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4 Easy Tips to Avoid Missed Business Opportunities

Many business owners can attest to overlooking opportunities that could’ve taken their profitability, revenue, innovation and teams to the next level. As a result, their operations are stagnant, moving them closer to shutting their doors for good. That’s why it’s important to ensure you avoid missed business opportunities.

Whether creating a new product, opening a new location, connecting with a new partner or tapping into a new market, you never want to miss an opportunity that moves your business forward. Here’s how to ensure this doesn’t happen. 

READ: Maximize Your Impact: The Power of Intentional Network Building

Establish Clear Business Goals 

Goals are influential in your plan to avoid missed business opportunities. When you know where you want your business to go, you can pinpoint opportunities to get you there better.

Plus, goals make you take your business seriously. When you’re serious about your business, you’re always on the hunt for opportunities to improve it. You’re more willing to take them too. 

However, it’s important to go about this process methodically. For one, outline clear business goals before you launch your business. As your business grows, come back to these goals and expand as needed. Your goals should also be specific and detailed, with clear actionable steps for you to succeed. Each time you take another step, be sure to celebrate but keep a level mind to any future actions that need to be taken.

READ: What Are the Safest Industries to Start Your First Business in 2023?

Take Care of Your Team 

To avoid missed business opportunities, you have to understand that such opportunities can come in seemingly small packages, and whether or not you can take full advantage of them have a lot to do with your team. 

Colorado tech companies including Conga, Fluent Stream, Adcellarant and Maxwell, attribute much of their growth to the people they have on their teams.

By offering continuous professional development, giving employees more meaningful responsibilities and supporting a healthy work-life balance, these companies get the most out of their employees because they genuinely care about them. 

Opportunities will be missed if your employees don’t know your business vision or what to look for to ensure you’re on track to achieve it. Also, if you don’t have a happy and fulfilled team, they won’t be as productive and impactful as they can be, which alters your ability to take on opportunities when they’re presented. 

In other words, take good care of them and build the ideal employee experience. 

READ: How to Craft an Ideal Employee Experience Strategy — 6 Easy Steps

Start with their mental health and well-being. When employers don’t provide mental health support, employees are much more likely to experience burnout and worsened mental health conditions. Both can impact their productivity and cognitive performance. 

On the contrary, employee productivity, morale and cognitive ability improve when employers provide mental health resources in the workplace. They can work at their full potential, identifying and capitalizing on business opportunities more readily. 

Take your employees’ needs into account as well as your budget, when providing them with mental health resources. 

READ: The Top 5 Ways You Can Support Mental Health in the Workplace

Automate and Optimize Your Business Processes 

Business opportunities often have a sense of urgency attached to them. Most are gone in the blink of an eye. Even if you have some time to decide if you’ll take advantage of an opportunity, it won’t be long. 

Automating and optimizing your business processes can help. You’ll save a lot of time automating appropriate tasks in your business and can use that newfound time to pursue pressing opportunities. In addition, optimizing specific processes allows you to jump on opportunities with delicate time constraints faster. 

For example, content creation can be incredibly time-consuming. However, much of it revolves around trends that come and go quickly. So, time-consuming content creation isn’t an option. 

Templates, a brand asset library, and creating all your content for a trend in one sitting will optimize your content creation strategy, helping you to avoid missing an opportunity in content marketing. 

See where you can use automation tools in your business. Look at various processes and identify how to make them more streamlined. Once you do, you’ll have the time and team capacity to take more chances and avoid missed business opportunities. 

Create and Engage With Your Professional Network

You’ll come across some opportunities yourself. Your team will identify some. Then, there will be those opportunities that come to your business by way of someone in your professional circle.

If you have yet to create a professional network around you, today’s the day to start being intentional about building one. Other business owners and professionals in your industry are sitting on opportunities they’re hoping to pass off to people they have genuine relationships with. So, be one of those people.

Go to their events and invite them to yours. Use social media to build a community. Visit businesses in your area and start relationships with the owners. Actively engage with the professional world around you. Your network can be one of the best opportunity sources you have. The people in it can play a significant role in your growth. 

Missed business opportunities are a sore spot for many business owners. Don’t let that happen to you. Establish clear business goals, take care of your team, Leverage automation and optimization, and engage with your network to avoid missing business opportunities. 

 

Indiana Lee Bio PictureIndiana Lee is a writer, reader, and jigsaw puzzle enthusiast from the Pacific Northwest. An expert on business operations, leadership, marketing, and lifestyle, you can connect with her on LinkedIn.

Open for Business — Four Priorities for Maintaining Colorado’s Economic Competitiveness

It’s easy to forget that Colorado businesses aren’t buildings, they are real people — employees, business owners, suppliers, investors — that make up the foundation of Colorado’s economic success. It’s also easy to forget that the economic concerns affecting individuals and families, like inflation, high interest rates, supply chain issues and more, also impact business. Additionally, recent surveys have reported that business owners share some apprehensive feelings toward Colorado’s economic competitiveness.

The most recent Leeds Business Confidence Index from the University of Colorado reported that business leaders show more pessimism today than this time last year when it comes to the state and national economies.

READ: Our Economy in 2023 — What to Expect

When asking large employers in Colorado for their priorities that state leaders should consider for building a stronger economic outlook, these are the items that rose to the top:  

Prioritize a competitive tax and regulatory agenda.

Colorado’s economy has been among the strongest in the country and consistently ranks high in comparison to other states. However, new regulations, taxes and fees at the state and local levels have contributed to a higher cost of doing business in Colorado. 

READ: How Will FTC’s Proposed Ban on Non-Compete Clauses Impact Colorado Law?

Public policy has a profound impact on these costs. One recent example is the enacted Family and Medical Leave Insurance Program (FAMLI). On January 1, Colorado employees started seeing paycheck deductions for FAMLI and businesses are also footing the cost. While the numbers may seem innocuous, adding yet another cost to employers will not go without effect. This payroll impact is one of many that increases the cost of doing business in Colorado and speeds up a costly trend that, if gone unchecked, could cause employers to find more affordable places of operating.

Modernize training pipelines and ensure a cohesive partnership between academia and business.

A trend currently being experienced across nearly all industries in Colorado is the number of businesses facing workforce shortages. For companies looking to retain talent and attract a strong workforce pipeline, this is an issue that needs to be addressed.

Building a “tomorrow-ready” workforce requires modernizing training pipelines, embracing technology and strengthening post-secondary education options to allow Coloradans to be trained to fill critical job openings. 

Partnerships between the private sector, traditional education systems and talent producers are critical to meeting the current and future talent demand and providing relevancy. If Colorado leaders want to create a strong future, they must continue to focus on building strong training pipelines. 

READ: 6 Ways to Find New Employees During the “Great Resignation”

Invest in future-forward infrastructure.

A future-forward infrastructure system is critical to unleashing Colorado’s long-term competitive potential. Colorado must focus on issues such as sustainability of our natural resources — including water quality and quantity, transportation mobility, aviation, energy, broadband and 5G access. These essential pieces of modern infrastructure are the backbone supporting a strong economy, business growth and quality of life.

Lead with purpose: Support communities and people in need

Many companies and nonprofit organizations that serve our Colorado communities take ongoing, meaningful action to support individuals in need and improve their quality of life. The shared passion that surrounds philanthropic giving, community engagement and a commitment to environmental and social responsibility has a profound impact on the lives of thousands of Coloradans. This work needs to continue.

Some of our biggest state challenges — affordability, community safety, health and wellbeing — can only be confronted when leaders from many sectors work together to find and implement solutions. 

READ: Maximize Your Charitable Giving Donations —Aligning With Your Budget and Passions

Colorado has a strong foundation for growth. We are a hub for countless industries, a home for world-class higher education and medical institutions and, most importantly, we share a community spirit grounded in growth and helping those in need. Looking ahead, we can secure our footing in a global economy by championing Colorado’s economic competitiveness through the priorities outlined here, and doing so will ensure our state remains a thriving place to live, work, play and innovate.

 

Debbie Brown is the President of the Colorado Business Roundtable.

Guest Column — Closing the Racial Wealth Gap With Education and Financial Planning

As a financial advisor, I have witnessed the profound and long-lasting generational impacts of the racial wealth gap in our society, which exists due to historical factors that continue to impact the wealth, earning potential and distribution of assets in our communities. According to the Bureau of Labor Statistics, the median weekly earnings in 2022 for Black Americans was $896 and Hispanic Americans was $837, compared to $1,101 for white Americans.

READ — Do Hispanics Bear the Brunt of the Energy Crisis?

Historical factors continue to impact today’s Black communities, and because wealth and overall livelihood are so closely linked, it is important to consider the unique financial planning needs this gap has created for Black individuals — and why building generational wealth is so important.

For too long, minorities have been left behind when it comes to creating wealth, often due to systemic barriers that make it harder to access the resources and opportunities required to build intergenerational wealth.  

To address this issue, we must prioritize and amplify effective strategies including education, financial literacy and access to financial planning to ensure that everyone has an equal chance to build wealth and create a better future.

Keys To Building Generational Wealth

Studies consistently show that education is strongly correlated with higher income and greater financial stability. For example, according to the Bureau of Labor Statistics, the median weekly earnings of someone with a bachelor’s degree are over 60% higher than the median earnings of someone with a high school diploma. In addition to higher wages, education also provides individuals with valuable skills, knowledge and networks that can help them navigate the complex world of finance and investment. 

Achieving financial equality requires that we invest in education at all levels. This includes providing adequate funding for schools and expanding access to higher education through scholarships, grants and other forms of financial support. Innovative programs that help students from disadvantaged backgrounds succeed in furthering their education and skill set also need support and funding to continue their important work. 

Like education, financial planning is foundational to creating generational wealth however, there is a lack of trust in financial institutions given the history of discriminatory practices that have targeted Black Americans. 

READ — The Importance of Filling Our Community Pipelines with a Financially Literate Workforce 

For instance, Black Americans have historically had less access to essential financial education and resources on important areas such as life insurance, banking, homeownership, building credit and financial coaching. However, it’s important to recognize that not all financial institutions are the same. 

While there is much to do to address the broader systemic issues, each day is an opportunity to bolster individual situations. It’s time to lean into new resources and build trust with financial experts who understand your unique needs and have experience working with Black Americans. This is a person-to-person relationship that requires open communication, transparency, and willingness to work and learn together to improve financial literacy and build wealth and economic security.

The racial wealth gap is a significant challenge for Black Americans, but it’s not insurmountable.  By proactively using the financial tools and resources to learn what you don’t know and relying on an experienced and trusted advisor, individuals and families can take steps to change the trajectory of the racial wealth gap toward creating a more equitable and prosperous future.

 

Unknown3A Denver-based financial advisor, Derek Ansah is a Certified Financial Planner ™ and serves a diverse group of clients at Northwestern Mutual in Denver, Colorado.

Battling the “Data Wheel of Death” in Business Development

In our modern corporate world, data is the most valuable asset a company can hold. Organizational leaders know just how much value there is in the metrics of everything from customer behavior to operational efficiency. From a strategic point of view, data can reduce waste and help businesses to grow more quickly — unless, of course, you fall victim to “the data wheel of death.”

Data can’t build a business on its own, and organizations have to be careful to prevent the most common pitfalls of using data as a development strategy. One of these potential issues, “the data wheel of death,” is something every business leader should be aware of.

But what is the data wheel of death, and how can you prevent it from occurring? Here’s what you need to know.

What is The Data Wheel of Death?

The “data wheel of death” is a term coined by growth expert Brian Balfour, back in 2017. It’s a cycle he identified that holds companies back from making the best use of data in business development.

Essentially, the data wheel of death is a vicious cycle that triggers at a certain point after a company starts using data for strategic benefits and ultimately fails to maintain those efforts. Although these initiatives might work initially, eventually the data becomes irrelevant or inaccurate. When this occurs, people start to trust it less and use it less. This is the data wheel of death — and it’s how lots of organizations end up giving up on using data.

For all the talk of how effective data is for strategic planning and business development, a surprising number of companies struggle with the data wheel of death. Battling this phenomenon is an ongoing project that’s essential for making good use of data in companies across industries.

Don’t Think of Data as Simply a Project

One of the best ways to prevent your company from falling into the data wheel of death is to change how you look at data. A common problem that causes organizations to slip into the data wheel of death is that they view data as a “project.”

Now that businesses of all sizes have access to affordable and powerful data analysis tools, even small businesses are using data to improve their processes and revenue. However, many businesses don’t really view the process of leveraging data as a long-term business activity. 

If you’re not hiring analysts to consistently keep up with data maintenance, you’ll eventually feel like using data in your business is a waste of time — and you’ll be right. Approaching data as a project means that ultimately, your data will become outdated and unhelpful. At that point, you’re likely to reduce how much you’re using data — and you’ll be right in the middle of the data wheel of death. 

Make Data A Core Concern 

To truly make the most of the data you collect, you need to be using it continually and turn it into a process instead of a project. One of the best ways to make sure data analysis stays top-of-mind is to make it part of your organizational values and goals. Be one of the smart companies that rely on data, rather than simple instincts and gut feelings.

Making data part of your organizational culture will also help prevent issues like one team taking “ownership” of the data. If everyone feels involved in the process of using data to improve the business, they will help prioritize it. Sometimes, this involves team training to help everyone understand the purpose of using data and to build a common language around data processing. 

Remembering Data’s Role

Finally, it’s also important to keep a balanced view of data’s role within an organization. Data analysis does not produce growth on its own. When used properly, data can provide a road map for actions that lead to business development. 

Data should be used in business development to get results, and nothing more. Some companies end up seeking insights for insights’ sake, instead of trying to solve specific problems or achieve certain outcomes. 

In battling the data wheel of death, it is possible to take things too far. Company leaders need to avoid getting dazzled by the idea of using data and remember that it is just one of many tools organizations can use to get ahead. 

 

Andrew Deen HeadshotAndrew Deen has been a consultant for startups in a number of industries from retail to medical devices and everything in between. He implements lean methodology and is currently writing a book about scaling up business.

New Limits on Noncompete Agreements: What Colorado Employers Need to Know

When Colorado enacted its new noncompete agreements statute in August 2022, many employers expressed apprehension about what it would mean for their company and how to comply. Not only is the new law a dramatic departure from the old, but there are also serious financial penalties for violations.

Even companies based outside of Colorado must comply with the new law for any Colorado-based employees. Still, many businesses have yet to take the necessary steps to ensure compliance with the statute or are unaware of the nuances.

Here’s what employers need to know and do now.

READ — How Will FTC’s Proposed Ban on Non-Compete Clauses Impact Colorado Law?

What are Valid Noncompete Agreements?

Noncompete agreements will be considered valid and enforceable only if they are:

  1. Entered into with a “highly compensated worker” (i.e., a worker making at least $112,500 in 2023; but note that this dollar amount will change annually). Employees earning less than that amount cannot be bound by a non-compete
  2. designed to protect trade secrets; and
  3. no broader than necessary to protect the employer’s legitimate interest in protecting trade secrets.

It’s important to note that employees must be highly compensated both at the time they sign noncompete agreements and when an employer attempts to enforce the noncompete.

What is a Valid Non-Solicitation Agreement?

Non-solicitation agreements (agreements not to solicit an employer’s customers) will be considered valid and enforceable only if they are:

  1. Entered into with workers making at least sixty percent of the threshold amount for highly compensated workers (i.e., a worker making at least $67,500 in 2023; an amount will also change annually). Employees earning less than that amount cannot be bound by a non-solicitation; and
  2. no broader than necessary to protect the employer’s legitimate interest in protecting trade secrets.

READ — What Is Trade Secret Misappropriation: Is Your Business at Risk?

What About Other Restrictive Covenants?

The following types of restrictive covenants remain legal under the Act:

  1. Provisions providing for an employer’s recovery of the expense of education and training. For example, an accounting firm that pays for an employee’s CPA certification would be eligible to recoup those costs.

  2. Reasonable confidentiality provisions, as long as they do not prevent the disclosure of information that: (a) arises from the worker’s general training, knowledge, skill, or experience, whether gained on the job or otherwise; (b) is readily ascertainable to the public; or (c) that a worker otherwise has a right to disclose as legally protected conduct.

  3. Covenants for the purchase and sale of a business or the assets of a business.

  4. Provisions requiring the repayment of a scholarship.

What Are the Notice Requirements?

Even if the agreements are drafted appropriately, they are only enforceable if the employer provides adequate notice to employees and prospective employees. The notice requirement is unique to Colorado and very specific, so employers should be quite careful to comply.

Colorado companies must provide current employees with at least fourteen days’ notice of any noncompete or non-solicit agreements. In addition, employers must give prospective workers notice before they accept an offer of employment.

The notice must be contained in a separate document (not as part of the offer letter) and written in “clear and conspicuous language” so that a layperson can readily understand it. In addition, the employee or prospective employee must sign the notice.

Unfortunately, many employers don’t realize they can be penalized for even presenting prospective employees with invalid noncompete agreements.

READ — Changes To Non-Compete Rules Also Mean Paying More Attention To Your Trade Secrets

How Can Companies Protect Themselves?

Employers should think carefully about whether and what type of restrictive covenants they genuinely need to protect their business, given the potential legal pitfalls.

Employers should consider how much protection they can achieve from a well-drafted confidentiality agreement preventing departing employees from misappropriation of proprietary information or trade secrets.  If a business’s biggest concern is that a departing employee will potentially poach customers or clients, a non-solicitation agreement is a great option. Non-solicitation agreements have a lower salary threshold ($67,500 annually) and may provide the desired protection without the need for a blanket non-compete.

It is more important than ever to ensure that all agreements with employees comply with the new law and are properly executed, as failure to adhere could have serious legal consequences. Consulting with a knowledgeable legal representative will help employers navigate the complexities of these new regulations, protect their best interests, and provide employees with clear expectations.

Christine Lamb HeadshotChristine Lamb has nearly three decades of experience counseling executives and companies of all sizes on human resources and personnel issues and defending businesses in employment lawsuits.

Mark Smith Inducted Into 2023 Colorado Business Hall of Fame

Slifer Smith & Frampton together with East West Partners are proud to announce that Mark Smith has been inducted into the 2023 Class of the Colorado Business Hall of Fame which honors outstanding individuals who have made legendary contributions to the free enterprise system and provide inspiration for the next generation.

“I couldn’t be more honored to receive this prestigious award alongside such a distinguished group of friends and colleagues,” said Mark Smith. “It has been my life’s work and greatest pleasure to help shape the future of some of Colorado’s most iconic places and I appreciate this recognition tremendously.”

The 2023 laureates were inducted on February 6th, at the 34th Colorado Business Hall of Fame Dinner at the Hyatt Regency Denver at Colorado Convention Center. Laureates are selected for their enduring and innovative professional contributions to Colorado, inspirational and ethical acumen, and philanthropic endeavors. This annual event, hosted by Junior Achievement – Rocky Mountain, Inc. and the Denver Metro Chamber of Commerce honored five of Colorado’s most distinguished and influential business leaders by recognizing their professional accomplishments and long-term impact on the state’s economy, and philanthropic contributions to the community.

“This tremendous honor recognizes Colorado’s most verdant and longstanding business leaders that inspire change through their professional and philanthropic work, which exemplifies the incomparable Mark Smith who I have had the pleasure of working with for more than three decades,” said Harry Frampton, Founder & Principal of East West Partners and Principal at Slifer Smith & Frampton. “I have witnessed the innumerable professional accomplishments, and his extensive philanthropic work that has truly impacted Coloradoans across the state from Denver to the Vail Valley. He is tirelessly committed to making Colorado a better place for all.”

This well-deserved honor comes after 50 years of experience in real estate development, sales and marketing. Smith is a Founding Principal and Managing Partner of Slifer Smith & Frampton and was a founding principal of both East West Partners and Union Station Neighborhood Company.

Commonly described as a visionary, Smith started his development career with the creation of Beaver Creek Village in the Vail Valley and has played a role in numerous iconic projects throughout the mountain communities including Vail, Beaver Creek, Bachelor Gulch, Breckenridge and Keystone resorts. He has also grown Slifer Smith & Frampton into the leading independent brokerage firm in Colorado with 270+ brokers and 120+ team members.  It now has 34 offices located throughout Boulder, Denver, the Vail Valley, Summit County and the Roaring Fork Valley with $10B in sales volume since 2020.

READ — New Approaches to Affordable Housing in Resort Communities

After developing in the mountains of Colorado for 13 years, Smith brought his East West Partners expertise to Downtown Denver in 1999. Beginning with Riverfront Park and eventually taking on Union Station, Smith and East West Partners helped reshape Denver and the metro area, having developed $1.4 billion of real estate comprised of 23 total projects, 1,429 residences, 745,000 square feet of commercial space and 150,000 square feet of retail. His leadership and vision in the master planning and development of both Riverfront Park and Union Station communities was acknowledged by receiving the Urban Land Institute Global Award for Excellence.

Despite this success, he is most proud of the significant contributions he has made to his community by being the founder of highly impactful organizations, including Youth Foundation (now Youth Power 365), Platte Forum, and Riverfront Park Community Foundation. Mr. Smith’s community involvement extends to the boardroom as well, with current board affiliations with Colorado Forum, First Western Financial, Forbes Global Properties, Riverfront Park Community Foundation, Slifer Smith & Frampton Foundation, and Chief Executives Organization. He has served as chairman of the Beaver Creek Metropolitan District, Bravo Colorado Vail Valley Music Festival, Central Platte Valley Metropolitan District, and Downtown Denver Youth Foundation.

Smith also served as a director of numerous youth and education-focused organizations, including Denver Public Schools Foundation, YPO Rocky Mountain Chapter, Teach for America Colorado, Colorado Succeeds, Mayor’s Leadership Team on Early Education, Colorado Uplift, and the Charter Fund, among many others.

At Slifer Smith & Frampton we’ve always had a shared vision: to cultivate careers and communities that thrive together,” said Jason Cole, CEO of Slifer Smith & Frampton. “We are committed to investing in people, places, and local business in a way that builds us all up for the greatest good of our communities. These were the founding principles of our partners and we are thrilled to see Mark join Harry Frampton (2008) and Rod and Beth Slifer (2013) in the Colorado Business Hall of Fame.”

4 Tips for Rebranding Your Business – And What It Reminds Us About Entrepreneurship

As entrepreneurs, our businesses grow and evolve in ways we never expected. Our business plans, products and services, even the very identity of our ventures, are constantly changing — that’s why rebranding your business at the right time is so important.

So when was the last time you considered if your logo is still an accurate representation of your business? 

Your logo is the face of your business — but even the prettiest ones can do with a facelift. For example, 74% of the S&P 100 companies rebranded their business within their first seven years. If you haven’t turned a critical eye to your logo since you printed your first business cards, then it might be time to consider a rebrand. 

READ — What Are the Safest Industries to Start Your First Business in 2023?

And as it turns out, an experiment in rebranding can remind you of the fundamental principles that made your business successful in the first place. 

Why Rebrand? 

Growth and adaptation are the foundations of a successful business. Those that do it well thrive, while those that don’t struggle to survive. Think back to the early days of your business. How much has changed? 

Our real estate brokerage, LUX Denver, is celebrating its tenth birthday this year, and it got us thinking about how different our brand is today compared to when we started. We’ve expanded, our clientele has changed, and our vision for what we want to achieve has clarified and sharpened. 

Last year, we began to feel that our logo no longer reflected the business in its current form. So we embarked on a journey to bring it up to date, and along the way, we picked up a few valuable tips for anyone considering a refresh of their brand. 

Start With Your Vision 

Why do you do what you do? Why is it important? And how has that changed since the early days of your business? 

Rebranding is an abstract experience that requires us to reflect deeply on the core values of our business so we can be sure they remain at the forefront of everything we do. So before you start sketching and brainstorming, take some time to explore your vision for your company’s future, and let that be your compass throughout this journey and beyond. 

Know Your Audience 

Who is your audience now? What do they have in common? And what do they expect?

Over the last decade, our brokerage has refined our niche in the luxury homes market, so we needed to modernize our logo to meet those standards. In addition, we recently expanded to new markets, so our branding needed to symbolize that our services have grown beyond the Denver Metro area. 

Take the time to describe your ideal client. This will inform your design choices as you explore new concepts for your logo and cue you into what clients expect from you in everything you do. 

READ — Determining Your Business’s Target Market: Why It’s Necessary and How To Do It

Stick to What You’re Great At

If you’ve never worked with design software before, let us clue you in on something: it’s hard. Take our advice and hire a professional designer to help bring your ideas to life. 

When you were a new entrepreneur with razor-thin margins, you likely had to do much of the heavy lifting yourself. But now that you’ve “made it,” recognize that you can create the most value by sticking to what you’re exceptional at and delegating the rest. 

Trust Your Instincts

So, after all that brainstorming and a few dozen mock-ups of a new logo, how do you know when you’re done? The same way you knew it was time to rebrand in the first place: you trust your gut. When you feel like you’ve found the right design, the one that resonates with you, listen to that feeling. 

Our instincts are all we have as entrepreneurs. They tell us which risks to take and which to avoid, which deals feel right and which don’t. Listen to those feelings. 

To help you conceptualize all this, here’s where the process took us.

From this:

Unnamed 2

 

 

 

To this:

Final Lux Logo Logo Denver Black

 

 

 

 

 

And ultimately to this:

Unnamed 1

 

 

 

 

 

The central, continuous line creating “LUX” conveys the forward momentum and growth we’re striving for, a theme reinforced by dropping the period that once followed the name. The ideai – for our company, our clients, and this new logo – is to create connections. Whether at home, at work or in the community, connecting with the people and places that create Inspired Living is the ultimate purpose of our brokerage, and we love how this logo conveys that.

Rebranding our business reminded us of the fundamental lessons of entrepreneurship that are all too easy to forget when you’re in the daily grind. A refresh of your logo is an opportunity to get out of a rut and explore new possibilities for you, your brand, and your business. So what are you waiting for?

 

A E PhotoIn 2014, Colorado native Aaron Cummins and Emily Duke founded LUX Denver Real Estate Company. As entrepreneurial-minded individuals with backgrounds in psychology, both were seeking a business that would enable them to create meaningful relationships, make a difference in an industry they loved and find Inspired Living in their lives and business. You can learn more at luxdenver.com.

Colorado Business Owner Shares the Importance of Shopping Locally This Holiday Season

The holiday season goes hand-in-hand with exchanging gifts with loved ones. It’s also an essential time of year for keeping small businesses, like mine, afloat. It’s not only meaningful, but it’s advantageous to support, spotlight, and cherish all small businesses here in Colorado and everywhere because they have great services and products that many have been missing out on. Shopping locally is more important than you may realize.

READ — How to Prepare Your Finances for the Holiday Season

I am proud to run one of the women-led small businesses that are leading the way with online tools, despite being harder hit by Covid. Meta’s recent Global State of Small Business Report found that women-led small businesses have effectively flexed to shift their business online, often more so than their male counterparts. Globally, 57% of women-led small business owners report using digital tools to communicate with customers, compared to just under half of businesses led by men.

Here’s the story of how my business came to be. In February of 2016, I was having lunch in a restaurant with my family when I wished out loud that I wanted a way to make adult coloring portable so that whenever I had a few extra minutes, I could pull a small coloring “kit” out of my purse and color away. Having plenty of colored pencils was important to me, as well as a built-in pencil sharpener. That was the day that COLORpockit became an idea that blossomed into a passion.

Our plan to get COLORpockits into retail stores was interrupted because of Covid and we had to pivot to focus solely on online sales through our website and other online retail sites. We turned to Facebook ads, including video ads, to get our name out to new potential customers and help drive sales. The ads give us the opportunity to invite people who interact with us to follow our Facebook Page.

READ — 5 Ways Small Business Owners in Colorado Can Survive Inflation

We also created a private Facebook Group called COLORpockit Community, where members share their coloring and support one another. I post coloring tutorial videos in the Group and let members know about upcoming sales. I’m excited that so many people are joining our Group and have access to this kind of support and encouragement.

We are thrilled to see that Coloradans are making an effort to shop locally.

My hope is that we can be mindful of the businesses we are choosing when we go to purchase a gift. Small changes can lead to huge impacts down the road. This year let’s think about the ways we are shopping locally and work harder to shop small and choose independent businesses.

 

Img 8774Dalaine Bartelme is the Owner and Chief Colorist of Colorpockit – the portable coloring system.

Celebrating Black Business Owners in Boulder: Leontyne Ashmore’s Barefoot-inspired Shoes

Last month was Black Business Month, a time to celebrate Black-owned businesses here in Colorado and across the country and honor the rich heritage of Black entrepreneurship and Black-owned businesses. It’s important that the Boulder community recognizes the significance of supporting Black-owned small businesses, not just for one week or one month, but all year round.

READ— Empowering Black Women in Leadership

I founded my company, Lisbeth Joe, after developing diastasis recti—or separation of the abs—from childbirth. I realized going barefoot helped make my body stronger. I started wearing minimalist shoes, which are nice and wide, so there is plenty of room for your toes to move freely and your whole foot to move in comfort. They are lightweight and flexible, with no artificial arch support or heel elevation.

However, I still needed shoes to wear in the workplace and I couldn’t find any stylish options. So, I decided to quit my job and start my own business making stylish barefoot-inspired shoes.

Like most small business owners, I’ve had to get creative to survive during the pandemic, and I find myself doing the same thing now since I’m dealing with production delays. My sales are down this year as supply chain issues continue to result in significant inventory delays. My winter boots were delivered after the winter season had already ended and my summer loafers and summer sandals, which were supposed to come in May, still haven’t even arrived.

Thankfully, Instagram has been a great platform for me. It’s become the place where I get most of my sales and has afforded me the ability to keep my business afloat. Social media has been a lifesaver when it comes to supporting small businesses. I use several of the available business tools including Instagram Reels, which helps me demonstrate how to style some of my shoes, primarily the boots. I’ve noticed people like to save these videos to refer back to when they’re putting together an outfit.

I also use social media to post giveaways and conduct polls to drive engagement from my followers and utilize Business Manager to place targeted ads on Facebook and Instagram to promote my business.

It is crucial that Black-owned businesses have greater access to these digital tools. Small business surveys show that the pandemic had a devastating impact on their ability to survive, where 26% of minority-led businesses closed, and many more faced a troubling drop in sales.

That’s why I believe it’s so critical to support other business owners. I contribute a portion of my sales to Kiva, which directly benefits women entrepreneurs. It’s a great organization, providing opportunities and empowerment to female entrepreneurs all over the world who can’t access the financial services they need.

This month is a reminder to continue to empower Black business owners in our communities and advocate for economic inclusivity for all — during this month and all year round I encourage everyone to go out and support their local Black-owned businesses.

Leontyne Head Shot 1Leontyne Ashmore is a Chartered and Certified accountant, with a background in corporate finance. Having left that world, she founded Lisbeth Joe to follow her passion for fashion.

Women to Watch: Vectra Bank

Women in Colorado are making an impact in every industry, enterprise and workplace role imaginable. They are CEOs, startup founders, strategists and irreplaceable employees who not only are instrumental in their own organization’s success; through their daily actions and achievements, they set a precedent of possibilities for the next generation of women in business to build upon. Every woman in business has her own story, and we present a few of them in this special advertising section with profiles specifically designed to show the person — the face, if you will — behind the business or organization that she has helped build or nurture.

Women to Watch: Vectra Bank

Megan Severs is SVP and Public Finance Relationship Manager for Vectra Bank Colorado. She is a lender specializing in Tax Increment Financing and District financing, working with developers, cities, and urban renewal authorities to finance public improvements. She also focuses on student housing. Megan began her career at Vectra Bank in 2013 as a Credit Analyst and has been promoted multiple times since then. Her dedication and motivation have created a strong brand reputation in the municipal finance sector. She has been involved with Junior League of Denver for many years, two of which on the Board of Directors.

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