Articles

Business Tips from the Editor - June 2026

BUSINESS TIPS FROM THE EDITOR

June 2026

Richard T. Hendee, Editor
The Silver Fox Advisor

                          “My Own Backyard"

Over my career of advising, consulting, coaching, and mentoring small business owners I have seen numerous small business owners looking over the fences in their marketplace and thinking they can expand their market penetration and want to jump into an expanded market space (some even have their set their sights on a national market place) with limited knowledge, limited time, limited resources, and no formal plan. That great idea keeps resurfacing, and images of grandeur take over, the anchor is pulled up, and the ship sets sail!

Frequently, the results are the same. Focus, time, and money are spent on the shiny new marketplace, and in time (usually a short time frame), the business experiences a loss of revenue, loss of customers, and a loss of market share from the market that made the business what it is (or was). 

Conversely, I know the owner of a very successful business for many years, where customers wait in line to enjoy the business’s products and services (that are pricey, but very good with service that is tremendous); he tells people who ask why he doesn’t open more locations in other cities, to which he replies, “Why would I want to do that? I can’t spend the money I am making now!”

If you are a small business owner struggling with images of grandeur and the desire to take over the world, but something is telling you not to jump off the cliff without backup and a parachute, seek advice from one of our professional Silver Fox Advisors, who can provide guidance as you chart that course into uncharted waters. We encourage you to visit our website at www.silverfox.org.  There, you can learn more about our great programs and community outreach endeavors, or about selecting a Silver Fox Advisor whom you can engage, or perhaps about even becoming a member yourself.