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Business Tips From the Editor -September 2024

BUSINESS TIPS FROM THE EDITOR

September 2024

Richard T. Hendee, Editor
The Silver Fox Advisor

“JUST DO IT”

The Nike “JUST DO IT” Brand logo has been around since 1988 and has been defining the Company's actions since then; without a doubt, this campaign has resulted in Nike becoming a very successful Company with a $125 billion market cap today.

Why is this important to the small business owner on Main Street struggling to make payroll each week? Well, over my career in advising small businesses, I have observed small business owners who either could not make a decision or who waited so long that opportunities passed them by. There is a converse action of not making a decision, and that is making decisions too quickly and without all the information. Often those decisions don’t turn out to be good ones. 

So, is there a happy medium or a “Just Do It” formula? The answer to that question is a tough one. You as a business owner need to be comfortable with the decisions that you make, and often not making a decision is not an option. Thus, an approach that I have used over my career is not to make a decision in a vacuum. There are usually pros and cons to almost every situation, so I start out with a blank piece of paper and divide it into two columns, pros in one column and cons in the other, to see which, if either, outweighs the other. In addition, I will research the situation and seek input from individuals who know more about a specific situation than I do, or in some cases ever will!

Also, many decisions have financial elements either on the front end or on the back end. So, I will typically run some financial modeling to see how my balance or income statements are or may be affected.

 In addition, some decisions could involve legal considerations or consequences or possible image or reputation risks, so getting legal counsel may be justified or warranted.

Now that you have done your due diligence, weighed your options, and made your decision based on all the actions described above, the next step is, yes, “JUST DO IT”! I have seen small business owners get all the way through the process and then never execute. 

If you need help or assistance in making decisions in your business or executing the decisions you have made, talk to a business advisor who has knowledge and experience in this area. We encourage you to visit our website at www.silverfox.org and to learn more about the Silver Fox Advisors, and how they can assist you with your business needs, as well as to discover more about our great programs and community outreach endeavors.