Articles

Business Tips From the Editor - May 2025

BUSINESS TIPS FROM THE EDITOR

May 2025

Richard T. Hendee, Editor
The Silver Fox Advisor

“The Need for Good Monthly Financial Statements”

Financial Statements are the scorecard of any business operation. A business that does not have good financial statements is like playing a round of golf just for the fun of it, or two baseball teams playing a game and not knowing which team won or what any of the players' individual stats were. That may be o.k. if that is what you want to do, just have fun, but in the business world, playing the game is only part of operating a business. Having good financial statements lets the business owner know how much the business is selling, how much it is generating from those sales, and what it costs to operate the business, and ultimately provides the owner with a return on his or her investment and, oh yes, a livable income.

I have seen too many small businesses where financial statements have not been produced for several months. Or, if they are produced, the owner can not depend on the reliability of the numbers showing on the statements. But yet, the business owner lives with the situation because the internal bookkeeper has been with the business since it started, or is a relative of the business owner, so the lack of good financial statements gets accepted. Then one day a situation occurs that causes the business and everyone involved much pain, stress, and anxiety.

Typically, these situations simply do not get better with time, they only get worse. What results is a long, expensive and messy clean-up that could have been avoided if the situation were addressed earlier.

Generally speaking, most people know when they are in over their heads but are reluctant to speak up for fear of losing their job or disappointing someone they respect or love. What I have seen when these situations are addressed in a business-like and professional manner, usually the result is everyone experiences a sense of relief.

If you need help with making changes in your business, 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.         

Silver Fox Advisors CEO Roundtable Benefits

Participating in a Silver Fox Advisors CEO Roundtable offers several benefits to both you as a leader and your business:

Personal Benefits

1. Peer Learning & Experience Sharing – You gain insights from experienced CEOs, business owners, and executives facing similar challenges.
2. Objective Feedback & Guidance – Honest, unbiased advice from seasoned professionals who can provide different perspectives.
3. Leadership Growth – Exposure to different leadership styles and strategies can help improve your own decision-making skills.
4. Accountability & Motivation – Regular discussions with peers encourage accountability and goal-setting.
5. Networking & Relationships – Build valuable connections with like-minded leaders who can become mentors, partners, or collaborators.

Business Benefits

1. Problem-Solving Support – Get fresh solutions to challenges related to operations, finance, marketing, and more.
2. Strategic Insights – Gain perspectives on market trends, growth strategies, and competitive positioning.
3. Access to Expertise – Learn from experienced Silver Fox Advisors, who have deep business knowledge and can offer mentorship.
4. Improved Decision-Making – Enhanced clarity on critical decisions through collective wisdom.
5. Business Growth Opportunities – Exposure to new markets, partnerships, and business development ideas.

These roundtables provide a confidential, supportive environment where you can learn, share, and grow as a leader while helping your business thrive.

Your participation in a Roundtable is free of charge, but the content for members is priceless (making it the best ROI in town).

Roundtables typically meet once a month for 2 hours.

Roundtable Membership is open for CEO’s as well as Non-Profit organization leaders. 

Would you like help finding a nearby roundtable or understanding how to get started?

Contact Us

For more information or to join a CEO Roundtable, contact Silver Fox Advisors at:

• Phone: (713) 456-5900
• Email: [email protected]
• Website: www.silverfoxadvisors.com

We look forward to helping you achieve greater success in your business journey!