There is no bulletproof formula for obtaining financial success as an entrepreneur or small business owner. Just as there is no simple way to combine faith and finances for business owners to ensure success. If you were to ask one thousand entrepreneurs the most essential keys to obtaining profitability and success, you would probably get one thousand different answers. There are different aspects to running a successful business. After all, small businesses don’t just need help with one thing to be successful. Most small businesses need a multitude of things from marketing, sales, finance, operations, production, supplier diversity, customer service, and more to operate a successful business. And entrepreneurs are not so different either. Although entrepreneurs may have smaller teams and possibly budgets, ensuring success for their business still requires most of the same things that large companies and corporations need.
When considering the formula for financial success in business, there is one element that many entrepreneurs and small businesses exclude from the equation, and that is faith. Many professionals believe that faith and financial success don’t or shouldn’t coexist in business. This train of thought begs the question, “how does one effectively combine faith and finance to achieve success?” For some, the stigma of being judged, criticized, and even ostracized is the reason why they have never broached the subject of faith and finance. For others, it’s a welcomed topic of discussion.
As an entrepreneur who is comfortable expressing my faith in God, belief in myself, and belief in my goals and dreams, I’ve concluded that there are five essential ways to marry one’s faith with financial goals in order to have a better chance of reaching the pinnacle of success. Below I’m sharing several pillars to assist you in bridging the gap between your faith and finances, especially if you consider yourself a Christian, believer, and/or person of faith.
- Create Two Sets of Financial Goals.
The first goal is a fixed goal. I call this a fixed goal amount because this number represents the total amount of money you need to survive. It is a fixed and minimum amount you need to operate your business, live off of, and meet all financial obligations. The next goal is a faith goal. I call this a faith goal amount because this number represents the total amount of money you need to thrive. This thrive number is the amount that enables you to live your best life where you are operating in overflow and abundance. The thrive goal amount allows you to have as many vacations as possible and take time away from your work if you want to. Both financial goals are important. However, too often we only focus on the amount of money we need to just make ends meet. What if you allowed yourself to dream a little? What if you placed a zero or a few zeroes at the end of your fixed goal amount? How would your life change? Consider both of my recommendations and begin to stretch your faith goal by allowing yourself to believe it is possible. Here’s my recommendation, meditate on abundance and have a positive mindset. God will blow your mind if you let Him.
“Now unto Him, that is able to do exceedingly abundantly above all that we ask or think, according to the power that worketh in us.”
- Track Your Financials.
When it comes to your financial goals, you can’t grow what you don’t measure. Knowing how much money you make on a weekly, monthly, quarterly, and yearly basis is important. It’s a smart idea to know where your money is coming from as well. You should have a good idea of your best-selling products and services. Additionally, if you produce events, you should know which events gross the most profit as well as how and why they perform well. As important as it is to know what’s selling well, you should also know what is not selling well. You must know where your opportunities are for growth as well as what needs to be canceled or discontinued and why. Should you cancel that product, service, or event because it no longer addresses the biggest needs of your target audience, or are trends simply going in another direction? Tracking your finances means that you pay attention to what, when, where, and how pertaining to every dollar that comes into your business as well as every dollar that goes out.
“Give, and it will be given to you. Good measure pressed down, shaken together, running over, will be put into your lap. For with the measure you use it will be measured back to you.”
- Pay Your Bills
Every business owner has monthly expenses they are responsible for. The cost of doing business is not cheap. However, you should never be in a position where you are not paying your bills. And if you happen to find yourself in that situation, it’s vital that you handle your outstanding debt in a respectable manner. If you are a business owner who wants to be known for operating with integrity, it is vital that you pay your bills and pay them on time at that. Operating in integrity means that you don’t have bad relationships with people about money. As a spiritual business owner, your name should open doors for you because you have a great reputation and are known for being a great person to do business with. However, if your reputation is shady, you will not get the benefit of the doubt. Moreover, you probably won’t be in business for very long either. Having integrity is priceless because it allows you to build relationships with people based on mutual respect and trust.
“Pay to all what is owed to them: taxes to whom taxes are owed, revenue to whom revenue is owed, respect to whom respect is owed, honor to whom honor is owed.”
- Implement Faith Declarations
People of faith typically believe in affirmations and declarations. I tend to lean towards declarations because it implies a strong belief in what you are saying as if you are announcing that it will come to pass. A declaration is not just a possibility statement, it is a statement based on belief and conviction. If you are convinced that you will achieve something, chances are you will do it. On the other hand, if you are unconvinced that you can achieve something, chances are you will not do it. Making positive declarations in your life and regarding your business will undoubtedly assist you in achieving financial success. That is if you believe it.
“I can do all things through Christ who strengthens me.”
- Create a budget
Budgeting is not something that most entrepreneurs are good at. However, when you have a budget, at least you have a general idea of what it costs you to run your business. Not knowing your numbers will hinder you when it comes to budgeting for success. If you don’t know things like how much it costs you to get a new customer or how much it costs you to put on your annual event, chances are you are not making enough of a profit. A budget helps you to categorize how you spend money and where the money goes so that you can forecast for the future. No matter what goals you have, there is a price tag that comes with that goal. Without a budget, you don’t have a guideline as far as income or expenses. Even the Bible tells us to count the cost of whatever we are planning to build.
“For which of you, desiring to build a tower, does not first sit down and count the cost, whether he has enough to complete it?”
In summary, all five of the above principles would serve you well in blending your faith with your finances. Of course, running a successful business requires managing more than your finances. However, using faith-based, Biblical principles in business will work to your advantage when it comes to solid business strategies that will yield great results and create successful outcomes. Normalize making your faith an integral part of your finances and watch your business soar.
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This article was written by Lori A. Manns. President of Quality Media Consultant Group. Lori is a multi-award-winning marketing mentor, sales coach, and trailblazing business strategist who works with small business owners and entrepreneurs to help them grow and scale their businesses. She specializes in sales and marketing strategies that result in her clients attracting their target market, gaining brand visibility, and growing revenue. Lori is President of Quality Media Consultant Group, a consultancy firm specializing in media, advertising, marketing, and sales. She is the founder of the Trailblazer Business Academy. where advancing entrepreneurs go to learn growth strategies and how to run a profitable business the soulful way. Lori is also the creator of the Sponsorship Sales Secrets.