Articles

The End of Another Year - How Was Your Year?

BUSINESS TIPS FROM THE EDITOR

December 2024

Richard T. Hendee, Editor
The Silver Fox Advisor

“The End of Another Year - How Was Your Year?”

Well, here we are again at the end of another year, and as a business advisor, I ask business owners some questions I would hope that they would be able to answer. The questions are not hard questions or do they need a lot of time to think about, but instead are some basic questions every business owner should know about his or her business, and here they are:

Were you able to answer those questions off the top of your head? Why should you be able to have that information in your head about your business without having to get with your bookkeeper or your accountant? Because, as a business owner the business or the company is yours, and not only is it in most cases the source of your and your family’s livelihood, it is probably the largest single asset you own. In addition, your employees depend on their jobs with your business for theirs and their family’s livelihood. And, oh yes, as a business owner you are in a leadership position, and as a leader the direction and success of the business falls directly on your shoulders. So, not having some key performance indicators at your fingertips makes it difficult to make those tough decisions that need to be made day in and day out.

If you could not answer these questions, I would guess you likely do not do an annual business plan or an annual budget for your business or monitor the actual results monthly or quarterly against the business plan and budget. If you have never done either one or both of these key documents, you still have time to get started before the year ends and the new begins.

If you need help with a business plan or budget, I would recommend you seek an experienced business advisor, coach, consultant or mentor with a financial or business background for your Company: Contact a Silver Fox Advisor. Remember, having experience on your side always helps.

We encourage you to visit our Website at www.silverfox.org or www.silverfoxadvisors.com to select a Silver Fox Advisor and also to learn more about the Silver Fox Advisors, our Associates, and their businesses, as well as our great programs and community outreach endeavors.