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The Economy and Its Impact
BUSINESS TIPS FROM THE EDITOR
September 2026
Richard T. Hendee, Editor
The Silver Fox Advisor
“The Economy and Its Impact"
If you follow the economic news and read the economic forecasters’ articles, you are likely getting or hearing some conflicting information. Some economists tell us the economy is great, and the next big boom is right around the corner. Other forecasters tell us to hunker down and get ready for the next big belt-tightening. Who should we believe? In most cases, only time will tell. But if you don’t want to be a gambler with your business’ future, you might want to do some internal and external fact-checking and analysis.
Here are a few suggestions you might want to consider:
- Increase in your operating costs – If you see the costs of the products you are selling increasing over time and you are not passing those increased costs on to your customers, then your profit margins are shrinking every time you sell a product.
- Pricing strategies – If you are having to lower your pricing on the products or services you are selling just to make the cash register ring, that could mean your customers do not have as much money available as they once did, or maybe competitors have lowered their pricing (you should research the why), or possibly you have priced your products or services too high to begin with.
- Market research: Check with your own family and friends to determine what their present buying habits are and if they have changed over the last few months. Are they dining out less often than they did a couple of months ago? Are they finally taking that dream vacation they have been talking about for years? Are they driving their cars longer than before, or did they just buy a new, bigger luxury vehicle?
Keeping your pulse on what is going on around you is probably one of the smartest things you can do as a business owner. Further, it is likely even a better indicator than the predictions you hear about on the news or read about online, opinions written by individuals not living in your neighborhood or working on Main Street USA. If you are a small business owner and trying to figure out what’s right for your business and you are getting overwhelmed, think about seeking some advice or assistance from someone who has been there and done that before. Think about contacting one of our professional Silver Fox Advisors who can provide guidance as you work on your business, not just in your business. We encourage you to visit our website at www.silverfox.org. There, you can learn more about selecting a Silver Fox Advisor to engage to assist you.
Leadership Training - August 2026 Situation
THE LEADERSHIP TRAINING/MENTORING CORNER
In the August 2025 Newsletter, we started a series called “The Leadership/Mentoring Corner” in which we posed a thought-provoking situation for you to think about and put yourself into, asking yourself, “What are your next steps?”
AUGUST LEADERSHIP SITUATION
George works for a service provider business that has been in operation for more than thirty years. The owner of the business knows the service that is the main source of revenue inside and out, but he is not good with operations, finance, or marketing. The owner has told George he will sell the business at some point, and he hopes that George will consider purchasing it with some potentially favorable terms. On occasion, the owner frequently lashes out at employees over small or meaningless issues, which has caused a number of good tenured employees to leave the business over the past thirty years.
Most currently, revenue has dropped year-over-year for the last three years in a row. Expenses have remained relatively flat, but with revenues being off, profitability has reversed and turned into operating losses. The owner has become frustrated that the business is not doing better and has increased his outbursts with employees to the point a number of the key management team employees have recently left the business. George and the owner are the only employees left on the management team.
The owner has put some personal cash into the business but does not have much personal liquidity left and has openly talked about filing Chapter 11 or maybe even Chapter 7.
George has a family with a non-working spouse and two children ages 8 and 10. One child needs costly medication, so George can’t be without a family health insurance plan.
What actions or steps should George be taking short-term and long-term?
Please provide us with a brief write-up of What should George’s next steps be? Send your write-up to Lynn Rosado at [email protected]
In our September 2026 Newsletter, a team of Silver Fox Advisors will provide responses to what they would have recommended to James that he do based on the situation detailed above.
If you need assistance in becoming a better leader, I recommend you start by contacting Silver Fox Advisors. Silver Fox Advisors are former or present business owners themselves, and they have leadership experience in running a business, and in some cases several businesses, and have dealt with unforeseen and unplanned situations throughout their careers. 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.
