Articles

The 2027 Planning Process

BUSINESS TIPS FROM THE EDITOR

October 2026

Richard T. Hendee, Editor
The Silver Fox Advisor

                          "The 2027 Planning Process"

The first three quarters of 2026 have come and gone, and we are well into the fourth and last quarter of the year. For some businesses this last quarter of the year is the financial make or break quarter in that their holiday sales generate a big portion of the business’ annual revenues.

The fourth quarter of the year is also jam packed with internal and external decorating for Halloween, Thanksgiving and Christmas, party planning and partaking in the festivities, scheduling and taking unused vacation time, getting accounting records clean up before the end of the year, rushing to finish all those projects planned last January, and oh yes, filling and meeting all the demands of clients and customers trying to do some of the same things. 

And then, there are those business advisors who are pushing you to get your 2027 Business Plan and Budget started and finished before January 1, 2027 hits the calendar.

Depending on who you talk to, ranking all these tasks would result in very different priorities. Being the pesky business advisor that I am, I would rank doing a 2027 Business Plan and Budget at the top of the list; and here is my reasoning:

For most business owners their business is their largest single asset and the source of the majority of their income to support their family and their life style with that in mind let’s get started.

Doing a Business Plan really should not take that much time and thought. Business owners are in their business every day. For the most part they know what needs to be done and what they would like to do, they just haven’t written down and shared their desires, thoughts, ideas, plans and milestones with their families, and just as importantly, with their employees. Once that Business Plan is written, it can be used as the frame- work for creating the Budget.

When I use the word “budget” with some of my clients, their eyes glaze over and they share with me all the reasons that a budget for their business simply can’t be done! Then, I proceed to share with them how simple doing a budget is, and generally we meet somewhere in the middle and with a little (sometimes a lot) of help a budget is created. 

One of the comparisons I have used over the years of doing what I do is –

If you are going on a vacation and driving across the country, do you just pack the family in the family truckster and start driving? Or, do you do a little planning and budgeting? You can probably guess the reply I get. 

If you are a small business owner and are struggling with preparing a Business Plan and Budget, don’t get overwhelmed or worse, simply don’t do either one. Seek some advice or assistance from someone who has been there and done that before. Think about contacting one of our professional Silver Fox Advisors who can provide guidance as you develop that Business Plan and Budget. We encourage you to visit our website at www.silverfox.org  There you can learn more about selecting a Silver Fox Advisor to engage in assisting you.

Richard T. Hendee, Silver Fox Advisor