As a Christian business owner, managing your finances with faith can help you make wise financial decisions, avoid debt, and practice good stewardship.
A good steward in business is someone who manages their resources, including their time, finances, and relationships, in a responsible and ethical manner. Here is a basic breakdown of some of the most important leadership qualities to consider as you work to practice good stewardship while avoiding debt. Lead by example to set clear expectations for your team while offering the best support and management you can to ensure success on the individual level and the group level.
Trustworthiness
Building trust as a leader is crucial. A good steward is someone who is honest and trustworthy. They keep their commitments and act with integrity in all their dealings. Build a reputation of trustworthiness as a leader and set the expectation that your employees shall do the same.
Responsibility
A good leader takes responsibility for their actions and decisions. They don't blame others for their mistakes and are willing to accept the consequences of their actions.
Diligence
A good steward is diligent in their work. They put in the effort required to achieve their goals and take pride in their work. Diligent stewards know the ins and outs of their finances, team, and operations which is crucial.
Wisdom
A good steward is wise in their decision-making. They seek counsel from others and use their knowledge and experience to make informed choices. Prayer and counsel play huge roles in faith-driven business leaders’ micro and macro decisions. Share your wisdom with others, and lean into the resources around you.
Generosity
A good steward is generous with their resources. They are willing to share their time, money, and talents with others and use their resources to help those in need. Consider how you can be more generous with your resources as you focus on leading like Jesus as a servant leader.
Accountability
A good steward is accountable to others, including their employees, peers, and clients. They seek feedback from their peers and superiors and are willing to be held accountable for their actions. Strong communication is crucial.
Adaptability
A good steward is adaptable and flexible. They are willing to change their plans and strategies as circumstances require and are open to new ideas and approaches.
By embodying these qualities, a good steward in business can build trust, earn respect, and achieve success while upholding ethical standards and serving the greater good.
Practicing Good Stewardship
Here are some practical ways to manage your finances with faith, along with relevant Bible verses:
Develop a Budget
One of the best ways to manage your finances is to develop a budget. This will help you track your income and expenses and ensure that you're operating within your means. Proverbs 21:5 says, "The plans of the diligent lead to profit as surely as haste leads to poverty."
Avoid Debt
Debt can be a major burden, both financially and emotionally. As a Christian business owner, it's important to avoid debt whenever possible. Proverbs 22:7 says, "The rich rule over the poor, and the borrower is slave to the lender."
Save for the Future
Saving money can provide a sense of security and help you plan for the future. Proverbs 21:20 says, "The wise store up choice food and olive oil, but fools gulp theirs down."
Give Generously
Giving generously can be a way to honor God and help those in need. Proverbs 11:24-25 says, "One person gives freely, yet gains even more; another withholds unduly, but comes to poverty. A generous person will prosper; whoever refreshes others will be refreshed."
Seek Wise Counsel
It's important to seek the advice of others when making important financial decisions. Proverbs 15:22 says, "Plans fail for lack of counsel, but with many advisers they succeed."
Honor God with Your Wealth
Finally, it's important to remember that our wealth ultimately belongs to God. We are called to honor Him with our finances and use them in a way that pleases Him. Proverbs 3:9-10 says, "Honor the Lord with your wealth, with the firstfruits of all your crops; then your barns will be filled to overflowing, and your vats will brim over with new wine."
By following these principles, Christian business owners can manage their finances with faith and avoid the pitfalls of debt and poor financial decisions. Remember, our ultimate goal should be to honor God with our resources and use them in a way that reflects His values.
If you are seeking guidance, camaraderie, support, counsel, and conversation about integrating your faith into your leadership, join a Convene group! Business leaders who work with Convene not only outperform their competitors, but they also benefit from the personal growth that comes with deep conversations about faith. Take the opportunity to join like-minded successful, Christian leaders in our groups, and see the results yourself.