MANAGING YOUR BUSINESS – PART 2

SPEAKER: Rev. V.O. Uabor
TOPIC: Managing Your Business- 2
TEXT: Gen. 26:12-13

A. CREATING YOUR OWN BUSINESS

  • It all begins with getting a business idea.
  • Ideas come through the subconscious in response to thoughts which have been continuously registered in our consciousness (the mind).
  • The kind of thoughts you store in your mind determines the kind of ideas you get.
  • So, let the strong desire to scale over your need generate and feed on the positive thought that you have the “potential” to meet that need.
  • Keep repeating this to yourself and before you know it, your inner man begins to suggest to you the “how” to put your potential to work.
  • Once an idea is registered, put it down on paper so you will not forget and then work on it. We call this packaging an idea.
  • Do a little business plan or contact a professional to help you put some flesh to your “imagined” idea. The professional does a comprehensive analysis of the product or service, investigates its technical, technological, social and financial feasibility.
  • Then labour to get the start-off capital if the idea is proved worthwhile. We sure have problems here as our conventional banks haven’t really been up and coming here. Pray and trust the Lord for this and He will not fail you. Family members, friends an local lenders can be helpful here.
  • Register a Business Name, secure a place, a market or customers from your target market and you are already in business.
  • Next is to know how to care for the business. This is called “good management of business”. This is where most of us fail.

B. MANAGING YOUR BUSINESS FOR SUCCESS

You Must Know the Nature of Business:

  • A business should always be understood as a non-human entity that also desires recognition, respect and honour. As the scriptures put it, “they that honour me I will honour”. The same understanding goes in business.

The Caring (or Good Management) Process

  • Give it a name for the purposes of identity
  • Give it a place.
  • Give it the required diet of Money, Materials, Men and Machinery as at when needed.
  • Bring it to the notice of potential “sockets” as your business is the “plug”. How, talk about it through personal contacts, various forms of advertising that you can afford at each level e.g. signboards, the social media, TV/Radio; complimentary cards; Letter heading, flyers etc.

Do not hurt it. How?

  • By ensuring you visit it every (working day) morning;
  • Do not mix up its assets with yours. Hence you must open an account in the Bank for its money and get books to keep record of its income and expenditure, as well as liabilities;
  • Do not use its assets unduly without returning value to it. Its money is no more yours. If you eat its money or its stock you suck its blood and would eventually kill it;
  • Never spend its money without telling it and bringing evidence of such expenditure in the form or receipts which are neatly filed. When you draw cheques from its account, enter the amount and purpose carefully on the cheque counterfoil.
  • Present it a monthly report of its income and expenditure hand written or typed and filed.

Give it adequate spiritual care. How?

  • Pray for it daily. Set a day aside weekly to pray prophetically for its success.
  • Do not prevent it from worshiping its God. Let its tithes be remitted correctly and regularly.

Give it a constant health check up.

  • Visit management consultants, accountants and auditors and marketing experts when things are not working well.

YOUR ROLE AS A MANAGER

  • Never forget that you are the servant of your business.
  • You are the mind, the legs, the hands, the mouth and the eyes of your business, but not the stomach. Therefore learn to look ahead. Plan your operations and set production/profit targets and struggle to attain them.
  • Watch the competitive environment.
  • Consume information, read wide about your kind of business, listen more than you speak.
  • Coordinate the roles of the other personnel. Ensure they are applying their time and faculties for the interest of the business. But remember not to ignore their remuneration and welfare. 1 Tim. 5:8.

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