Want to be a proud owner of a successful business? If so, I have discovered the three uber-important keys in making your business a success; you should refer to these verses: 2 Timothy 2:4-7 New International Version:
No one serving as a soldier gets entangled in civilian affairs, but rather tries to please his commanding officer. Similarly, anyone who competes as an athlete does not receive the victor’s crown except by competing according to the rules. The hardworking farmer should be the first to receive a share of the crops. Reflect on what I am saying, for the Lord will give you insight into all this.
Here are 3 keys to build a successful business:
1. Run your business in such a way that you glorify God
“No one serving as a soldier gets entangled in civilian affairs, but rather tries to please his commanding officer.” – 2 Timothy 2:4 NIV
Don’t sweat on how “dirty” your competition and competitors are – you should focus on what’s important in your business: Serve your clients well, run your business in at the highest standard of business practices, always look for ways to improve the welfare of your employees and give back to your local community.
Work hard and work smart; be honest in dealing with your clients; pursue socially-responsible business practices; compensate your employees well; support your local charities; be philanthropic.
Build a business culture that everything should be done knowing that each and every employee should do his/her job in such a way that God is glorified; do everything by following the highest standard of business operations.
2. Respect and abide the business laws and regulations
“Similarly, anyone who competes as an athlete does not receive the victor’s crown except by competing according to the rules.” – 2 Timothy 2:5 NIV
Just like a successful athlete, a successful business should do the due diligence well. Be sure that you investigate a business opportunity closely.
You also need to play by the book – follow the business laws and regulations closely. Exploring loopholes are fine, but be sure it’s not against the moral standards; never run your business in the way that against the laws.
Treat your employees with respect; give what they deserve to receive and treat them like what they should: A stakeholder of your company.
Pay your tax in time; pay your suppliers in time; in fact, deliver everything according to what’s agreed upon.
3. Pay yourself first
“The hardworking farmer should be the first to receive a share of the crops.” – 2 Timothy 2:6 NIV
This financial planning tip will work well for both your personal finance and business finance: You should pay yourself first.
By paying yourself first, you should set a certain percentage of your business profits as retained profits. Your business needs this portion of the profits to grow your business to the next level.
Of course, you – as a business owner – should be able to enjoy a part of your business profits. However, you should also focus on business growth.
Not stopping there, you should consider investing for your business growth before you pay your business bills and expenses: Acquiring fixed assets, such as land and building, investing stocks and precious metals, and many other investment vehicles.
I believe that if we are devoted to do all the three tips, we should be able to turn our business from good to great.
So, do you have anything to add? If so, please share yours by commenting on this article.
Ivan Widjaya
Tips on how to build a successful business