MARKETPLACE FACTS Module 303 F
TEN LESSONS FOR EVERY BUSINESS LEADER Mario Denton Marketplace facts: Ten lessons for every business leader
Overall purpose of this series on Marketplace To understand and learn from various marketplace facts so that you can: • Be more effective and anointed wherever you are in the marketplace. • Adapt and benchmark your marketplace practices and principles discussed in this series. • Use these material to facilitate the work of evangelism.
Marketplace facts: Ten lessons for every business leader
Ten Lessons for Every Business Leader What are the Ten Foundational Lessons that you have learned as a business owner? Â Marketplace facts: Ten lessons for every business leader
Lesson 1 Keep your spouse informed
Marketplace facts: Ten lessons for every business leader
1. Keep your spouse informed • Keep your spouse informed and include him or her in every major decision, especially the key personnel issues, including hiring.
Marketplace facts: Ten lessons for every business leader
1. Keep your spouse informed • Make family time and vacation time a priority. • Get alone regularly to think, have some weekends with your spouse, and enjoy time with your children before they grow up and afterwards. (Proverbs 19:14) Marketplace facts: Ten lessons for every business leader
Lesson 2 Gather an Inner Circle
Marketplace facts: Ten lessons for every business leader
2. Gather an Inner Circle • Gather an Inner Circle or “Counsel of Advisors” around you that have your best interests at heart, are not involved in your business, and will ask you the hard questions.
Marketplace facts: Ten lessons for every business leader
2. Gather an Inner Circle • Choose people who will be there for you in times of stress when you need wisdom and encouragement. (Eccl. 4:9-12)Â
Marketplace facts: Ten lessons for every business leader
Lesson 3 Treat your employees like family
Marketplace facts: Ten lessons for every business leader
3. Treat your employees like family • Treat your employees like family and be genuinely concerned for their welfare. • Hire slowly • Remember that attitude is far more important than ability.
Marketplace facts: Ten lessons for every business leader
3. Treat your employees like family • Get the right people into the right spots. • Find out what each person is passionate about and find the right fit for him or her in your company.
Marketplace facts: Ten lessons for every business leader
3. Treat your employees like family • The best way to attract the right people is to create a strong company culture. Relationships provide the true foundation for all of your success in the marketplace.(I Kings 7:14)
Marketplace facts: Ten lessons for every business leader
Lesson 4 Get out of the office
Marketplace facts: Ten lessons for every business leader
4. Get out of the office • Get out of the office and visit your customers. • Take advantage of conventions and trade shows. • Listen to what your customers want and need.
Marketplace facts: Ten lessons for every business leader
4. Get out of the office • Solve their problems, and they will make you successful. Keep your promises to them whatever it costs. (Eccl. 7:5)
Marketplace facts: Ten lessons for every business leader
Lesson 5 Respect your vendors
Marketplace facts: Ten lessons for every business leader
5. Respect your vendors • Respect your vendors and develop true partnerships with them. • Pay your bills on time and do not take advantage of them. • They can become key allies with you in getting new customers. (2 Kings 4:7) Marketplace facts: Ten lessons for every business leader
Lesson 6 Make timely and accurate accounting a priority
Marketplace facts: Ten lessons for every business leader
6. Make timely and accurate accounting a priority • Understand your margins, break even points, and fixed and variable expenses. • Keep a close watch daily or weekly on your cash flow.
Marketplace facts: Ten lessons for every business leader
6. Make timely and accurate accounting a priority • Become an expert on pricing. • Build your business on profits and prudent use of debt. (Proverbs 27:23)
Marketplace facts: Ten lessons for every business leader
Lesson 7 Put all agreements in writing.
Marketplace facts: Ten lessons for every business leader
7. Put all agreements in writing. • Put all agreements with your fellow shareholders and executives in writing. • On one page you should be able to clarify the key points of your understanding.
Marketplace facts: Ten lessons for every business leader
7. Put all agreements in writing. • Clear understandings at the beginning will help you to avoid most lawsuits. • Settle all disagreements as quickly as you can without the time and expense of going to court. (Luke 12:58) Marketplace facts: Ten lessons for every business leader
Lesson 8 Make friends with your competitors
Marketplace facts: Ten lessons for every business leader
8. Make friends with your competitors • Make friends with your competitors and learn from them. • You will be a better business leader if you are watching and learning from them. • They may become useful acquisitions or alliance partners. (2 Samuel 7:1) Marketplace facts: Ten lessons for every business leader
Lesson 9 Be generous
Marketplace facts: Ten lessons for every business leader
9. Be generous • Be generous with your profits, particularly with your employees and your community. • Help your employees to save for the future and share in the rewards of the company’s success. • Caring and generous leaders attract followers. (Proverbs 11:25; 22:9) Marketplace facts: Ten lessons for every business leader
Lesson 10 Value input from other leaders. Â
Marketplace facts: Ten lessons for every business leader
10. Value input from other leaders.  • Value input from other leaders. Be involved in a regular small group of business owners or executives from which you can learn much and be held accountable.
Marketplace facts: Ten lessons for every business leader
10. Value input from other leaders.  • Practice the habit of continual learning and give your life to the next generation of leaders. (Proverbs 19:20)
Marketplace facts: Ten lessons for every business leader
Conclusion: • Regardless of your service or product, these ten foundational truths will help keep you on the right path as a leader. • Without values and peer relationships, you as a leader will not survive the challenges of the marketplace. • But, with a strong foundation and peers who care, you will be able to withstand any attack upon you as a leader or upon your firm. Marketplace facts: Ten lessons for every business leader
Ten Lessons for Every Business Leader What ten things would you write in concrete for a young entrepreneur? Â
Marketplace facts: Ten lessons for every business leader
Prayer Focus • Father, In the name of Jesus, I surrender myself to walk in the Word in the marketplace. Your word living in me produces the Life in this world. • The word is a lamp to my feet and a light to my path. It makes my way plain before me. • I boldly and confidently say that my heart is fixed and established on the solid foundation – the Living Word of God! Amen Marketplace facts: Ten lessons for every business leader
Learning, application and commitment: James 1: 22-25 • “Do not merely listen to the word, and so deceive yourselves. • Do what it says. • Anyone who listens to the word but does not do what it says is like a man who looks at his face in the mirror and, after looking at himself, goes away and immediately forgets what he looks like. • But the man who looks intently into the perfect law that gives freedom, and continues to do this, not forgetting what he has heard, but doing it - he will be blessed in what he does.” (NIV) Marketplace facts: Ten lessons for every business leader
Learning, application and commitment • One of the principles that I have learned from this lesson was … • I intend to apply this principle in my marketplace by: ….. • With the help of the Holy Spirit, I will begin applying this truth immediately. Marketplace facts: Ten lessons for every business leader
Jesus said: Take what I have given you and change the world!
Marketplace facts: Ten lessons for every business leader
Sources and acknowledgement CHRIST@ WORK NEWSLETTER • •
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The “Facts of the Matter” is also available through the Internet: www.factsofthematter.org. R. Dwight Hill. Slides compiled by Dr Mario Denton. Please commit yourself to inform us of the results regarding the effectiveness thereof should you wish to use this material.
Marketplace facts: Ten lessons for every business leader
Blessings from Mario Denton
Let's keep the good marketplace vibes alive. Let's network. Become a member of the Crown Companies Marketplace Coaching Forum. Â Tel (w) + 27(0) 82 88 29903. e-mail address:mario@crown.org.za Website: www.crown.org.za Marketplace facts: Ten lessons for every business leader