Do you ever feel stuck in a survival loop, with your business treading water instead of sailing toward success? It’s time to break free and embrace growth!
As SME founders and entrepreneurs, we sometimes feel pinned down by the constant struggle to escape stagnation. Yet, our actions and habits often keep us in this loop. With the New Year upon us, it’s the perfect time to reflect on the changes we can make to progress and live a more successful life.
Every year, I reflect on lessons gleaned from successful business leaders. This time, I’ve distilled 16 timeless principles from King Solomon, history’s wisest and wealthiest man, along with practical insights from Donald Trump’s The Art of the Deal.”
- Prioritize What Matters Most.
There is more to life than making money. Put God first, and everything else will fall into place.
- “True humility and fear of the Lord lead to riches, honor, and long life.” (Proverbs 22:4)
- “Fear of the Lord teaches wisdom; humility precedes honor.” (Proverbs 15:33)
- “People may be pure in their own eyes, but the Lord examines their motives.” (Proverbs 16:2)
2. Value People and Health Over Money.
When all is said and done, the relationships we build that matter most are our relationship with God and the people.
- “Know the state of your flocks, and put your heart into caring for your herds (relationships with family, friends, employees, customers etc.), for riches don’t last forever, and the crown might not be passed to the next generation.” (Proverbs 27:23-24)
- “Don’t wear yourself out trying to get rich.” (Proverbs 23:4a)
- “Better to have little, with fear for the Lord, than to have great treasure and inner turmoil.” (Proverbs 15:16)
3. Plan and Act Wisely.
Set SMART goals and take action. Avoid shortcuts and continually refine your plans until you achieve your desired outcome.
- “Good planning and hard work lead to prosperity, but hasty shortcuts lead to poverty.“
- “A prudent person foresees danger and takes precautions. The simpleton goes blindly on and suffers the consequences ” (Proverbs 22:3-4
- “Commit your actions to the Lord, and your plans will succeed.” (Proverbs 16:3)
4. Execute Effectively.
It is impossible to build and sustain a successful business without a clear plan and the right team. When the time is right, act decisively but avoid rushing into shortcuts.
- “Do your planning and prepare your fields before building your house.” (Proverbs 24:27. NLT).
- Build the best team and invest in talent.
- Hire top performers and pay them well.
- Stick with winners and people of integrity.
5. Delegate Strategically.
Your primary role as an entrepreneur is to own and lead. Therefore, delegating other tasks to those who can do them better, frees you to focus on growth and strategy. As a founder focus on looking for business deals that bring in cash, and who to help you get those deals closed. Provide what’s needed and let those more experienced and smarter than you run the investments. Then move to the new thing. Call the appointed decision makers in each investment to give you updates and make tough decisions, but don’t work in the business as an employee. That said, never delegate the core activities that keep your business running and define your brand. For example:
- A friend who owns a chain of roasted chicken booths delegates most business operations but closely guards their secret recipes. Only the two founders know the recipe, ensuring they maintain control over what sets their product quality apart.
- While this friend focuses on creating market-breaking recipes, the other co-founder specializes in refining their grilling and cooking processes. Interestingly, the grills they use are custom-designed by the co-founder, and their competitors purchase grills from them. By keeping their brand’s core activities in-house, they strengthen their competitive edge.
6. Be Productive. Maximize the use of your time.
It’s not about how many hours you work but how effectively you use your time. Avoid excessive sleeping, mindless scrolling, binge-watching, gaming, or “resting” with idle hands. Stick to 7-8 hours of sleep and maximize productivity during the remaining 16 hours each day. Trump once hired Irving, a man who worked just an hour a day yet accomplished more in that hour than most managers did in twelve. Focus on achieving 80% results with 20% effort by working smarter, not harder.
- “If you love sleep, you will end in poverty. Keep your eyes open, and there will be plenty to eat!” (Proverbs 20:13).
7. Embrace Resourcefulness.
Leverage other people’s skills, time, and resources to achieve your goals efficiently. For example, Trump once raised money to save a widow’s farm by enlisting a radio host to run the campaign, achieving success while gaining free publicity. As an SME founder, reduce risk by partnering with others instead of investing all your life’s savings into the business. For fundraising, delegate to experts who excel at grant writing and incentivize them with commission-based pay. Collaboration spreads financial and operational burdens, saves time, boosts success rates, and allows you to focus on driving strategic growth for your business.
8. Manage Finances Wisely.
Most importantly, avoid spending money you haven’t yet earned. Giving yourself a hefty paycheck simply because you secured some VC funding doesn’t mean the business is thriving. If your business hasn’t generated profits amounting to at least three times your operating costs, allocating large salaries is financial suicide. As Proverbs 24:27 (NIV) advises:
- “Put your outdoor work in order and get your fields ready; after that, build your house.“
In modern terms, this means ensuring that the organization’s revenue streams are strong and stable—add a few extra zeros to your bottom line—before indulging in personal rewards. Instead, focus on reinvesting into the organization to ensure growth and sustainability.
Are you ready to take your business to the next level? Start by reflecting on these principles and setting better goals for the New Year!
Which of these principles resonates with you the most? Share your thoughts in the comments. Look out for tips 9-16 in the next blog!
