Silver Fox Advisor - March 2017

March 2017

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The Silver Fox Advisor

Advising, Consulting And Mentoring Greater Houston Area Business Since 1986

From the Editor...

Richard Hendee

LOOKING AT THE NUMBERS OR USING THEM

Over my 45 years in the financial services industry I saw many business owners look at the financial statements that their in-house financial person or outside accounting firm prepared, but they spent very little time analyzing what the numbers revealed as far as ways to improve their cash flow or bottom line or even detect violations in operating procedures.

To make better use of your company's financial numbers you should do more than just look at a single reporting period's (monthly, quarterly or annual) financial statements. Reviewing only a point in time financial statement is like looking at a photo of your family at your favorite vacation spot. The photo does not tell anyone where you are, how you got there, where you are going next, or when you are coming back.

Is Nursing Or At Home Long Term Care Needed Or A Necessary?

By Melvin Maltz a Silver Fox Advisor

A mericans are aging. A few years ago planning to live to age 95 was considered sufficient. Today life span forecasters are projecting that age 120 could be in your plans.

Without planning, who will be your caregiver? Will it be your wife, your son, your daughter? Will it be necessary that your caregiver quit working and give up their income to care for you; or will you need to quit working yourself to care for your family member? Would you want your daughter to care for you or your son to care for your wife?

Before reviewing the various long-term care options, current statistics will show the importance of considering this for yourself, your parents, or other family members. The problem of paying for, at home, assisted living; and/or nursing home care is not reducing in cost and will not just "go away" any time soon.

Quality nursing homes today can cost from $6,000 to $8,000 per month. What will it be in year 2020?

Marketing Tip

Sandler Brief: Don't Take A Shot In The Dark

By Jody Williamson in Sales Process

Ken's closing ratio had been the lowest on the team for four months running. Juanita, his manager, asked him to meet with her privately so they could figure out, together, what the possible obstacles to better performance might be.

Juanita said, "Can I ask what kind of strategies you're using to identify the pricing and product offerings?"

"What do you mean?" Ken asked.

"Well, before you put together a proposal, how much hard information are you getting about the amount that somebody is actually willing to pay for working with us?"

"Hard information?"

"Yes - what kinds of questions are you asking?"

Ken looked embarrassed, and it was a long time before he could work up the courage to admit the truth: He knew he was supposed to ask prospects about what kind of budget people had available, but he just wasn't doing it.