Articles

Business Tips From the Editor - "I Have Great People"

BUSINESS TIPS FROM THE EDITOR

October 2025

Richard T. Hendee, Editor
The Silver Fox Advisor

         “I Have Great People"

Recently, I ran across a great response made to a question asked of John B. Campbell, one of the leaders in the flooring industry. Mr. Campbell was asked the question – “What is the secret to your success”? Mr. Campbell’s reply was – “ I have great people”.

Over my 45-plus years advising, consulting, and mentoring small and mid-size businesses, I have noticed that the companies where the ownership did not try to do everything themselves but hired great people to run various aspects of their businesses, those businesses have been able to grow into very, very successful businesses.

When you are just starting out in business cash flow is usually very tight, and one can simply not afford to hire a CFO, COO, CIO, or General Manager so the owner has to do it all. But as the business grows, you need to know when to and have a plan to give up functions to great people and let them manage that piece of the business, as you become more of the face of the business and the visionary.

Many small business owners are reluctant to give up their authority to someone else thinking that the employee will take all the information learned and jump ship and go to another company or start a business of his/her own to compete with you. If you have that kind of person on board, then I would say you need to find a different person, treat that employee right and make him/her feel she/he is building something with you and not for you.

At one point in my career, I had responsibility for nearly $2.0 billion in Company assets and had over 250 people working for me. There is no way I could have done that if I tried to do everything myself. Instead, I had eight great people who had various areas of responsibility, and I let those managers run their respective assigned areas. They all knew I was not going to micro-manage, nor was I going to look over their shoulders. If they needed help, they all knew that they could ask for it, and we would work on whatever the issue was together.

I would be remiss if I didn’t share with you a little about John B. Campbell.

Mannington Mills was founded, and is still headquartered, in Salem, New Jersey. In 1915, John Boston Campbell wanted to start a business with his sons Neil and Kenneth so he could keep his family close by. Now, generations later, the company is led by Chairman of the Board Zack Zehner (John Boston Campbell’s great-great-grandson) with several family members also involved in the business. Mannington associates, over 3,500 of them across the globe, comprise the larger Mannington family, all of whom still operate under the same mission that was set forth generations ago: To Be the Best People To Do Business with in The Flooring Industry.

If you need help with assessing or make a decision in your business about hiring or promoting great people, I would recommend you seek an experienced business advisor, coach, consultant or mentor with a financial or business background for your business: 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.     

2026 Business Plan and Budget

"2026 Business Plan and Budget"

October 2025

Richard T. Hendee
A Silver Fox Advisor

If you haven’t looked at your calendar lately, there are just two more full months left in 2025, and both of those months have major Holidays in them, which means lost business work days and family and personal obligations.

So, what’s my point? Well, if you haven’t started at least thinking about your 2026 Business Plan and Budget, you will be under the gun to finish both by the end of the year for implementation on January 2, 2026.

If you have been in business for a while, you are probably saying, “Why do I need a 2026 Business Plan and Budget”?

My response to you is – “Your business is probably the largest single asset you have. It is also the source of your family’s livelihood”.  Don’t you want your business to be successful and generate profitability to support your family? If you said yes to these questions, then let’s do something about it to make that happen!

Writing the key points of a Business Plan are not that hard. Start by writing a Strength, Weakness, Opportunity, and Threats (S.W.O.T.) analysis. Use the S.W.O.T. analysis to plan to capitalize on the strengths, improve the weaknesses, take advantage of the opportunities, and identify the threats as best you can, so if they happen, you will not be caught totally off guard.

Now, develop your top three or four business goals you would like to achieve in 2026. These goals can be things like adding a new product in 2026, expanding your facilities, buying a new piece of equipment, or some new vehicles. Then, develop three or four financial goals you want to achieve in 2026. These can be things like increasing your gross profit margin by one or two percent, adding to your reserves for a rainy day, or even expanding your line-of-credit with your bank.

Also, you should generate an organizational chart, identify what each position does, and evaluate the people you have in those functional boxes to make sure you have the right people in the right places to carry out your plan.

Then, detail your marketing strategies and techniques for 2026. Those items can include having a new website built, adding a social media component. Hiring a new salesperson, instituting a customer satisfaction experience campaign. 

Those are some of the key elements for your business plan. Now that wasn’t so hard, was it?

One of the biggest mistakes business owners make with their business plans is not sharing the plan with their employees. You need all of your employees on the same page you are on if your business is going to be successful. Further, if you don’t tell your employees what you want, how can you expect them to perform the way you want them to?

Next month I will detail the components of the 2026 Budget.

If you need assistance in working through your “”2026 Business Plan”, I recommend you start by contacting the Silver Fox Advisors. Silver Fox Advisors are former or present business owners themselves, and they have experience in running a business, and in some cases several businesses, and they have lots of experience developing Business Plans. We encourage you to visit our website at www.silverfox.org to select a Silver Fox Advisor and also to learn more about the Silver Fox Advisors, as well as our great programs and community outreach endeavors.