds and other investment vehicles other than the investment company at issue, the group left the meeting. Nothing more needed to be said. Why should outsiders invest if those on the inside aren’t investing?

In November, WESST launched a challenge, called the Job Creation Challenge, sponsored by four generous organizations (US Bank, Wells Fargo and Bank of the West, along with one anonymous donor). The challenge allowed for donations of $5,000 to WESST to be matched by one of the sponsors, making the amount of the donation $10,000, which is the Job Creator’s level of giving at WESST.

Inspired by the generous sponsors of the Job Creation Challenge, WESST employees at the WESST annual staff meeting decided they wanted to be one of the first to meet the challenge. Not only did they meet the challenge and raise over $5,000 in a matter of days (note: these employees are working at a non-profit and this is NOT a big staff), but they inspired the WESST board to jump into action. The WESST board collectively responded by meeting not just one but two of the challenges. This, in turn, led another board member and her husband to join the frenzy and meet another challenge themselves.

In total, WESST employees and board brought in over $20,000 in a few short weeks at the end of 2011. With the matching opportunities, their investments in WESST totaled over $40,000. Several brand new donors to WESST have also met the challenge, and we are hoping to have our first WESST client meet the challenge soon.

We at WESST have direct access to the incredible clients using our services to start and grow their small businesses. We see the hard work and dedication our clients have working to reach their goals of self-sufficiency and success. We, in turn, support our clients with equally hard work and dedication. The fact that we want to be an even larger part of the process by contributing financially to WESST speaks volumes about our level of buy-in.

The end result is that all of our investors in WESST have bought into the concept that with support, WESST will be able to help create more jobs in New Mexico — helping our economy and our communities. And, that belief in WESST is exactly the kind of buy-in that matters most and will help us to produce even more terrific job creation results for all of New Mexico. Thanks to all of our job creators of 2011: the 2011 WESST staff, 2011 WESST Board, Mary and Vic Jury, Dr. Barry and Roberta Cooper Ramo, the Bell Group and National Electric.

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By Ann Utterback, VP of Development, WESST; January 27, 2012

I had the opportunity this past weekend to hear Al Sacco speak about his journey to space as a payload specialist on board the Space Shuttle Columbia in 1995. Dr. Sacco, who is now the dean of the Edward E. Whitacre Jr. College of Engineering at Texas Tech University, was chosen for the mission because of his work in chemical engineering.

As a payload specialist, he was not a person who had been in the NASA program previously as an astronaut-in-training. If there was one thing that stood out most for me from his talk (aside from his comments about how much more gorgeous space was than photos could ever possibly capture), it was the incredible preparation it took to get ready for his space mission. The preparation, which took over two years, included everything from learning to not turn your head at all when launching into space (it could prove very messy as the smallest motion will produce a nauseous reaction in even the most iron-stomached astronauts) to knowing every sound that should occur at different points in the launch. When an explosive sound went off, he was not worried because that had been choreographed perfectly into the process of the launch. And, that’s just getting into the launch part of the mission. It was a fascinating talk!

When I listen to amazing experiences like Dr. Sacco’s, I try to think of ways that it relates to my own life, since I can assure you I’m not going to going into space any day soon. And, it came to me that launching a business has similar requirements as a launch into space and that WESST is to our clients like NASA is to its astronauts. WESST’s unique concentration on that preparation process is what allows our clients to succeed.

We emphasize a high value and high impact experience with WESST. We stress this across the board from the expert training and consulting we provide, not just for small businesses just starting out, but also to those that are expanding in our regional offices in Albuquerque, Farmington, Las Cruces, Rio Rancho, Roswell, and Santa Fe. We are prepping our clients for all the explosions that may occur along the journey and letting them know when to not turn their heads.

We also have an incubator option in Albuquerque at the WESST Enterprise Center at which we work closely with incubator clients during the critical start-up phase of their businesses. The goal, of course, is preparing those clients for eventual graduation from the incubator. The camaraderie of having many start-up clients in the same location adds to the preparation experience. It allows for the sharing of ideas on a regular basis, much like the team approach NASA used to get ready for its space missions. And, like the NASA program, we are looking toward more innovative ideas in our future, including a new digital studio at our Albuquerque WESST Enterprise Center. Distance learning will be a focus, getting the training to even more clients and even more widespread.

As glamorous as going to space sounds, the hard work and preparation is what makes the success of each mission. This sounds just like the essential steps it takes for a successful business. The similarities between enterpreneurs and astronauts certainly don’t end there. We haven’t even thought of all the amazing scientific experiments that we can do in space that can’t be replicated on earth (including advances in medicines that could take years off of development time that would occur on earth), and we can’t imagine all the wonderful businesses our entrepreneurs will create.

The sky is the limit, or as Buzz Lightyear was prone to say in the Toy Story movies, “To infinity and beyond!” (Well, with a little bit of preparation anyway).

By Jennifer Craig, WESST, January 21, 2012

A man stepped into my office seeking business-startup assistance. The frantic look on his face and his uneasy demeanor caused me to label him as ‘desperate’ (the worst position to be in when starting a business).

Automatically, I went through a series of questions regarding his business idea: did he have experience, money, and a passion? I also wanted to know about his personal finances – was he expecting to support himself right away from the business or did he have a “day job”? Within 30 minutes, I had learned that he believed the world would end in 2012, he had lost his job (according to him, because of the economy and huge cut backs), his wife had left him, and he had needed a way to support himself (until the world ended). The man appeared to be depressed.

I proceeded to tell him that most businesses do not make a profit within the first two years and in a poor economy, the number could be larger. I also told him that it would be best to find another job to pay the bills, so to speak, until his business took off. Yet, at the back of my mind, he made me ponder (not about the world ending) about if 2012 would be a good year to start a business and, if so, what would be the three most important elements to consider.

Three Important Things to Consider When Starting a Business

After sharing my insight with him, his demeanor changed. He threw out a couple of ideas for his business and I smiled. There was life in the poor fellow! We continued a dialogue based on the following three most important elements to consider when starting a business:

1) Do your research!
a. Is this the best business for you? Do you have experience and a love for it? Can you do it alone in the beginning? What support system do you have in place to help you achieve your goal, or to back you up in a pinch? Can you start from home (lower your overhead costs)?
b. How much money do you have to make to live and how can you make that money while building the business? How much money will it take to open?
c. What does your customer really need and want (not what you want them to have)? Who else is doing this type of business and are they successful? Why? Where and how are you going to reach your customers?
2) Make a plan!
a. Write everything down in a business plan format.
b. How much money will it cost to open?
c. Create a year of financial projections (be realistic and conservative). What if you can only sell three items a week for the first three months?
d. How much money will you need to operate the business for a year?
e. What do you need to buy to start the business (supplies, equipment, furniture, materials, etc.)
f. Do you have money to invest?
g. Will you need a loan? What collateral do you have to cover the loan?
h. How is your credit?
3) Go over the management and operations of the business very carefully.
a. Who will do “what” in the business? You cannot be all things or something will fall through the cracks!
b. Everybody plans to have the “best customer service in town” but very few do. Why? If the owner does not have a clear understanding of what good customer service is, neither will the employees.
c. Who will handle the books?
d. How will receipts and invoices be handled?
e. What about follow up? Who will be responsible for checks and balances?
f. The list goes on and on. You, as a business owner, need to think about all that can go wrong and “fix it” first on paper.

After about two hours, we had discussed everything from his personal life to his ambition. He finally admitted that being self employed at this particular time was not a good idea, not because of his belief in a 2012 Doomsday, but because of a lack of desire. Likewise, he was able to identify his strengths and weaknesses, recognizing that working alone was not something he liked or wanted to do.

We talked about employment options and where he could start his job seeking venture. During our conversation, he realized that his circumstances were not as bad as he had first imagined, and he felt he could easily find another job.

With that said, 2012 is not a lot different than 2011. We hear daily on the news that consumer spending is up and that the future looks brighter. I read once about a man who started a real estate business during the depression (imagine that). He grew that business and became one of the most successful men of his times. The truth is that the same effort is required in 2012 as has been for any other year. It is not an easy task but those with an entrepreneurial spirit can find the task rewarding.

I recommend that, above all, you have a passion, do your research, and create a plan. Make sure you have enough money to start the project and that you have some business acumen before you embark on your endeavor. If you do, and you manage your money and the business well, success will be your reward. Those who do not plan or manage resources well, could face a doomsday of their own making.

By Jo Ann Garay, WESST, January 14, 2012

Now that I’ve wrapped up 2011, it’s time to set new resolutions for 2012. If the process is like past years, most of my resolutions were started and never finished. A couple of my goals were to save more money and at least take a small vacation. Last year, I started out with so much motivation that I just knew I would end the year with a bang!

However, here I sit with the same resolutions – no savings for a vacation – but high hopes that this year I can and will maintain my motivation for longer than a week. It’s not enough to just say “I want to save enough money to go on a nice vacation.” Instead, I recognize that I need to set a financial goal to reach my main goal – of going on vacation.

So, this year, I resolve to turn my resolutions into SMART goals: Specific, Measurable, Attainable, Results-Oriented, and within a reasonable Time-frame. I wrote out a plan on how to reach my goal(s). After all, planning is also part of the goal-reaching process. A goal without a plan is only a daydream, at best, unless there is a road map to reach the goal. So, with that said, the first thing I did was find out how much it will cost to go on that long-awaited, relaxing vacation. It turns out that the total vacation package will cost $2,000. After preparing my budget, I found that I can save $200 a month, allowing me to take my vacation in October.

My goal reaches all of the SMART criteria:

• Specific and Measurable – My goal for 2012 is to take a long-awaited vacation at a cabin in the mountains and it will only cost $2000.
• Attainable, Results-Oriented, and within a Timeframe – if I cut back on dining out and utilize “free” entertainment, I can easily attain the goal in 10 months. The plan then becomes realistic.

My advice is that setting goals the SMART way can help you reach your goals, whether it’s a short-term goal of losing 15 pounds or a long-term one of saving enough money to start a business. The act of writing goals down forces you (and me) to focus on those goals in a SMART way. By using this methodology, we break a large goal (that often seems unattainable) into smaller, more manageable parts. So, although my vacation won’t be near a beach this year, I know that I will still be able to take one and not have to pay for it with credit cards! How SMART is that?

By Jennifer Craig, WESST, January 9, 2012

The word “Credit” can mean anything from recognizing others for their contribution, to accounting terms for posting, and for purchasing power (buying now but paying later). For the purpose of article, we will focus on the latter and a person’s ability to purchase goods based on their character and good standing.

Even though buying on credit is convenient, it is not always a good decision. Once a person crosses that line, of buying now and paying later, the process becomes more tempting to buy items we do not need or items that are on sale.

Instead we should be asking ourselves, “Can I pay off the debt in a month before interest is added?” “What is the long-term benefit of this purchase?” “Will I end up paying more (in the long run) for the item than it is worth?” “If I had the cash, would I make that purchase?” “Is it a need or a want?”

The wise reasons for not using credit cards are:

• The interest is too high
• Credit cards become debt traps
• Unless, the balance can be paid within the month (before interest is added), there is a risk of the balance growing
• Creditors can change the interest amount at any time (read the fine print).
• It is too easy to end up excessive debt or “bad credit”.

If people have bad credit it means:

• They are not paying other bills or lenders on time. A lender would assume that, “If they aren’t paying other lenders, they won’t pay me.”
• They are not allowed additional credit.
• They are labeled as untrustworthy or a risk.
• Their credit report will show their standing for years.

Good credit (including a credit card) is needed for many reasons:

• To get a job – employers are checking background and credit (especially in positions where the employee will be handling money).
• To buy a car – lenders will check credit to determine eligibility along with what type of interest rates to set.
• To buy a home – the same is true with a home; lenders will check credit and scores.
• To rent a home – many landlords consider the lease like a loan and they want to be sure the renter can and will pay.
• To rent a car – rental companies require a credit card to rent even if the renter pays cash.
• To open accounts with Utility Companies – they check credit for judgments or other signs that the customer is unworthy before approving them.
• To approach education lenders.
• To book travel – hotels, travel agents, and airlines (online or by phone) will require a credit card.
• To get a room at hotels – they require a credit card to attach should there be damage to or theft in the room.
• To run a business – in order get a loan to start or expand the business, the principal party or owner needs good credit.

Years ago, “no credit” was like “good credit.” Today “no credit” is like “bad credit.” Lenders want to see how people pay before taking chances on them. So, if you do not have credit, it is important to establish it. With that said, be careful not to go on a spending frenzy and run up your debt. Too much debt is as bad as “bad credit.”

To build credit, these are things to consider:

It is as important to maintain good credit as it is to establish it. Stay on top of your debt. Too much debt hurts your ability to pay and hurts your credit in the process. Lenders look at the “debt to income ratio”, which means what percentage of debt do you have. That ratio is calculated by dividing your debt (not expenses) by income. If you own a home, lenders do not want to see more that 35% of debt. If you rent, about 25% or less (these ratios can change as the economy changes so check to see what your lenders require).

Check your credit report each year for anything negative and be sure to remove anything that is not yours. There are three credit report companies who provide free credit reports each year. It is recommended that you get each one at a different time in order to stay on top of your credit all year long (for free):

The recipient’s credit score will not show up on the free credit report but for about $8, you can order one. The Credit Score is called the FICO (Fair Isaac Credit Corporation) Score which was named after its founder– the originating credit scoring company.

A Credit Report is broken down into several sections. The first section is where you’ll find your Personal Information. It will list:

• The credit report number and date it was issued (usually at the top of the credit report).
• Your name, social security number, date of birth, addresses, and phone numbers.
• Any alias’s (names you may have used like maiden name, first and middle initial, first name and middle initial of your maiden name, nicknames, and so on).
• Employers for whom you have worked.

Be sure to check all the information carefully because there have been cases where other social security numbers or names, not belonging to the recipient, appeared on a report.

The next section, Accounts in Good Standing, will have information on all your current and active accounts, like:

• Installment accounts
• Mortgage accounts
• Revolving accounts (credit card companies)

Information on all of the accounts will be broken down so that the lender or reviewer can see: If the account is an individual or joint account; Who made the account; When was it made; How long has it been open; What was the last activity; What was the highest balance; How is/was the account being paid (satisfactory, delinquent); Is the account open or closed; and How many months has the account ever been behind (30-days late; 60-days late; 90+).

An important section (often overlooked) lists Inquiries made on your credit history:

• It includes inquiries from a bank, department store, auto dealers, apartment managers, or finance companies requesting a copy of your credit report, or
• Promotional inquiries which include any requests done by other companies to see if you are credit-worthy so they can offer you a credit card.

Those inquiries that are not approved by you (promotional) do not affect your credit score. If you approve a lender or automobile dealer to access your credit, but you do not make a loan or use that facility, your score will go down.

Another section on the report will be the Public Record Information, listing items like judgments, liens, foreclosures, defaulted student loans, etc. These can stay on the report for anywhere from seven years to 15 years or life (student loans).

There is also a section that covers adverse or negative information like collections, charge off, and repossessions, which stay on the report for seven years.

The reasons your credit score can go up and down include:

• Making payments on time (goes up); not making on time (goes down)
• Keeping low balances (up); high balances (down)
• Keeping low debt (paying off accounts makes it go up); high debt (down)
• Keeping the same account for years (old accounts tend to make the credit limits go higher); closing accounts (makes it go down)
• Keeping bad inquiries low
• Having too many credit cards or accounts (taking out a lot of small contracts that have no interest or payments for a year) makes your score go down. Even if they are paid off quickly, they remain on your credit report and paint a picture that you use various types of credit often.

Think of credit as “your good name”. You would not want people to misuse your name or to ruin your reputation. Be wise how you use credit. It is better to put that money in your own pocket or savings (which will build quickly over time) than to put it into someone else’s pocket. However, if you use credit, be aware that:

• Wealth is usually built by working hard, planning and saving.
• Credit cards are in business to make money (read that fine print and realize that credit cards can go up on their interest at any time).
• It is especially important in this day and age to be savvy.
]]> http://www.wesst.org/%parent/page%/what-credit-really-means/feed/ 0 http://www.wesst.org/%parent/page%/what-credit-really-means/ http://feedproxy.google.com/~r/WESST/~3/4f78xeRG4Qc/ http://www.wesst.org/%parent/page%/financial-education-get-em-while-theyre-young/#comments Tue, 20 Dec 2011 16:21:06 +0000 Nina http://www.wesst.org/?p=4342

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Teaching Financial Literacy To Teens Helps Them Make Real World
Financial Decisions That Align With Their Personal Goals.

By Emilee New, IDA Program Coordinator, WESST; December 20, 2011



You hear it all the time, “I wish someone taught me financial education when I was in school. That sure would have saved me from learning the hard way!” It is a hot button topic right now, especially considering the current state of the economy. Can we prevent future generations from repeating our mistakes? The answer to that question is a resounding “YES!”

WESST’s Youth IDA Program is a wonderful way students can interactively learn the tenets of financial education while saving to invest in their future. IDA, by the way, stands for Individual Development Account. Students who qualify for our IDA program based on income eligibility have access to a custodial account making deposits up to a $600 goal. Once that goal has been met, their $600 is matched with $2400 totaling $3000 which is a 4 to 1 match on their investment.

The real beauty of the program is that it is targeted to at-risk high school students who are in danger of dropping out of school. The majority of participants in our program use their savings to continue their education into the post-secondary level. Yet we know that not everyone is cut out for more school. Those who aren’t are able to use their savings to start or expand a small business or for first-time home ownership. In many cases, the IDA student will be the first in their family to go to college, be an entrepreneur, or start on a path of home ownership. The program is directed at educating the participants as well as helping them reach and attain a savings goal in order to create an asset for the future.

While some initiatives start teaching financial education as early as elementary school, WESST believes high school teens have the most to gain from these types of programs. By the time many teens are in high school, they already have at least a part-time job but little experience handling money. When teens are not taught responsible money habits in the home the only other they place they can possibly learn is in the classroom.

Through WESST’s IDA Program, students are engaged in learning about financial institutions, credit card applications, monthly budgeting, understanding credit reports, buying a car, taxes and much more. WESST strives to make the topic of personal finance fun, interesting, engaging and above all relevant. These students want to learn and the IDA Program creates the perfect incentive (matching funds) to get them saving and growing their money.

]]> http://www.wesst.org/%parent/page%/financial-education-get-em-while-theyre-young/feed/ 0 http://www.wesst.org/%parent/page%/financial-education-get-em-while-theyre-young/ http://feedproxy.google.com/~r/WESST/~3/HMtWcudU3aA/ http://www.wesst.org/%parent/page%/giving-it%e2%80%99s-all-about-perspective/#comments Thu, 08 Dec 2011 16:13:57 +0000 Nina http://www.wesst.org/?p=4269

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By Ann Utterback, VP of Development, WESST; December 8, 2011



We recently had a staff meeting at WESST at which we discussed how our programs, our training classes and consulting services, must be constantly evaluated to make sure they are innovative and relevant. It was stressed that when looking at our programs, we have to think of the programs from the perspective of our clients—what the clients are needing as opposed to what we have been doing for years. What start-up businesses need now can sometimes be different from what was needed even last year. It is evolving, and we have to meet that demand for our clients to help them in this ever-changing business climate.

This talk made me think of our supporters. As a non-profit, WESST only exists because of people and organizations giving us money to do what we do best—helping entrepreneurs from the idea stage to actually starting and expanding their own self-sufficient businesses. As we look at our giving program, we strive to look at that program in a similar way—the point of view of our supporters, our investors. I’m reading a great book by Howard Stevenson, with Shirley Spence, entitled Getting to Giving: Fundraising the Entrepreneurial Way by a Billion-Dollar Fundraiser, which really stresses this point.

What is the perspective of our investors? What we have found is that investors of WESST are demanding the same things of WESST they are wanting from all investments they make whether in the non-profit or the for-profit world. Our investors want to know that the investment they are making is a good one. To answer that question, we have to be able to produce actual, quantifiable results.

This year, we enlisted the support of an outside organization, Mid-Region Council of Governments (MRCOG), to help us quantify the actual economic impact our work had on the community. We wanted the big economic picture. The initial study done by MRCOG was done for the greater Albuquerque area alone, and the results are astounding. In the past two-and-a-half years, in a mostly dismal economic climate, we are pleased to announce the work done by WESST produced the following results:



• 380 New Jobs
• $19.6 million in personal income
• $38.4 million in Gross Regional Product
• $18 million in consumer spending

The plan is for WESST to have MRCOG perform an expanded economic impact study in 2012 to show WESST’s statewide economic impact. Proven results are what WESST investors want, and we’re pleased that our results are, in fact, showing that investing in WESST is not only a good investment but a great investment in our community. And, we can only have these results because of the great individuals and organizations that invested with WESST. That’s our perspective!

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By Bette Bradbury, December 6, 2011

Wrap Up Your Holiday Shopping at the First Annual WESST Winter Faire



Just a quick post/plug today to promote WESST’s upcoming Winter Faire on December 14th at the Santa Fe Business Incubator. We invite you to stop by for this free holiday shopping opportunity anytime between 3 and 7 pm. Come, browse, buy and enjoy the festivities, food and entertainment as you support your talented northern New Mexico neighbors and friends.

Over 40 artists and entrepreneurs will be showcasing and selling their creations with 10% of all sale proceeds going to support WESST’s ongoing business skills training workshops and programs for small business owners.

Capital High School’s DECA students will be onsite to sell raffle tickets (all raffle items are donated by participating artists and entrepreneurs) to raise funds to participate in national business competitions.

Opera singers, musicians, free food and drinks combine with the work of some of New Mexico’s most talented artists and entrepreneurs to make this a truly festive event.

Don’t’ miss this chance to support the creativity that is Northern New Mexico. Visit this page for more information including details about the stunning grand raffle prize donated by Dancing Turtle Studios valued at $1200. December 14th could be your lucky day!

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