Articles

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. 

Smooth Career Transitions Made Easy

Jonathan Phillips
Silver Fox Advisor
September 2024

Navigating Crucial Career Decisions: A Senior Executive’s Guide

Mission, Vision, Values Statement, and Career Narrative

One of the first steps in our Career Compass process is helping you articulate your Mission, Vision, and Values (MVV) statement. This foundational exercise clarifies your core principles, long-term aspirations, and the guiding values that shape your decisions. We also find writing out a chronological career narrative to be extremely productive.

To start, define your professional purpose and how you got this far. Reflect on what drives you and the impact you want to make in your industry. This is your mission. Next, envision your future. Where do you see yourself in the next five to ten years? What are your ultimate career goals? This vision will serve as a beacon, guiding your decisions. Finally, identify the principles that are non-negotiable for you. What values do you want to uphold in your career? These values will ensure that your career path aligns with your personal and professional integrity.

Clarifying Your Ideal Job/Career Outcome

With your MVV statement as a guide, the next step is to clarify what your ideal job or career outcome looks like. Start by assessing your strengths and skills. Take stock of your unique competencies and how they align with your career aspirations. Set specific, actionable career goals. Define the positions or roles you are aiming for and identify the industries or companies that align with your MVV.

Develop a strategic action plan to achieve these goals. Consider the steps you need to take and the additional skills or experiences you might need to acquire. This clear roadmap will keep you focused and motivated as you navigate your career transition.

Managing Media – Beyond Resumes

Managing your professional presence goes far beyond simply updating a resume. It’s about curating a cohesive and compelling narrative that extends across all platforms (LI, personal websites, social media), ensuring that your personal brand is consistent, authentic, and impactful. This will define your Brand.

Highlight your key achievements, but also share insights into your professional philosophy, industry trends you are passionate about, and even personal anecdotes that illustrate your leadership style and values. Sharing articles, postings, industry insights, and engaging in speaking opportunities can significantly enhance your visibility and credibility. Regularly contribute to industry discussions, whether through blog posts, LinkedIn articles, or participating in webinars and conferences. Even videos highlighting topics you are committed to, care about, and are willing to devote time to

Optimizing Your Network – Advisors, Advocates and Contacts

A robust professional network of Advisors, Advocates, and Contacts is crucial for career advancement. However, networking can sometimes lead to fatigue. To optimize your network effectively, identify key contacts who can provide valuable insights, opportunities, and support. Engage meaningfully with these individuals, prioritizing quality over quantity. Build relationships through meaningful conversations and by offering genuine value to your contacts.

To avoid network fatigue, set boundaries to prevent burnout. Schedule regular but manageable networking activities and take breaks when needed. This approach ensures that your networking efforts remain productive and sustainable. Our insight here is to segment your network from the start: Advisors are the 2 or 3 senior people you trust with whom you can review opportunities as they come up; Advocates are people in your network that respond within a day and who are active in helping you move your career forward; Contacts are all the rest – the learning here is to carefully engage this subgroup with Issues Based Advocacy messages (this is a separate topics).

Jumpstart Your Job or Career Transition

Don’t wait – however you decide to engage, focus on accelerating your career transition and using support systems that fit your needs. This includes configuring your Online Profiles, your Resumes, and Cover Letters as well as strategic networking. Following issues-based advocacy interactions with your network will help you avoid the job trap cycle and improve overall engagement as well as greatly reducing network fatigue.

Don't job search alone - find a group to join or a career counselor to get personalized guidance to help you navigate challenges, refine your strategies, and stay focused on your goals. Additionally, do not hesitate to find Advisors in your network that will help you with resume building and interview preparation; this will greatly enhance your job search efforts, and increase your chances of success.