Businesses Tips

FINANCIAL WISDOM

Text: Job 36:11)

Financial wisdom is the ability to apply knowledge, experience, understanding or common sense and insight to how you make and spend your money.

God loves you so much and He took it upon Himself to bless and prosper you, even swear to protect your blessings. In Deut 8:18 '...He that giveth thee power to get wealth,' also 3 John 1:2 'Beloved, I wish above all things that thou mayest prosper and be in health, even as thy soul prospereth.' Malachi 3:11 'And I will rebuke the devourer for your sakes, and he shall not destroy the fruits of your ground; neither shall your vine cast her fruit before the time in the field, saith the LORD of hosts.'

Jesus knows the importance of finance that is why He said a lot about money than any other topic, except for the Kingdom of God. Out of 30 Parables, 19 are set towards economy, almost 2/3 of them.

If you are given the opportunity to choose between poverty and prosperity, I believe in your wisdom you will opt out for prosperity, simply because we know that poverty is indigent, it comes with severe limitations, hardships, sorrow and pain. This is certainly against God's thoughts towards us in Jer 29:11.

Holiness brings about godly prosperity - Proverbs 10:22 'The blessing of the LORD, it maketh rich, and He addeth no sorrow with it.' As children of God, we are to go after godly prosperity and not to be envious of the ungodly or desire their increase, just as it is stated in - Psalms 73:3 & 12. The scripture already predict their end in verses 27 & 28.

WISDOM TO EQUIP YOURSELF WITH:-

1. Recognize that God is the owner - Psalms 24:1, and give Him His dues (tithes & offerings) Mal 3:10-11 & Luke 6:38.

2. Be diligent, have a great attitude, hardwork and follow work ethics - Prov 22:29, 21:25

3. Avoid falling into unreasonable debts, a borrower is a slave to the lender, debt squeezes the freedom and peace like nothing else. Prov 22:7.

4. Seek counsel - don't be in a rush, endeavour to have knowledge, either through studying or training before taking steps. - Prov 11:14. Without good direction people lose their way, the more wise counsel you follow the better your chances of excelling.

5. Make a plan and be guided by budget - 1 Cor 16:2. If you fail to plan, you have simply planned to fail.

6. Establish a mindset of saving and investing - Proverbs 6:6-8, 21:20 'There is treasure to be desired and oil in the dwelling of the wise; but a foolish man spendeth it up.'

7. Have self control - Know when to start, pause and stop. Prov 30:15.

8. Teach your children and people around you about financial wisdom - Psalm 34:11, you need to model their financial life.

Finally brethren, you need to look up to the Final Audit, when the Master shall come for your Final Account. Matthew 25:19 NLT: "After a long time their master returned from his trip and called them to give an account of how they had used his money."

It is my earnest prayer for you that you will not be poor in life here on earth and also in heaven – John 10:10b … that they may have it more abundantly. – Amen.

Why do some businesses succeed when others fail? 

While it may seem to be a matter of luck, in reality there are common mistakes that kill many small businesses before they ever get off the ground. Give your startup a fighting chance by avoiding these 10 top startup missteps.

1. Growing too fast: While growth is desirable, overexpansion is a serious error. Wanting to be the first to market with a new product, taking on added overhead, or trying to prove to anxious investors that you’re growing can all spur you to overextend your business financially. Set realistic goals and expand only as needs dictate.
2. Failing to track your finances: Look at businesses that fail and you’ll find that many of them took on too much debt. Learn to pay strict attention to your finances, and keep careful records of all money coming in and going out.
3. Overspending: Many new entrepreneurs burn through their startup capital before their cash flow is positive. This often happens because of misconceptions about how business operates. If you’re just starting out, seek out seasoned veterans you can turn to for advice before making big expenditures.
4. Lack of reserve capital: Be prepared for unexpected increases in the costs of things like utilities, materials, and labor. Make sure you keep enough reserve cash to carry you through tough times and seasonal slowdowns.
5. Poor choice of location: Don’t let a cheap lease tempt you into choosing the wrong location. Consider competition (how many similar businesses are located nearby?) and accessibility (is the area well served by freeways, public transportation, and foot traffic?).
6. Poor execution: Poor customer service and overall employee incompetence will quickly sink your business. Make sure your employees place a premium on customer service. Develop systems and processes for how tasks should be accomplished, and create internal controls to monitor them.
7. An inadequate business plan: A well thought-out business plan forces you to think about the future and the challenges you’ll face. It also forces you to consider your financial needs, your marketing and management plans, your competition, and your overall strategy.
8. Failing to change with the times: The ability to recognize opportunities and be flexible enough to adapt is crucial to surviving and thriving. Learn how to wear multiple hats, respond nimbly, and develop new areas of expertise.
9. Ineffective marketing: Customers can’t do business with you if they don’t know you’re there. It doesn’t cost a lot to advertise and promote your business through online marketing, social media, email, local search, and more.
10. Underestimating the competition: Customer loyalty doesn’t just happen — you have to earn it. Watch your competition and stay one step ahead of them. If you don’t take care of your customers, your competition will.