WESST

Invest in Yourself and Your Business

Nina — Fri, 11 May 2012 13:00:59 +0000

By Jennifer Craig, WESST, May 11, 2012

A common mistake that small business owners make is failing to take the time to invest in themselves and their businesses, prior to startup and during growth of the business. Anyone who has ever been in business realizes that as a business starts, owners are caught up in the day to day grind of operations along with the hectic pace involved in doing everything alone. Much like the commercial on television where Dave continues to run into Dave or call Dave for help, business owners are the managers, janitors, sales team, bookkeepers, and marketing staff. The stress of growing the business is as challenging as startup.

Unfortunately, years later, those same owners may not be ahead in the sense of investments, industry changes, trend shifts, market changes, or business analyses. As life “happens” these people continue to struggle to make ends meet. Often their families have made financial demands on them and they feel like that proverbial man who meets himself, coming and going, trying to make the donuts. However, in their defense, these folks have had to learn through the school of hard knocks and they know “what they know”. This can be bad or good, depending on the perspective, since they may not know what “they do not know.”

One thought is “If it ain’t broke, don’t fix it!” Business owners continue working, year after year, building or maintaining their business so they do not feel they have the time (or need, in some cases) to go through training, seek business advice, or again, invest in their business. Unfortunately, this mistake may not be recognized by the business or owner until it is too late – the business is hurting, the economy is putting pressure on them, or the owner is going through major health issues. When disaster hits, they begin to flounder. Too many of them put their financial needs on credit cards and soon their credit suffers. If they are asked what the problem is, they may have a sense of it but could not be 100 percent sure. Usually, they blame the economy, customers (or lack thereof), or their market.

When forced to analyze the business with a professional, they might learn that their products or services have never been priced high enough. Therefore, they have been working a whole lot harder while getting a lot less on their investment (production, in this case). It could be they do not know their profit margins or that their operations are higher simply because of the workflow process. Those businesses that started without professional business advice are more likely to continue operating without outside input as well, and they might never know that with a little help along the way, they could have learned tips on streamlining operations, techniques for identifying strengths and weaknesses, ways to find opportunities in the community, or learned how to restructure in a way that was timely but not costly.

Lenders will agree that they see far too many businesses when it is too late to help them. Call it stubbornness or too much pride, but businesses will often wait until they have no other avenue before seeking help.

It is wise for a business owner to get a fresh new look at their business (through someone else’s eyes) at least once a year. They should be networking in the community to find out what other businesses have to deal with and to connect with people. Working constantly in the business is not a good place to be if the business wants to be successful. It is important to look outside of the business for ideas, to hear war stories, and for a breath of fresh air.

People should never go into business without a plan to be as good to themselves as they would expect a boss. With that said, they need to consider buying life insurance, health insurance and investing in a 401K plan for retirement. It is amazing how many businesses (being opened for 10 years or more) do not have any of those things in place for their owner. These types of investments are assets for the owner. If something happens to the owner, what is going to happen to the business (at least in its early years)?

It is evident that investment comes in many forms. A business needs to have an emergency fund to support itself in case of a disaster like when a large piece of equipment fails. The same business needs to be able to provide raises to good staff members along with benefits. These things cannot happen unless the owner knows how to keep costs at an acceptable percentage of sales or how to increase cash flow and profit.

Life is an education, but other forms of learning are just as important like business and technology training (technology changes constantly along with software). Business professionals allow owners to have a sounding board and offer advice on how to streamline processes, market via e-commerce, and a multitude of issues that will help the business and make life easier for the owner. Business owners need to adjust their thinking and invest in themselves and their businesses.

If you’re an existing business owner in the Las Cruces, New Mexico area, consider taking some classes from WESST’s Invest in Yourself Invest in Your Business training series. At just $20.00 per two-hour class, it’s definitely a good investment in your business.

Directory of Women’s Organizations in New Mexico

Nina — Fri, 04 May 2012 21:47:33 +0000

By Stacy Sacco, May 5, 2012

There are numerous associations and organizations based in New Mexico that support women in achieving their personal and professional success — whether through their jobs and careers or small business ownership. WESST, of course, is among them. Our acronym stands for Women’s Economic Self Sufficiency Team and each of WESST’s six Enterprise Centers are funded in part by the SBA’s Office of Women’s Business Ownership through its Women’s Business Center program.

Others organizations and groups that support the success of women in New Mexico include:

Albuquerque Press Women
www.albuquerquepresswomen.org
The local chapter of the National Federation of Press Woman supports professional women (and men) who are pursuing careers across the communications spectrum.

American Association of University Women
www.aauw-nm.org
The AAUW advances equity for women and girls through advocacy, education, philanthropy, and research

American Business Women’s Associations
www.abwanm.org
The ABWA provides a forum for members to share ideas and insights, and create stronger bonds in the community. There are three chapters located in Albuquerque and one in Santa Fe.

Association for Women in Communications
www.nmawc.org
The Association for Women in Communications is dedicated to leading change in the communications professions through information exchange, leadership, professional development and technology. Members represent public relations, corporate communications, marketing, promotions, journalism, television, radio, advertising, development, graphic arts, Internet publishing, technical writing, education, government relations, and communications law.

Executive Women International – Albuquerque Chapter
www.ewiconnect.com
Executive Women International (EWI) brings together key individuals from diverse businesses for the purpose of; Promoting member firms, Enhancing personal and professional development, and Encouraging community involvement.

Federally Employed Women
www.few.org
Federally Employed Women (FEW) is a private, non-profit organization founded in 1968 after the issuance of Executive Order 11375 that added “sex” to the prohibited discriminations within the federal government. Federally Employed Women works to end sex and gender discrimination, to encourage diversity for inclusion and equity in the workplace, and for the advancement and professional growth of women in federal service. There are two chapters serving New Mexico’s women including the Albuquerque-based Zia Chapter and the Three Crosses Chapter serving White Sands Missile Range.

Junior Leagues International, Inc.
National, www.ajli.org
Albuquerque, www.jlabq.org
Las Cruces, www.jllc.org
The Junior League is an organization of women committed to promoting voluntarism, developing the potential of women and improving the community through the effective action and leadership of trained volunteers. Its purpose is exclusively educational and charitable.

Meetup Groups:
www.meetup.com
There are several women-focused Meetup groups in New Mexico serving a broad range of different interests, issues and market needs including:
• ABQ Girlfriends on the Run
• Albuquerque Catholic Moms
• Albuquerque Lesbian Professionals
• Desert Mommies Club
• Fabulous Working Ladies of Albuquerque
• Girlfriends of Santa Fe – A Women’s Social Group!
• Girls Night Out in the Q
• It’s GIRL Time!
• Las Cruces Girls Night Out
• Lethal Ladies’ Night Out Personal Protection Seminars – Albuquerque
• Los Alamos Running Women
• Progressive Women
• Progressive Women
• Rio Rancho Baby’s Mamas
• Santa Fe Women’s Book Club
• Stroller Strides / Luna Moms Club – Albuquerque
• The Women Entrepreneurs Santa Fe Network
• This One’s For the Girls – Social Group for Women 50 Years+
• Women Atheists and Freethinkers

National Association of Women Business Owners
www.nawbonm.org
Founded in 1975, NAWBO is the unified voice of America’s more than 10 million women-owned businesses representing the fastest growing segment of the U.S. economy.

National Organization of Women (NOW) – New Mexico Chapters
www.now.org/chapters/nm.html
Since its founding in 1966, NOW works to eliminate discrimination and harassment in the workplace, schools, the justice system, and all other sectors of society; secure abortion, birth control and reproductive rights for all women; end all forms of violence against women; eradicate racism, sexism and homophobia; and promote equality and justice in our society.

New Mexico Hispanic Women’s Council
www.nmhwc.com
The mission of the Hispanic Women’s Council is to “support, promote and create opportunities for Hispanic women.”

New Mexico Press Women
www.newmexicopresswomen.org
NMPW, organized in 1950, is an affiliate of the National Federation of Press Women. It is an organization of professional journalists and communicators that promotes the highest ethical standards while looking to the future in professional development, networking and protecting First Amendment rights.

New Mexico Women In Film
www.nmwif.com
New Mexico Women in Film is a New Mexico-based non-profit outreach organization committed to the professional development and achievement of women in the film and television industry through mentorship, networking, education and community service.

New Mexico Women’s Forum
www.nmwomensforum.com
The New Mexico Women’s Forum (NMWF) provides opportunities for women leaders in a variety of profession to network with their peers and counterparts, and to meet and collaborate with other active female professionals on business, social, cultural and personal issues.

New Mexico Women’s Foundation
www.nmwf.org
New Mexico Women’s Foundation supports organizations and programs that create economic opportunities for New Mexico’s women and girls.

Professional Business Women of New Mexico
www.pbwnm.org
The members of PBWNM are dedicated to improving the status of women. Their membership is diverse, ranging from recent high school graduates to retirees who come from varied backgrounds, professions, education, race, and socio-economic levels.

Society of Women Engineers – Central New Mexico Chapter
www.swecnm.org
For more than six decades, the SWE has given women engineers a unique place and voice within the engineering industry. SWE’s mission is to stimulate women to achieve full potential in careers as engineers and leaders, expand the image of the engineering profession as a positive force in improving the quality of life, and demonstrate the value of diversity.

Soroptomist International
www.soroptimist.org, National
www.siabq.org, Albuquerque
www.silcnm.org, Las Cruces
Soroptimist is an international organization for business and professional women who work to improve the lives of women and girls, in local communities and throughout the world.

Southwest Women’s Law Center
www.swwomenslaw.org
The SWLC’s vision is to harness the power of law, research, and creative collaborations to change these realities and to create greater opportunities for women and girls in New Mexico to fulfill their personal and economic potential.

UNM Women’s Resource Center

http://women.unm.edu/

The Women’s Resource Center is a place of advocacy, support, and safety for all members of the greater University and New Mexico community.

UNM Women Studies Program
www.unm.edu/~womenst
The Women Studies program is committed to educating students about the relationships among identity, power and knowledge toward the ends of social justice and empowerment.

Women in Philanthropy New Mexico
www.facebook.com/WomenInPhilanthropyNM
Women in Philanthropy as a part of the United Way of Central New Mexico is dedicated to inspiring, educating and encouraging women to effect change in their community through philanthropy and leadership.

Women in Technology Peer Group
www.nmtechcouncil.org or www.nmtechcouncil.org/groups/women-in-technology-peer-group
The WIT peer group is a gaggle of bright, and sometimes sassy, women with technology backgrounds and passion.

Women Entrepreneurs
www.wenm.org
Women Entrepreneurs promotes the interests of all women executives and entrepreneurs.

Women Make a Difference
www.abqwomenmakeadifference.com
Women Make a Difference holds monthly luncheons to help business women make more connections.

Women on the Fast Track
www.facebook.com/womenonthefasttrack
Women on the Fast Track is a networking organization for business and professional women.

Women Veterans of New Mexico
www.womenveteransofnewmexico.com
WFNM provides a voice for women who have served and those currently serving in the US Armed Forces and is an advocate for women veteran’s rights, issues and benefits.

Writer Gals Network
www.writergals.com
The WriterGal Network is a private consortium of more than 30 professional, independent communications professionals providing creative services to clients worldwide. Members are based in New Mexico and include writers, editors, public relations and marketing consultants, graphic designers and Web developers with a minimum of five years of professional experience in their respective fields.

YWCA – Middle Rio Grande Chapter
Middle Rio Grande Chapter, www.ywca-nm.org
The YWCA USA is one of the oldest and largest women’s organizations in the nation, serving over 2 million women, girls and their families.

Our Business Toolkit section offers 73 more free resources for women. If you know of other organizations or groups that support women in New Mexico, please leave a comment with the organization’s name and we’ll add it to our list.

Big Green Structure Arrives at WESST Enterprise Center

Nina — Thu, 29 Mar 2012 13:09:16 +0000

By Doug Lee, Managing Director, WESST Enterprise Center, Albuquerque; March 29, 2012

What’s 16’ tall, green, smooth and techy, and whose name reminds you of your therapist? It’s a cyc wall, known in the film and advertising communities as a cyclorama wall. And what good is that you ask? The easiest explanation is to use your local TV weather forecaster as an example.

Each day, you will see a weather forecast with the reporter gesturing in front of a map that they seem to be standing in front of. (For your picky grammarians, sorry about ending the sentence in a preposition.) The map is a computer generated image and the forecaster is really standing in front of a green wall. No, really! The forecaster is really looking at a television monitor that shows both himself and the map merged by a computer. The technology allows a computer to remove that specific green color and replace it with another image. In film, one of the best examples of comparable technology is the classic movie, Who Framed Roger Rabbit. It was impossible to find the dividing line between animation and live actors.

Of the estimated 1250 business incubators in the U.S., fewer than half a dozen have a comparable facility. And the cyclorama part simply means there are no edges or corners to create shadows that would interfere with the image inserted by the computer. The actor could literally be walking in front of an image of a Pacific Ocean beach and you wouldn’t know it’s being shot in front of a green screen cyclorama wall in a studio.

The studio currently under construction will be called the Comcast Digital Media Studio. We originally designed the room in the overall plan of the WESST Enterprise Center building to support startup companies trying to get their big break in the film industry. During the last 3 years, we have worked with community leaders within the film and advertising industries to determine the highest and best use of this facility as it would support their needs. As a result of that study, we have designed the studio as:

A studio to create e-learning, business content focused on the entrepreneur in both New Mexico and throughout the U.S.
Green screen cyclorama to be used by the film and video game industries
A facility for live, interactive streaming of education and business-related content
A project to provide collaboration opportunities among WESST and UNM and CNM and other New Mexico institutions of higher learning
A professional recording facility for use by marketing and advertising agencies
A small film studio with quality computer editing, audio and projection equipment

We believe the studio is a much anticipated addition to the resources available for film makers, educators, and advertisers. We especially look forward to presenting live, streaming WESST business training classes to rural New Mexico entrepreneurs and to classes assembled in our 5 regional WESST offices.

I would be remiss if I didn’t say a big THANK YOU to our funders for making this possible. Playing an especially important role are the federal Economic Development Administration, the State of New Mexico, the City of Albuquerque, and many New Mexico businesses and individuals who have been generous in supporting WESST’s business mentoring programs.

WESST and the Montezuma Ball: An Amazing and Grand Opportunity

Nina — Fri, 09 Mar 2012 17:27:37 +0000

By Ann Utterback, VP of Development, WESST; March 9, 2012

One of the most generous of gestures in our community comes from Jim Long, owner of Heritage Hotels and Resorts, and the Montezuma Ball, through the New Mexico Multi-Cultural Foundation. The Montezuma Ball has a rich history in New Mexico when the first ball began as a part of the Territorial Fairs in 1902. Montezuma Balls continued until the 1960s.

Since Jim Long brought back the Montezuma Ball in 2000, the Montezuma Ball has raised more than $1.5 million for local charitable organizations. Instead of having an annual gala for one organization, the Ball opens a competitive application process to determine the primary beneficiary of the ball, which changes from year to year. The arrangement is ideal for organizations that aren’t able to have an annual gala fundraiser because of time and resources, but that welcome putting on a grand gala as a fundraiser at least once. The organization chosen as the primary beneficiary also does the majority of work for that year’s event, along with the great help of a standing Montezuma Ball Committee.

WESST is thrilled to announce that after competing in the largest pool of applicants ever, WESST has been chosen to be the primary beneficiary of the 2013 Montezuma Ball. The opportunity to put on a grand gala at Heritage Hotel’s lovely Hotel Albuquerque in Old Town is one we at WESST were thrilled to pursue and we are so honored to have been selected. We anticipate that with a lot of hard work, the exposure for WESST will be outstanding and with help from WESST supporters, the event will be a huge fundraising event for WESST, allowing us to do even more to help small businesses start up and expand and create jobs in New Mexico.

We get to help out with the 2012 event on November 17th to learn the ropes before taking over the reins in 2013. November 23, 2013, the date of the 2013 Montezuma Ball, will provide the venue for a great celebration of WESST, while honoring the rich Montezuma Ball history and tradition in New Mexico. We want to thank Jim Long, the New Mexico Multi-Cultural Foundation, and the Montezuma Ball for giving us this amazing and grand opportunity!

Back Where It All Began

Nina — Thu, 01 Mar 2012 13:20:11 +0000

Some Things Change But Some Things (Thankfully) Stay The Same

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

A recent chance meeting with one of WESST’s first loan clients (from the early 1990s) provided one of the best testimonials about the amazing effect an experience at WESST can have on our clients. This particular client has had a successful private investigation business all this time and is now actually trying to obtain 501(c)(3) non-profit status for her organization to help victims of violent crimes.

She said that she actually was pulling together the materials she created through the process of working with WESST from over twenty years ago to help her with the non-profit documents she was having to fill out now. Her comment about that initial experience with WESST was that “it wasn’t so much about the money; instead, it was the hoops that WESST made me jump through when starting my business, especially with the business plan process.” She added that “my experience with WESST actually made me better at what I do.”

We were happy to inform her that not only did she get a great experience then but we hoped that she would consider taking additional small business training at WESST, because there are lots of offerings that could benefit her even now.

The training and consulting and the entire process our clients go through at WESST really is special and unique. Just yesterday, I heard a former bank loan officer, who also has a small business, state how astounded she was to see the in-depth exercises clients starting new businesses were going through at WESST. She commented there were exercises that she still had not even done in her own well-established business and certainly more than she had seen in the loan applications she reviewed in her banking experience. She couldn’t believe how advanced in business literacy the clients would be after being at WESST.

WESST may have the largest incubator in New Mexico, five regional offices and other programs that didn’t exist when WESST first began 22 years ago; however, the emphasis on training and educating our clients hasn’t changed one bit. The only thing that has changed is that we are able to reach so many more aspiring and established entrepreneurs.

Here’s to some things changing and, thankfully, some things staying the same.

What New Mexico Enterpreneurs Should Know About Surety Bonds

Nina — Fri, 24 Feb 2012 18:32:46 +0000

By Danielle Rodabaugh, February 24, 2012

Business owners in New Mexico know they have to stay on top of countless legal concerns at all times if they want to run a successful enterprise. Unfortunately, one such concern often goes by the wayside: the need for a surety bond. A basic surety bond definition explains that these risk mitigation tools serve two major purposes.

Surety bonds reinforce industry regulations.
Surety bonds promote stronger consumer relations.

Even though many New Mexico industries enforce surety bond requirements, business leaders are often uninformed of how exactly they work. Oftentimes professionals purchase a surety bond without really understanding why the government requires one. Failing to understand the reasoning behind bonding and its potential legal implications could leave business leaders dealing with unintended repercussions later on. Fortunately, gaining a basic understanding of surety bonds now can help professionals avoid unfavorable legal action in the future. As such, this article will address three legal facets of bonding that directly impact business leaders in New Mexico.

1) Surety bonds are legally binding contracts.

By purchasing a surety bond, you bind yourself to a legally enforceable contract. All too often professionals purchase surety bonds without reading the contractual language they’re agreeing to. The legal terms you’ll be expected to meet depend on your profession and the exact surety bond form you file with the state. If you don’t understand your contractual obligations before purchasing the bond, you might unintentionally break its terms. Since your bond is a legally binding contract, fighting surety bond claims in court can be difficult for both you and your surety provider. Just like any other contract, you must understand what you’re agreeing to before signing it.

2) Your bond provides a legal guarantee to customers.

Although thousands of unique surety bond forms exist, they all protect the public from financial loss due to a professional’s nonperformance. As such, many professionals don’t realize they can use their bonded status as a marketing tool. Your customers will be glad to know that, should a situation arise, your business is bonded. For example, throughout the past few years a number of consumers and government agencies have filed lawsuits against fraudulent mortgage professionals. Mortgage professionals in New Mexico can ease their clients’ worries by assuring them that their work is backed with a state-mandated surety bond guarantee.

3) Surety claims allow harmed clients to gain reparation in court.

The legal language found on surety bond forms requires claims to be validated before sureties pay reparation. For example, business service bonds protect clients from theft when businesses, such as janitorial companies, work in homes and offices. To avoid false claims, sureties include conviction clauses when writing business service bonds. This means if a client claims property has been stolen, they can gain compensation once a court convicts the offending professional.

Now that you know how the legal implications involved with bonding could affect your enterprise, you might be wondering what to do if you’re a bonded professional who works in New Mexico.

Follow legislative news and industry updates. Surety bond requirements are constantly changing, so they could change the way you do business in the future.
Read through your bond’s legal language. If you don’t understand what you’re agreeing to, contact your lawyer.
Always maintain your surety bond as required by law. Failing to do so can result in fines, legal action and/or license revocation.
Let your customers know about the legal protection they receive through your bond. Bonds reassure people that you operate a legitimate business.
Don’t break the bond’s terms. Failing to uphold your end of a bond will make it much more difficult to renew your bond and/or business license in the future.

Learning about surety bonds can seem intimidating at first, but business owners should educate themselves to ensure their company is in full compliance with all industry regulations. Knowing that you’re avoiding costly legal implications gives you one less thing to worry about and allows you to run your business with even more confidence.

Related article:
Surety Bonds Explained (via SBA.gov)

Resolving Conflict And A Lack Of Productivity in the Workplace

Nina — Sun, 19 Feb 2012 22:52:05 +0000

By Jennifer Craig, WESST, February 20, 2012

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.

Thinking Outside of the Box (A Technique for Marketing)

Nina — Tue, 07 Feb 2012 21:00:05 +0000

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.”

The Ultimate Buy-In

Nina — Wed, 01 Feb 2012 22:56:48 +0000

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.

Large or small, donations from individuals and businesses are critical in helping us achieve WESST’s mission. If you’d like to learn about the many ways you can Invest in WESST, please visit our Donate page.

Shooting For The Stars Is Awesome, But It Takes Some Prep Time — Just Ask An Astronaut

Nina — Fri, 27 Jan 2012 16:19:50 +0000

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).