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Get Started Growing: Maximizing Startup Success

AND THE AWARD GOES TO...

Our goal is to provide the BAM Community with the best content and resources available. As we head into summer we are highlighting various articles and resources which have stood out in the past 6 months. Below is the “Editor’s Pick” for January to July 2017.

Please enjoy and thanks for following!

by Stu Minshew

On the theme of ‘maximizing BAM success factors’ we’ve invited guest authors to highlight what they consider key factors contributing to success and growth for BAM practitioners. Previously we’ve covered ‘breaking through your growth ceiling’ for an established business. But what if you are a startup? What if you have a business idea and want to know how to maximize your success from the get-go? We asked entrepreneur and CO.STARTERS trainer Stu Minshew to share what he’s learned about maximizing startup success in this five part mini-series.

Part 1: Get Started Growing

Starting and growing a business is a calling from the Lord. If you ask anyone who has done it, they will tell you how exhilarating it can be, but also how it sometimes seems overwhelming and impossible. The truth is that it doesn’t have to be this way. Yes, it always requires hustle and flexibility, but taking a few simple actions can equip you to overcome obstacles to starting and growing your business to a level of sustainability.

During this series, we will explore these steps, but before we get to those, we need to discuss a few foundational points.

Foundational Point 1: Startups & Small Businesses Have Different Needs

In 2016, The Bureau of Labor in the United States shows that about 50% of businesses make it five years, while only about 30% make it past the ten year mark. If this is the reality, then starting a business doesn’t look like such a good idea.  Read more

Iterations Through Feedback: Maximizing Startup Success

by Stu Minshew

On the topic of ‘maximizing BAM success factors’ we’ve invited guest authors to highlight what they consider key factors contributing to success and growth for BAM practitioners. But what if you are a startup? What if you have a business idea and want to know how to maximize your success from the get-go? We asked entrepreneur and CO.STARTERS trainer Stu Minshew to share what he’s learned about maximizing startup success in this five part mini-series.

Part 5: Iterations Through Feedback

In my last post, we explored the benefits of a small start with a focus on providing value to the customer. This allows you to get your product or service into the hands of your customers quickly and begin collecting feedback. Today, we will discuss what type of feedback you are looking for and what to do with it once you have it.

Capturing Customer Feedback

Once you have the product into your customer’s hands, you will need to to create a system that allows you to learn from your customer. This will allow you to capture their feedback and make improvements to your business, product, or service. In every successful business, learning to meet customer needs is a top priority.

Find a way to hear stories about how your offering is helping to solve your customers’ problems. How is it meeting a need? How are they using it on a daily, monthly, or yearly basis? Ask the questions that will get people to tell you those stories. This is most effective through face-to-face interaction, where you can learn through what they say, and how they say it. If face-to-face isn’t an option, phone or video call is a solid second option. Make sure you are asking open ended questions that are allowing them to tell their stories about how your business is changing their life.  Read more

Starting Small: Maximizing Startup Success

by Stu Minshew

On the topic of ‘maximizing BAM success factors’ we’ve invited guest authors to highlight what they consider key factors contributing to success and growth for BAM practitioners. But what if you are a startup? What if you have a business idea and want to know how to maximize your success from the get-go? We asked entrepreneur and CO.STARTERS trainer Stu Minshew to share what he’s learned about maximizing startup success in this five part mini-series.

Part 4: Starting Small

In my last post, I focused on the importance of living out your Kingdom values by loving and serving your customers. This allows you to sustain and grow your customer base as you deepen your relationship with those you serve. However, before you can get customers, you need a product or service for them to buy. The sooner you can get your product or service to them, the closer you are to making money and creating a sustainable business.

Dream Big, Start Small, Grow Smartly

Earlier in this series, in the post titled It Starts With You, I talked about the big dreams that motivate and inspire us. Often times our big dreams cause us to do too much or take on too much too fast. This can be overwhelming and result in a failure to do anything well. Or, it can put a large financial burden on our business too quickly. Neither of these is helpful as you are seeking to create sustainability.

Dream big, but start small.

To be good stewards of what God has given you, I encourage you to find the quickest and easiest way to get your product or service in front of your customer, while continuing to communicate the unique benefit you offer. This means you may not be able to offer everything you envision to your customer at first. By simplifying your long term vision to focus on the first step in achieving your dream, you will define a way forward that looks much more manageable. This allows you to serve your customer NOW, instead of someday, and helps you make the customer an important part your startup journey.  Read more

Understanding Your Customer: Maximizing Startup Success

by Stu Minshew

On the topic of ‘maximizing BAM success factors’ we’ve invited guest authors to highlight what they consider key factors contributing to success and growth for BAM practitioners. But what if you are a startup? What if you have a business idea and want to know how to maximize your success from the get-go? We asked entrepreneur and CO.STARTERS trainer Stu Minshew to share what he’s learned about maximizing startup success in this five part mini-series.

Part 3: Understanding Your Customer

As a current or future business owner, your customer is critical to your success. While we may believe that our customer exists to buy our products or service, the reality is that we exist to serve our customers. I appreciate how CO.STARTERS intensely focuses on knowing and serving your customer. This customer-centric view aligns with Christ-honoring Kingdom values. Jesus calls us to love, care for, and serve our neighbor, or customers, in the same manner that we desire to be served. In order to serve our customers well, keep them coming back, and increasing in number, we must deeply listen to and understand their needs and desires.

What’s inside your customer?

Traditional customer research focuses on demographics including age, gender, location, income, etc. While these are important, it is vital to understand the the factors that lie beneath the surface. What are their interests, passions, skills, beliefs, and values? For example, if you have a product or service for dog lovers, your customer will cover a wide-range of demographics, but it is important to realize they share a common trait, a love for dogs.  Read more

It Starts With You: Maximizing Startup Success

by Stu Minshew

On the topic of ‘maximizing BAM success factors’ we’ve invited guest authors to highlight what they consider key factors contributing to success and growth for BAM practitioners. But what if you are a startup? What if you have a business idea and want to know how to maximize your success from the get-go? We asked entrepreneur and CO.STARTERS trainer Stu Minshew to share what he’s learned about maximizing startup success in this five part mini-series.

Part 2: Success Starts With You

Why would a series on starting and growing your business begin with a whole post dedicated to you? A good product or service is all it takes, right? While it is important to have a good product or service, the most important factor in the success or failure of your business is YOU.

Most businesses don’t fail because of poor products or fierce competition. They fail when finances are mismanaged, passion is lacking, and expectations are unrealistic. By starting with an in-depth look at yourself – including your passions, strengths, weaknesses, expectations, and financial literacy – you can take the critical first steps to launching a successful business.

Identify and Test Your Assumptions

We all have an idea of what our successful business will look like in the future. At this point, that picture might be a little blurry if your business is only a concept. However, getting a clearer picture of that vision is important for your success. It is going to provide you with a general target for how you grow your business.  Read more

Get Started Growing: Maximizing Startup Success

by Stu Minshew

On the theme of ‘maximizing BAM success factors’ we’ve invited guest authors to highlight what they consider key factors contributing to success and growth for BAM practitioners. Previously we’ve covered ‘breaking through your growth ceiling’ for an established business. But what if you are a startup? What if you have a business idea and want to know how to maximize your success from the get-go? We asked entrepreneur and CO.STARTERS trainer Stu Minshew to share what he’s learned about maximizing startup success in this five part mini-series.

Part 1: Get Started Growing

Starting and growing a business is a calling from the Lord. If you ask anyone who has done it, they will tell you how exhilarating it can be, but also how it sometimes seems overwhelming and impossible. The truth is that it doesn’t have to be this way. Yes, it always requires hustle and flexibility, but taking a few simple actions can equip you to overcome obstacles to starting and growing your business to a level of sustainability.

During this series, we will explore these steps, but before we get to those, we need to discuss a few foundational points.

Foundational Point 1: Startups & Small Businesses Have Different Needs

In 2016, The Bureau of Labor in the United States shows that about 50% of businesses make it five years, while only about 30% make it past the ten year mark. If this is the reality, then starting a business doesn’t look like such a good idea.  Read more

Punching Through Your Growth Ceiling

by Chris Cloud

Continuing on the theme of ‘maximizing BAM success factors’ we have invited guest authors to highlight what they consider key factors contributing to success and growth for BAM practitioners. Business consultant Chris Cloud shares this mini-series on how to break through your growth ceiling.

 

In the first post we discussed what a growth ceiling is, and how to identify whether or not you are at one. In these second post we’ll cover proven strategies for growing past your ceiling.

The following advice has been gleaned from years of studying how people break past their growth ceiling, from personal experience, and from helping dozens of executive teams identify and break through their ceilings.

Working ON the business, not just IN it

Warren Buffet says his managers should spend 80% of their time working on becoming better leaders and thinking about how they will grow their business. How much time do you spend focused on growing in these areas? Most missional small business owners spend next to zero amount of time working ON the business or on their leadership, because they are too overwhelmed working IN the business. We have to find a way to rise above, if we are ever going to break past our growth ceilings.

We don’t rise to the level of our expectations, we fall to the level of our training. – Archilochus

Reminder: There’s hidden grace available if we’re willing to step out.

Isolate the Problem

Once you have committed time to work ON the business, the first step is to isolate the specific area where you are plateauing.  Read more

Have You Reached a Growth Ceiling?

by Chris Cloud

Continuing on the theme of ‘maximizing BAM success factors’ we have invited guest authors to highlight what they consider key factors contributing to success and growth for BAM practitioners. Business consultant Chris Cloud shares this mini-series on how to break through your growth ceiling.

 

A former client of mine, a venture capitalist, said he noticed an interesting trend. Each company his firm invested in, their leader would have a personal ceiling where he/she couldn’t grow the company past a certain point. For some it was $3 million in annual revenue, for others it was $300 million, but every single leader had a growth ceiling. That company never grew past a certain level until they brought in an entirely new management team.

From what I’ve observed, each growth phase of a company requires a different way of thinking, so most people can’t adopt new ways of thinking easily as the business or organization grows. All kinds of added responsibilities, dealing with high level investors, more employees, different market strategies, it all requires a different skill set.  Read more

New Year’s Resolutions? 3 BAM Owners Share Their Goals for 2017

On New Year’s Sunday my pastor asked for a show of hands of all the people who made New Year’s Resolutions. Out of a crowd of 500 people, he counted only three. I was surprised at the extremely low number. Back in the day, everyone seemed to talk about it. Maybe we have finally faced the fact that bad habits don’t turn off when the new year turns on! Gym memberships mentally expire in February, diets last until the next dinner invitation, To Do lists remain undone… although all start with the best intentions.

Even if New Year’s Resolutions are facing extinction, articulating hopes for the year ahead and setting realistic goals definitely should not be – certainly not for BAM company owners! We thought it would be fun to hear from some hard working vision-filled business people who have a lot at stake for reaching their goals this year.

For a business, setting and reaching goals is essential for company health and growth. Business goals that encompass the four bottom lines of business as mission will impact staff, customers, suppliers and the community broadly. The goals shared below are a snapshot from the longer list of goals each company has for the year. Read more

Apples to Apples: Measuring Progress Across an Organisation

We interviewed Timothy, a consultant with a mission sending organisation that has been developing a metrics tool to evaluate businesses across their organisation globally.

How did this metrics tool come about?

I work as part of a team that consults to and supports BAM-type entities across Asia and we were looking for a way to evaluate how those entities were performing and started to develop this benchmarking tool. At the same time another region was working on a similar idea and we realised that it would be far more effective to work on one tool that could be applied globally across our organisation. We want to be able to compare ‘apples to apples’ and get a better read on what is working well worldwide.

What is the tool’s purpose and how has that shaped its design?

Well first of all we wanted it to be a tool that would help business owners identify areas in which they could grow and improve. It has to serve those on the field at the sharp end of doing business so we have tried to make it straight-forward to use and informative. For instance, we have limited the number of questions practitioners have to answer so that it is not an unwieldy time-waster. The reports are laid out in a user-friendly way using various charts and formats so that areas for growth can be quickly pinpointed. It’s a tool that we’ll use when we are consulting with individual companies as a way of focusing on strengths and weaknesses. The results will be part of the ongoing conversation with the business owners, providing a framework for accountability and planning. Read more