How can a Christian prosper in business? What are some practical things they can do?
The desire of every Christian entrepreneur is for their business to prosper. The tough part is how to turn that desire into reality while staying faithful to their beliefs.
Did you know that one of the main reasons many entrepreneurs quit is because their business isn’t prosperous? Every year, many entrepreneurs quit because no matter how hard they work on their business, they never achieve their desired result.
Want to know the saddest part about this? It’s knowing they could have turned things around if only they had some help, and knew what to do to build a successful business.
That’s why in this post, I am going to show you some practical steps you can take to build a prosperous business no matter what stage you are in. I want you to stop feeling like “I can make my business work if only I knew what to do,” and start feeling like “I know what steps to take to grow my business.”
If you have been wondering how to prosper in business as a Christian, you’re in the right place. Now, settle in, let’s look at some assets you can create for your business, that can catapult you to success.
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HOW TO PROSPER IN BUSINESS AS A CHRISTIAN (5 ASSETS YOU NEED TO BUILD A PROSPEROUS BUSINESS)
1. A GOOD REPUTATION
“A good name is to be chosen rather than great riches, and favor is better than silver or gold.” (Proverbs 22:1)
One of the greatest assets you can create for your business is a good reputation. Yes, this is an intangible asset, but it can translate into lots of good and tangible benefits for your business, including significant commercial value.
Unfortunately, many Christian business owners don’t have a good reputation in their community or among their peers or competitors, and that’s pretty sad.
When people think of you or your business, what’s the first thing that comes to mind? Do they think of you as honest and ethical or someone who will do anything for a buck? What do your employees, creditors, or vendors (if you have them) think about you?
Do people think you are shady? Are you the first name that comes to mind when people need a business recommendation? Or do people say avoid “XYZ” business at all costs?
As a Christian business owner, you should desire a good name more than riches because a good reputation can take you very far. So focus on building a brand that people can trust and want to do business with. Be that business people think of when they are in need because they know you can solve their problem.
There are lots of ways to build a good reputation. Here are some simple ones you can incorporate into your business:
- Under promise but overdeliver
- Don’t make promises you can’t keep
- Treat your customers and employees fairly (which means, pay a fair wage, and price your products fairly)
- Pay your debt
- Admit and apologize when you make a mistake
- Be humble and listen to others
Here’s a helpful post on some more ways to enhance your business reputation.
It doesn’t matter whether you’re a sole proprietor, a medium-sized business, or a large business. Your business and personal reputation matters, so do all you can to protect it, if you want to build a prosperous business.
2. THE RIGHT PEOPLE
“Whoever walks with the wise becomes wise, but the companion of fools will suffer harm.” (Proverbs 13:20)
Having the right people on your team or in your corner can be the difference between success and failure. Far too often when we think of how to prosper in business as a Christian, we probably don’t think about this.
Many entrepreneurs don’t consider the importance of human capital in their business. However, if you really want to succeed in business, you must focus on having not only good people on your team but the right people. Some people may be good but not right for your business.
Sadly, many of you hold on to relationships for sentimental reasons. For example, you refuse to change your business partners, coach or accountant, even when they don’t measure up or do the work they are supposed to, because you’re related to them or they are your friends,
You can’t find it in your heart to replace them, so you just keep them on and suffer in silence. Well, this is one way to hold yourself and your business back.
So if you really want to succeed in business, you must make it a priority to surround yourself with the right people. This includes: your business partners, friends, mentors or coaches, and your employees
Yes, in some cases, even your customers or clients can hinder your progress.
Build a network of people that inspire, encourage, and motivate you. That’s how to achieve long-term success. And remember to also be what you want others to be to you. Help others succeed and achieve their goals. That’s how you nurture and build lifetime relationships.
So take a look around you. Be honest with yourself. Are you surrounded by the right people? Who are the people in your inner circle? Who’s got your ear?
Are you being inspired, challenged or motivated, or do you find yourself stuck in a rut, unable to grow or prosper?
3. A TRIBE OF LOYAL CUSTOMERS
Ask any business owner what their biggest challenge is, and I bet they’d say “acquiring new customers.”
It’s not surprising because without customers you won’t have a business for very long. Yet, far too often, this important piece is often overlooked in all the excitement of starting a business.
Without a bunch of people buying your products or services, you will struggle to have a prosperous business, that’s why building a tribe of loyal customers should be at the top of your to-do list.
So how do you build a tribe of loyal customers that can help you grow your business?
There are lots of ways to build a tribe of loyal customers, so pick a few that make sense for your business and implement them.
Here are some common and effective ways to attract and grow your customer base:
- Be generous. Provide your customers or potential customers with some free stuff or information that can help them solve a problem, or answer a pressing question they might have. You can use content marketing to achieve this
- Share some of your best stuff for free or offer unique and useful information to your loyal customers. You can do this by building an email list, so you can stay in contact with some of your customers, and also nurture potential customers.
- Go the extra mile for your customers.
- Stand out from the competition. Find something you have that resonates with your customers and build on it.
- Provide great customer service and have open lines of communication with your customers. Make it easy for your customers to reach you.
- Find some ways to make your customers feel valued. Whether it’s giving them discounts or specials. Whatever works for your business.
Building a tribe of loyal customers is hard work and takes time, so you will need to be intentional, committed, and patient. But, your effort will pay off eventually.
4. SKILLS AND KNOWLEDGE
You need to be knowledgeable about business to build a prosperous business.
Far too often, I run into Christian entrepreneurs who think all they need to build a successful business is lots of faith and prayers. I believe you should pray for business growth, and for your business to prosper, but I don’t think you should stop there.
While there’s a place for prayers in business, you need more than that if you want your business to grow.
A lot of people jump into entrepreneurship without taking the time to learn how a business works or how to run a business. So after starting a business, they have no idea what they should do next, or how to make their business successful.
The good news is that the skills and knowledge you need to build a prosperous business can be learned. Acquiring wisdom and knowledge is one of the biblical principles for business success, so it’s up to you to obtain business knowledge and acquire the skills you need to succeed.
Some of the most important business skills you need to prosper financially include:
- Problem-solving and decision making
- Good time management
- Leadership (having a vision, setting goals, etc)
- Marketing and sales
- Understanding financial terminology and reports
- Pricing your products or services effectively
- Bookkeeping and other record-keeping
- Understanding your taxes
As you can see, there’s a lot that goes into running a successful business, but you don’t need to be an expert at everything. Some things can be outsourced, but it’s still a good idea to have a basic knowledge of everything about your business.
So if you lack some of the skills or knowledge you need to prosper in business, start by doing an audit of your skillset, so you can identify the skills you already have, and the ones you are missing or need to improve.
Once you identify them, come up with a plan to learn or acquire these skills (or knowledge). Make a list of books, courses, training, or other resources that you can use to learn or improve your business skills.
This is really important, so don’t ignore it or think you can continue to fly by the seat of your pants. When you invest time and money to gain knowledge or acquire new skills, you’ll see a big difference in your business growth and finances.
5. BUSINESS CAPITAL AND AN EMERGENCY FUND
Business funding is one of the things that hold people back from starting or growing their business. I have spoken to lots of women who want to be entrepreneurs. Some of them have very good business ideas, but they can’t come up with the money they need to execute their ideas.
Similarly, many businesses are unable to grow to their full potential because they don’t have enough money to invest. This is a tough place to be and I totally understand how frustrating this is.
One of the first questions I ask aspiring business owners is “do you know how you are going to fund your business?” Every now and again, I run into someone who doesn’t know how they will finance their business. Sometimes, they have start-up costs, but they don’t have a budget for anything else.
No marketing budget, no budget to keep the business running until they start to bring in some revenue or profit, nothing. If you start your business without enough capital or emergency savings, you may be setting yourself up for financial failure and some stress!
So if you want to know how to prosper in business as a Christian, have a plan for financing your business, and make sure you have some reserve to keep your business running during difficult times.
Your business capital is an important part of starting and running a successful business. You need money to produce your products. Even if you’re a service-based business, you need money to provide your services too.
Without capital, you won’t be able to run your business, which means you can’t make money. Without money, your business won’t survive or prosper!
How much you need depends on the type of business you own and what your revenue goals are. So the amount of capital is going to be different for everyone.
There are different ways to fund a business, but my personal favorite is using your own money, or profit generated from your business. However, I know some businesses may require taking out loans to finance it.
There’s nothing wrong with borrowing money as long as you do so wisely, have a good plan for your business, and a plan to repay your debt. Remember, the wicked borrows and doesn’t repay, so please avoid borrowing money if you don’t plan to repay your creditors.
If you’re struggling to run your business, figure out a way to increase your business capital so you can stay afloat, and continue to generate revenue from your business. Also, if you don’t have an emergency fund, start building one for your business. This should be separate from your personal emergency savings.
Final Thoughts on How to Prosper in Business as a Christian (5 Assets You Need to Build a Prosperous Business)
As you can see, it’s possible to build a successful business if you take the time to plan, build trust, have loyal customers, acquire new skills, and have the resources to invest in your business.
When you focus on creating these assets for your business, you’ll discover that it’s possible to serve God and still be successful in business, no matter how things look like today.
So take the time to go through this post, make a note of where you need some more work, and go from there.
Which business asset do you think you need the most to build a prosperous business?