Articles

June Business Tips From the Editor

BUSINESS TIPS FROM THE EDITOR

June 2025

Richard T. Hendee, Editor
The Silver Fox Advisor

“TECHNOLOGY - My Most Valuable Asset”

Probably one the most over looked valuable assets businesses have today is centered in its “Technology”.  The overall value is not listed on the businesses balance sheet other than the value of the hardware (computers, printers etc.) or some specialized software system like NetSuite, which has either been depreciated off the books, or based on the value of the individual piece of hardware or software system, simply expensed in the year it was purchased.

But the real value in a business’ technology (from a very broad sense) lies in the information and data stored on various hardware devices and/or software systems. Information like customer files and details, accounts receivable and accounts payable records, general ledger data, financial statements, tax returns, bank statements and records, fixed asset registry, inventory records, employee records and files, payroll data, policies and procedures (some of which may be proprietary), and the list goes on. Some of this information and data maybe backed up “on the cloud”, but other files and records may be on individual devices or on some main frame stored in the closet.

Have you ever thought about what it would cost to rebuild all of this information and data, let alone how long your business would be potentially shut down if one day all this information and data were gone or inaccessible?

Many small businesses can’t afford to have an IT expert on staff, so the business owner’s brother-in-law may be the business’ IT expert because he “knows what he is doing”. Other businesses contract with what is known as an MSP (managed service provider). But not all MSP’S are equal. Some are very good for small operations, but potentially can get bogged down on larger more complex situations or when their client base gets larger than they have the ability to service.

Because of the tremendous exposure businesses have to the loss of these files and records from hackers and other forms of data loss, like human error or employee theft, protecting these files and records should be a top priority. But, unfortunately in most businesses it is not a major issue, primarily due to the cost, the lack of knowledge or what are seemingly more important issues that the business owner needs to take care of today, after having already put in a 15-hour day. 

If you need help with your business’ most valuable asset, 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 and their businesses, as well as our great programs and community outreach endeavors.