When Things Go Right: 8 Success Factors to Keep You from Failing

To round out our ‘Learning from BAM Failure’ series, we circle back around what helps you succeed. We asked the same BAM practitioners who shared failure stories to also share what kept their businesses from going under completely.

We asked: If you had to give the top two or three reasons for your overall business success, what would factors would you share?

Here is a rundown of their combined responses in a Top 8 list of ‘What Went Right’

1. Build a wider network and community

Mentioned in some form by almost all the practitioners we asked, top of the list is creating a robust network around the business and its owners. BAMers said that forging strong partnerships and building a community of mentors/supporters was key. Avoiding isolation is vital.

Having world class partners has been essential.

As an owner, share the challenges you face with your board, investors, mentors, etc. Tell the truth, early and often.

Surround yourself with counsel. Stay attached to God and his people either through a church/agency or personal mentor or coach.

I’ve succeeded because I’ve had a spouse that has stood by me through thick and thin, not to mention a relationship with my business partner built on tremendous trust and respect. It’s also been important to have mentors and coaches walking closely with us.

A success factor for me has been being well networked in the wider business community as well as the BAM community nationally.

Integration with the local University has been essential. Strong relationships with key professors has allowed us to get first picks on some of the best students who come to do internships with us and eventually become junior staff members.

Read more

When Things Go Wrong: 9 BAMers Share Mistakes & Misadventures

We asked some (otherwise very successful) BAM Practitioners that we know to share some of the errors, disasters and unfortunate events that they have experienced in their business as mission journeys. Here nine BAMers share eleven stories about their mistakes and misadventures:

They Didn’t Come…

In our first years we did not have enough focus on sales and revenue, it was more of a “build it and they will come” mindset. It almost killed us. Then the solution was to hire a sales guy in the US, but the problem was twofold; first I should never have tried to outsource sales so early as CEO and second I hired a great guy but one that had bigger company experience and not the early entrepreneurial sales experience needed at our stage. This was a second failure on the sales side that almost killed us. I have come to fully understand the saying “no margin, no mission” and put sales as a key priority for myself until we got fully into orbit and could hand it off to the right person with right experience for our company stage, deal size and industry. MC

Too Many Cabinets

There’s two ways you can kill a startup: too little business and too much business. A couple of years ago, our 5 month old custom cabinet business was featured on our local news station. In our exuberance, we signed up too many customers with an unrealistic view of how quickly we could complete jobs. In less than a month, we had ended up with upset customers and significant cash flow problems as we made mistakes in our rush to complete jobs whilst also missing deadlines. In this case, we were able to recover our financial footings through a few key factors: Our product ultimately was a good fit with customer demand, so after apologizing and then completing jobs satisfactorily, we were able to refine our product and service to even better serve our customers. We started specializing in only Shaker Cabinets which sped up our production time and allowed us to more strategically market to our customers. Finally, our grasp of our cash flow position enabled us to raise funds in time (through God’s abundant blessing) to make it through our mistake and onto the future. JR  Read more

The Postmortem of a Failure: How to Evaluate and Even Avoid Failure

by Colleene Isaacs

“Why did I fail? I did it by the book. I listened to my advisors. I corrected course based on what others recommended…”

“The business was a good idea, the timing was probably just off…”

“I knew I was in God’s will. He would provide and make it successful. How could I go wrong with Him on my side? I can’t figure out what happened…”

Does any of this sound familiar? Has this, or a variation of this, narrative been your own?

If this has been your own experience, how do you begin to dissect and understand what happened?

The Standard Reasons for Failure?

Most business experts can easily recite the top five to seven reasons for business failure. However, the reality is… the reasons for failure in any particular business cannot be summarily reduced to a quick list.

The manner in which we think about our failures is flawed, because we are flawed. Failure is multi-faceted, and complex, just like the humans who craft the scenarios in which failure thrives.  Read more

Cracking the Millennial Code: Insights for the Intergenerational Workplace

Every year, millions of “millennials” (born between 1980-1996), are entering the workforce. A recent extensive Gallup Report on millennials reports that there are over 70 million millennials in the U.S. alone, making up 38% of the U.S. labor force. Without a doubt, employers will increasingly need to know how to best work with millennials in the years to come.

Unfortunately, many employers and leaders feel they do not understand the millennial generation or how to maintain their loyalty in the workplace, concluding that millennials are an “uncrackable code” or even a lost cause. This does not have to be the case. Here are some common themes among millennials as well as practical insights about how to strengthen communication with them:

Millennials…
  • Are highly relational. Having grown up in an era of social networking and instantaneous feedback, millennials are accustomed to constant communication. Work environments that have hierarchical, top-down leadership and only focus on the task (while neglecting social aspects) are unappealing as compared to work environments that are collaborative and communicative.
  • Want to have purposeful, meaningful work. Millennials are very purpose and values-driven in terms of where they want to be employed. Many are not just looking for positions that can earn them an income; rather, they want meaningful work at companies that align with their personal values and passions. They seek out jobs that offer the best options to hone their skill sets, give them opportunity for advancement, and resonate with what they find important.
  • Appreciate honesty and transparency. Millennials appreciate coworkers and supervisors who can offer honest feedback and be transparent in addressing challenges. Additionally, as determined by CliftonStrengths, two of the top five strengths among millennials are Learner and Adaptability, which demonstrate their teachability when they receive reviews and critique.
Tips for How to Strengthen Your Communication with Millennials:
  • Communicate often. Millennials thrive in the workplace when their supervisors clearly communicate what is expected of them and give feedback about how they are performing. They also value bosses who take time to check in not just about work tasks, but about their personal lives as well.
  • Affirm outstanding performance. When you see growth or potential, encourage them and let them know. Take time to recognize when they’ve done stellar work which demonstrates that you respect them and that their contributions matter; Gallup notes that millennial employees are significantly more likely to stay at a job where they feel valued and get to use and develop their strengths.
  • Expect excellence. Though young and still learning the ropes of the professional world, millennials have the knack and drive to produce excellent work. If you set a high bar for them in their tasks and projects, do not be surprised if they go above and beyond. Many are yearning for the opportunity to use their skills and talents to deliver top-notch performance.
We Need Each Other

In 1 Timothy 5:1-3, the Apostle Paul explains the importance of generations honoring and respecting one another. He instructs Timothy that the younger men should treat older men and women with kindness and respect, and treat the younger men and women as he would his own family. We also see the biblical reminder in 1 Corinthians 12 that we are like different parts of one body, and that “if one part suffers, every part suffers with it; if one part is honored, every part rejoices with it” (1 Corinthians 12:26, NIV). Though Paul was directly referring to spiritual gifts, the same principle can be applied about the diverse generations: if we choose to honor each other and seek to work together in spite of differences, there is a greater unity and satisfaction for the team.

As believers, living by these scriptural instructions to honor and encourage each other intergenerationally can actually be a way to model our faith in the workplace.

Join the conversation!

At this year’s BAM Conference September 15-17 in Dallas, Grant Skeldon, a millennial himself and founder of the Initiative Network, will be sharing insights about how the different generations can work together better in the workplace and in ministry.

 

By Joyce Ahn

 

BAM Conference Logo 300

BAM Conference 2017

Dallas, TX | September 15-17, 2017

This year’s BAM Conference will bring together hundreds of business professionals and thought leaders from around the world who are eager to learn how to reconcile their faith and work.

With the theme “Bridging the Gap”, the three-day event will close the divide between where you are now and where you want to be, and equip you to use your God-given skills to make an impact through business.

Join us as we share insights, stories and tools that will fuel your business as mission journey.

Get your tickets here: bamconference.com.

 

 

 Joyce Ahn is a regular guest contributor for The BAM Review.

 

What’s My Role in BAM? Discovering Where You Fit in the BAM Movement

The Business as Mission (BAM) Movement is rapidly gaining momentum. More and more believers are realizing that business is a key avenue God is using to further his Kingdom purposes. Where do you think you fit into the greater picture of BAM? Without a doubt, it takes a whole “ecosystem” of individuals to make a BAM company become reality.

Support Team Members Needed!

Every BAM business will need a support team around them to implement the business strategy and spiritual strategy. Some BAM businesses start only with the entrepreneur but it is advisable to grow your support system from the beginning.

Here are just some of the types of people, skills and support that an BAM startup will need:

A Spiritual Support System

A BAM business uniquely prioritizes spirituality and bringing people closer to knowing Jesus Christ. Therefore, the following are roles needed:  Read more

Crucial Questions for BAM Startups

Perhaps you are a Christian professional interested in starting a Business as Mission (BAM) company, and want some guidance on next steps in pursuing that dream. There is much to learn from those who have gone before you in the BAM space. Here is a list of questions you will want to consider as your pursue starting a BAM business:

Entrepreneurial Drive

In order to start a new company, you need at least one individual that has the vision for a new product or service that meets a true felt need for a specific target market.

  • Are you an entrepreneur, and if so, do you have a team of people to partner with?
  • If you are person who enjoys keeping a business running, do you know a BAM entrepreneur that you can come alongside?
Spiritual Objectives

BAM companies are differentiated from other social enterprises in that they also prioritize spiritual objectives. If you have goals to honor and reflect Christ in the workplace, you will need leadership that is committed to those goals and has the ability to carry them out. To start a truly spiritually strong company, consider the following:  Read more

9 Strategies to Fortify Your BAM Team Against Spiritual Attack

Every business has its challenges, but BAM businesses face unique trials from the enemy who comes “to steal, kill and destroy” (John 10:10) and preys on weak points in the company as well as employee relationships. The following are nine ways to specifically position your team to be ready for the hardships that may come.

1. Be on the same page

Your decision makers need to share an understanding of the vision and values that guide the company. Discuss your vision and values from the beginning, and revisit them on a consistent basis.

2. Communicate consistently

Good communication doesn’t happen organically or naturally, but requires intentionality. Setting up good avenues for communication include having regular reviews and scheduled team meetings, as well as prioritizing clearing up discrepancies as soon as they arise.

3. Establish good boundaries between work and nonwork friendships

Some BAM employees end up spending every waking moment together and get burnt out on each other. It’s encouraged to have a variety of friends inside the business as well as outside.  Read more

A Powerful Role: How Business Fights Human Trafficking

Human trafficking is one of the biggest travesties in our world today. Countless nonprofits, law enforcement units, and governments are taking a stand to address this global humanitarian crisis. Yet, where does business fit into the bigger picture? If you are a business person with a heart to do something to fight human trafficking, you can actually play a much bigger role than you may think.

Not For Sale: “Business Can Change the Tide Against Modern Slavery”

You might have heard of Not For Sale as a frontrunner nonprofit in the fight against human trafficking. What you probably don’t know is that in recent years, cofounder and president, David Batstone, has shifted their focus primarily towards business initiatives and job creation, rather than on humanitarian aid and rehabilitation. Not for Sale sees their contribution in the fight against human trafficking as preventing exploitation before it even happens, and believes business is a powerful tool in that process. Not for Sale partners with businesses to bring trafficking prevention to a whole new level. Their conviction:

“The responsibility to end modern slavery requires us to use our heads, as well as our hearts. We must use our courage to ask a new question, ‘How do you stop this before it happens in the first place?’…We believe business can change the tide against modern slavery because we’ve proven it with our own sweat, tears, and capital. We test our ideas, and help others do what works.”  Read more

5 Ways to Increase Spiritual Impact In and Through Your Business

A defining characteristic of a BAM company is that it intentionally integrates business with missional purposes. Yet, sometimes it can be challenging to figure out how to do so practically. Here are 5 areas that business owners and leaders can increase spiritual impact in the companies they oversee:

1. Keep God First

“Whatever you do, work at it with all your heart, as working for the Lord…It is the Lord Christ you are serving” (Col. 3:23-24).

  • Establish spiritual principles and values and integrate them into the mission, vision, and objectives of the company. Review how well you are abiding by these principles during all stages of the company’s development.
  • Create a Spiritual Impact Plan that has specific goals for how you run your company with spiritual objectives in mind.
  • Invite accountability to maintain the purpose of your company. Appoint a person or group (often called an advisory board) with the responsibility to assess and evaluate how well various departments and projects are aligned with the stated mission, vision, and values within the company.

Read more

8 Counterintuitive Benefits of Failure: A Personal Story

by Chris Cloud

I’ve had many failures in my life. One of them was in business. I was partner in a healthcare related startup that launched right before the Great Recession in the U.S. We were trying to do something radical, and the market wasn’t ready. But the truth is, neither were we as company leaders. We did some things well, but we made a lot of mistakes because of our lack of experience. These circumstances eventually caused the young seedling company to go out of business.

Bottom line: we failed. I failed.

Here’s a little bit of what I’ve learned through that particular failure as I’ve reflected on it over the years.

I’m writing from a place of weakness, as I’ve made many mistakes in the way I have responded to failure – but I’ve also seen the fruit and growth that can come as a result. Before I share the 8 counterintuitive benefits of failure, here are 7 more harmful ways I have responded to failure.  Read more