Silver Fox Advisors Receive Better Business Bureau of Greater Houston’s “Appreciation Partnership Award”

HOUSTON, TX (Nov. 2, 2022) – Joseph Tung, President of the Silver Fox Advisors, announced today that the Silver Fox Advisors received a “Partnership Appreciation Award” at the Better Business Bureau of Greater Houston’s 30th Annual Awards for Excellence luncheon held at the Bayou City Event Center.

“The Silver Fox Advisor’s serve as judges for the Better Business Bureau of Greater Houston’s Education Foundation Award of Excellence Program.  The judging of the applications submitted by the Better Business Bureau’s members is one of the most rewarding projects the Silver Fox Advisors do all year. It is very impressive to see the quality of these applications. We can tell that the BBB members take this process very seriously, and it has become more and more competitive each year”, added President Tung. Several of the Silver Fox Advisors judges attended the Awards luncheon and joined Better Business Bureau of Houston members at their tables.

Silver Fox Advisors are proven business leaders who advise, consult, and mentor business owners, CEO Roundtables, and entrepreneurship programs. For more information visit: www.silverfox.org

Increasing the Pricing of Your Products and Services

Over the past several years I have written articles regarding product and service pricing and have made recommendations to my clients regarding the pricing of their products and services. These suggestions were based on my belief and experience that most businesses can pass on at least a 2 to 3 percentage price increase in their respective products and services to their customers each year and should do so annually at the same point in time, say January 1st.

Few customers if any will even notice that small an increase. If you are not doing this type of systematic pricing increase, your bottom-line profitability is going to suffer because the costs associated with running your business are increasing. If you don’t increase your pricing, you are simply absorbing the increases in your expenses (wages, insurance, rent, utilities, taxes, office supplies, advertising, and, the list goes on).  

An Example

One example I like to use to demonstrate this point is to take any year-end income statement for your business and add 3.0% to your revenue figure; see what that does to your gross profit margin and your net profit margin. Most business owners I ask to do that exercise will come back and tell me they are amazed, and they all wish they would have done something like that sooner.

What prompted me to write this article about increasing pricing for products and services is the present inflationary market we are experiencing. With the last published inflation rate of 9.1% (a 40 plus year high), if you are not increasing your product and service pricing right now by at least 9.1% your bottom line will be greatly affected in a negative way for 2022. I would almost guarantee you that you are experiencing increases in almost every expense item, like the ones I mentioned earlier.

Avoid the Wait

Further, if you wait until next year to increase your pricing, we could be operating in a much different business environment, perhaps a recession, and then it will be very difficult to pass product and service pricing on to your customers.

I recently heard of one business that decided to do a 25.0% increase in its service fee and add a 5.0% monthly fuel surcharge to its pricing, and it experienced had no questions or complaints.

I know and understand passing a double-digit price increase on to your customers might not be possible in every situation due to differences in competitive environments. But I would guess you could pass the inflationary rate of 9.1% on to your customers as a fair increase.

Lastly, I also know and understand that by increasing your product and service pricing you might feel like you are adding to the inflationary spiral. However, if you don’t increase your pricing as stated above, you will be simply absorbing the increases yourself in the goods and services that you have to pay. A simple saying, I have stated over the years might apply here: “Do you want to pay your mortgage payment, or do you want to pay someone else’s”?

Event Sponsorships Are Available

If you would like to sponsor an upcoming Silver fox Advisor event, like our Lunch & Learn program, opportunities are still available.

As an event sponsor, you will be provided reservations for a table of 8. And your company will be featured in all promotional announcements surrounding that event.

At the event, you will be introduced from the podium as well as afforded the opportunity to display your marketing information throughout the hall.

If you would like to know more, contact Doug Thorpe at dthorpe@silverfox.org or Don Baird at DBaird@silverfox.org

Understanding the Bigger Energy Picture

With average gasoline prices in the United States passing $5 per gallon this month for the first time ever, energy has really captured the headlines showcasing the very real impact on many people’s pocketbooks and way of life. This has reenergized the dialogue and debate over oil’s usage, the primary feedstock for gasoline, and politically the need to switch more quickly to wind and solar.

Unfortunately, our modern information world of cable news, twitter, and other forms of media showcases unbalanced snippets.  Having spent my career in the energy industry, over the years I have found it rather appalling at the naivete and lack of depth of understanding for such a complex energy/environmental system that fundamentally powers our standard of living.

In my blog of October 25, 2021, on Understanding the Energy Quagmire, the focus was on climate change highlighting the issues around renewable energy and fossil fuels.  My overall conclusion was we needed a more thoughtful balance of the risks and rewards of different courses.

Then in my blog of March 4, 2022, we looked at the concept of energy security being made up of economic security, national security, and environmental security. In other words, energy security plays a major role in the other three primary securities which are central to daily living. Today, we are seeing the impact on economic security which doesn’t receive much attention until energy prices rise significantly.  In the blog, I referenced a presentation that I had given in August of 2021 before Russians invasion of Ukraine.  I made the point in that presentation that we were underplaying the role of energy security in terms of its potential impact on national security, in other words, a lack of balance and foresight.  The Russia/Ukraine war has brought this reality to the forefront.

Today, I received an e-mail from Scott Tinker, Director, Bureau of Economic Geology & State Geologist of Texas who is a Professor at the University of Texas.  I met Scott through my role at the University of Houston’s Global Energy Management Institute at the Bauer College, and my leadership role in the GHP’s Energy Collaborative.  He is incredibly knowledgeable and insightful on the energy/environment complexities and recently produced a YouTube video entitled TEDx-The Dual Challenge: Energy and Environment. 

Scott really addresses the bigger energy picture in a balanced way. He has requested us to share this 17-minute video with friends, colleagues, and social networks.  It will give you much greater insight into the big picture reality of energy beyond simple snapshots through the media.  Please listen to his insight:

BBB-CEO Roundtable

In partnership with the Better Business Bureau serving the Greater Houston and South Texas region, Silver Fox Advisors is proud to announce the formation of its newest CEO Roundtable in the Houston area.

This Roundtable is specifically offered to the CEOs of accredited BBB companies. The program enables Owners and CEOs of privately held companies the ability to interact with and receive valuable input from their peers in the business community.

The meetings are held once a month, in person, for two hours at the BBB office in the Galleria areas. Meetings are facilitated by experienced Silver Fox Advisors Rich Hall and Ralph D’Onofrio. There is no cost to participate in the program other than being a current member in good standing with the BBB.

Pictured are Rich Hall – Silver Fox Advisors and Roundtable Facilitator, Joseph Tung – VP of Silver Fox Advisors, Sanjay Agnihotri – CEO of Loaninghub.com, Dwayne Clinton – CEO of 3C Roofing, Sonya (Rojas) Brazeal – CEO of Amazing Window Cleaners, Greater Houston BBB President Dan Parson, Cheryl McClure – CEO of You’re First Care, Christopher Schoen – CEO of Velocity Promotions, Ken Barnes –  CEO of Predator Restoration, and Juan Llanas – CEO of JN Ornamental Design.

If you are a member of the Houston BBB and would like more information about the CEO Roundtable program, please visit the Silver Fox Advisors website for information www.silverfox.org/bbb

Silver Fox Advisors

Our association of proven business leaders serves the needs of small business owners, CEOs, and entrepreneurs in the Greater Houston area. We help leaders establish, grow, and prosper their business by sharing our collective wisdom through robust service offerings.

Silver Fox Advisors consists of former and current CEOs, Board members, entrepreneurs, business owners, and executives of public and private companies with proven records of performance and growth. We are business leaders who have a passion for seeing others thrive and prosper.

Our premiere offering is the CEO Roundtable. If you would like to learn more about Silver Fox Advisors, visit our website at www.silverfox.org or email marketing@silverfox.org.

Highlighting Rich Hall

Silver Fox Advisors is proud of our members and would like for you to get to know them better.

Rich Hall has been a valued member of Silver Fox Advisors since 2020. He currently serves as a Board member, Chair of the Membership Committee, and Facilitator of two CEO Roundtables (The Woodlands area and in partnership with Houston’s Better Business Bureau).

As the founder of Rich Hall Group, he works with small business owners and leaders to help them achieve their vision of success for themselves and their company. He has extensive experience with family-owned businesses looking to grow, transition to the next generation, or prepare for a successful exit.

In addition to his advisory and coaching services, Rich is the proud father of 3 boys, Jeremy, Mark, and Daniel, and husband to his beautiful wife, Jamie. They’re active members of The Woodlands Methodist Church, and parents to pandemic puppies, Bucky and Riley.

If you would like to learn more about Mr. Hall, or Silver Fox Advisors, see our website at www.silverfox.org/directory

Lunch & Learn June 23 Featuring the BBB

At our next Lunch & Learn series event, the BBB will be featured. This year marks the Centennial Celebration for the BBB. To join in the celebration, we will host a panel of three prior Pinnacle Award winners from the BBB.

The Silver fox Advisors are proud of our working relationship with the BBB, serving as the judges for the Circle of Excellence awards each year. BBB member companies submit their stories for inclusion in the annual contest. Winners are then selected in various product and service classes.

At the June 23 Lunch & Learn, you will hear from three of the prior winners. Listen as they describe their journey as small business owners, growing and shaping their brands.

Tickets are on sale now. Visit SilverFox.org/reservations to buy your tickets.

When – June 23, 11:00-1:00

Where – Houston Racquet Club, 10709 Memorial Drive | Houston, TX 77024

Featuring Mary L. Kole

Silver Fox Advisors is proud of our members and would like for you to get to know them better.

Mary Kole is the founder of ML Kole, LLC, a consulting practice focused on assisting leaders of public and private companies with the development and implementation of strategies to achieve company or organization objectives. Mary is a professional Business Leadership Mentor, former Chairman, President, and Vice President of Silver Fox Advisors.

According to Silver Fox Advisors founder, Monte Pendleton, “Mary is the most capable person I have mentored in 30 years. She can do anything and do it well”.

If you would like to learn more about Ms. Kole or joining Silver Fox Advisors, visit our website.

Dr. Ken Wells

Featuring Dr. Ken Wells

Silver Fox Advisors is proud of our members and would like for you to get to know them better.

Dr. Ken Wells is one of our newest members. He is a seasoned executive with extensive corporate health experience spanning clinical medicine, health benefits, public health, and pharmacy. He is an Army reservist, flight surgeon, and pilot.

Ken serves as Vice-Chair of our CEO Roundtable Committee and an active participant in several of our programs including our recent Lunch & Learn on April 7th when we returned to an in-person gathering at the Houston Racquet Club. Ken joined a panel of other Silver Fox Advisors and updated those in attendance with information about “Hot Topics Facing Business Today.”

If you would like to learn more about Ken or join Silver Fox Advisors, visit our website.

Featuring Member Ibrahim Saleh

Silver Fox Advisors is proud of our members and would like for you to get to know them better.

Ibrahim Saleh is the owner of TaQtics Consulting Group. He works with small to mid-sized businesses with revenues from $1MM to $50MM. Ibrahim has a strong background as a consultant, entrepreneur, and CFO from a 25-year career of leading finance and operational teams.

Ibrahim is Vice-Chair of our Membership Committee and an active participant in the evaluation and onboarding of new members.

If you would like to learn more about Ibrahim or join Silver Fox Advisors, visit our website.

Ibrahim Saleh, Business Advisor
UPCOMING EVENTS
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