Business ownership is increasing rapidly as more families depend on themselves as entrepreneurs of their own company as their lifelong mission and to provide for their family. According to an article from Forbes, 16 Surprising Statistics About Small Businesses, over 50% of the working population (120 million individuals) works in a small business and those small businesses have generated over 65% of the net new jobs since 1995. Not so small, indeed.
Although it is a significant contribution that small businesses contribute to the job sector, there are other statistics that point to the importance of having good business practices in place to help small businesses succeed.
52% of small businesses are home-based with approximately 543,000 new businesses getting started each month (but more employer businesses shut down, than start up each month). 7 out of 10 new employer firms survive at least 2 years, half at least 5 years, a third at least 10 years and a quarter stay in business 15 years or more. With statistics like this, business owners need to have plans that go further into the future than a month-by-month existence.
The foundation for our business cannot just be laid by good economic sense or business acumen. Some guiding principles can set our business apart and serve purposes far beyond just achieving a financial profit.
Hard work alone does not make an excellent business. Integrity and work ethic both glorify God and establish the work of our hands. Moral and ethical principles matter. Being accountable and honest honors God and will cause our business to flourish when we exemplify character that makes us trustworthy.
It is a competitive market out there. Sometimes people can try to get ahead by skipping over what matters most. Our motivation for doing what we do is significant because it is the legacy we will ultimately leave. More than just the bottom line, our heart steers our business toward Kingdom purposes that do a lot more than just provide.
Our business ends up being our mission. How can we model servant-minded leadership that has at the core of our business helping others and making a difference in this world? A business with an others-centered culture chooses to invest in people and not just in financial matters.
Every talent, every skill, every position that God has placed us in we will one day give back. What will the offering be like? Will we have grown His gift in a manner consistent with our faith? Since everything we have belongs to God, how are we managing His finances?
To succeed, Christian business owners will also need to have a thorough education in finance. Keeping personal and business finances separate will help to provide clear records and also aid operating a fiscally responsible budget at both home and work.
Cut costs where you can that don’t affect customer satisfaction. Utilizing free resources like cloud-based software instead of expensive branded software, free conference line and webinar services instead of expensive services can help your budget to go further.
In the end, operating a business is a massive endeavor, but following godly principles and sage financial counsel can be the difference between our business achieving minimal to no success or being a lighthouse that succeeds in the eyes of God and man.
Below are some articles that provide some valuable advice for business owners to enable them to run their business in a God-glorifying manner:
Managing Your Personal Finances as an Entrepreneur: 14 Tips from Leading Experts