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Making a Pivot

by Michelle McDonald Pride

Before a strategic rebrand, our business was called Trading Hope. We were growing, but well aware of looming trends in the marketplace and patterns in our business that indicated a future decline in revenue. A mentor to me half joked and half warned that if we did not change something, we would soon be called Fading Hope. Our rebrand was an outward representation of a major strategic pivot.

Some of the most well known brands have successfully pivoted. Wrigley Gum used to give away pieces of gum on the soap they sold. Facebook and YouTube began as dating sites. Even Avon began as a book business that gave away free perfume with a purchase. While these examples are drastic, they are all incredible pivots that recognized the advantage of changing strategy.

Being able to pivot as a social enterprise is one of the most important, yet difficult concepts to approach. How do you pivot your social enterprise without sacrificing your impact? Most social entrepreneurs do not begin their business based on a market need and opportunity; they begin based on targeting a social problem or a particular community group in need. The entire business model is often upside down. For this reason alone, pivots are of critical importance for social enterprises.

What is a pivot

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Business as Mission from Australia and New Zealand

It is usually a mistake to lump Australia and New Zealand together! Each is quite different in characteristic from the other and each enjoys a bit of friendly joking about the other, as well as a fierce sporting rivalry. However, one thing they do have in common is that both Australians and New Zealanders have been among BAM pioneers, with a steady interest in business as mission growing in each country. We ask two BAM friends from each nation to share about their involvement:

 

Our journey in BAM started when I was fired from the position I was working in with a mission agency in Nepal. In retrospect, it was the best thing that could have happened. That was 2000. We started a software company, and slowly grew until we now have a staff of 12 in Nepal, 5 in New Zealand and 3 in other countries. We make software for managing pharmaceutical supply chains, which is now used in about 30 countries.

Right from the start we had a strong sense of rightness about starting down this path, and when it’s been tough we’ve hung on to that. It’s a good thing to have. Here are a few things we’ve reflected on along the way:

Things are fragile, especially at the start. A change of mind here, the stroke of a pen there, and we would have a very different story to tell. It’s good to remember this when we start to feel that we’re pretty good at what we do, and good to remember when others fail – it’s not always in our hands. Read more

How The Foundry is Helping Freedom Businesses Find a Market

The answer is always the same… “We need marketplace access.” We work with Freedom Businesses – companies that have a focus on combatting slavery and human-trafficking. This answer is often given in response to the question, “What do you need most as a Freedom Business?” Marketplace access is a consistent, ongoing need for all companies, Freedom Businesses and BAM companies are no different.

What this question does not take into account is whether that market access is for retail, wholesale, white labelling, production only, or any other creative way to enter the general market. What we have found is that marketplace access is really a coded way to say, “We need money and therefore we need sales.”

The reality is that Freedom Businesses do need a market: real markets that are based on quality products and not just the marketing of the brand’s story or relying on ‘sympathy purchases’. While it is important to relay that story with dignity and deep purpose, the story should not take the lead over the product. The product needs to be able to stand on its own merit, with a real market, if the business is to truly succeed.  Read more

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