We laid the foundation for this discussion last week. One of the principal tools in God’s kingdom for building anything is wisdom. From Proverb 24: 3-4 it is through wisdom a business is built. Nothing meaningful is built without divine wisdom. So we need to consider some questions in doing or setting up your business.
- Do I need a business plan? Yes, you do. From the scripture above, Jesus underscored the importance of having a plan. Before starting a business, you should sit down first and count the cost. In God’s kingdom, planning is winning. Planning helps you to move from here to there. It moves you from the current stage to the fulfillment of your goal. Your plans need to be written down on paper. Habakkuk 2: 2 clearly encourages us to turn our visions to plans. Without well written plans for your businesses, the possibility of being stranded midway is very high. Your business plans should include you intensions. In any industry you play, you need to have a strategic vision. You need to be clear about the position you seek to occupy in your industry. Without plans, you may not last in your industry. If people must always remember you, something unique must be done which is a product of good planning. You also need to include the results of your market research and analysis in your plans. Your plans also should be specific about your operational structures. Don’t also forget to include your funding and projections in your business plans.
- How much do I need to start a business? Most times, the answer to this question depends on your industry. If you are starting a car manufacturing company, your initial start up cost will not be the same with another person starting a fashion shop. Location is another item you need to consider just as your niche is very important. If you are serving the low earners, you want to be sure the prices are not too high just as what you invest to start may not be high. Don’t wait till you have much, start with what you have. As long as you keep waiting for what you don’t have, you will not start something. Remember what you don’t start you can’t continue or finish. Identify what or areas God has positioned you to excel and start. Sometimes as believers we need to pray as the size of business doesn’t matter but the anointing of God coming upon it to excel. The most potent resource in God’s economy is revelation. We must as children of God leverage on revelations. Hebrew 11: 3
- What are the basic things I need to know about the finances of the business? As you run your business, you need to develop skills for running or managing the finances for the business. It is important to track what is ongoing in your business. In proverb 27: 23 – 24, we are encouraged to be diligent in keeping a track on the figures in our businesses. These three financial documents are vital for your business.
(A) Balance sheet: This shows the overall financial state of the business.
(B) The cash flow statement: It shows the financial state at a particular time.
(C) The profit and loss statement: It tells you if you make profit or loss in your business.