Posts

Don’t Lose Your Way: The Importance of the Business Development Process

How can BAM companies avoid losing their way? On the one hand, many BAM startups lose momentum, fail to break even, or simply get aborted. On the other hand, some BAM companies that reach financial success find themselves in danger of losing sight of the non-financial goals and objectives that led them to start their BAM venture in the first place. Although there are as many different reasons for BAM failure as there are struggling, closed, or misdirected BAM companies, I believe there is a common antidote to keep companies from getting off track: an ongoing rigorous business development process.

What happens to a company in the absence of an ongoing rigorous business development process? It then becomes a challenge to grow or lead the business forward in a way consistent with its BAM vision, goals, and objectives. This is often the result of two common business development failures:

1. The leader failed to articulate a sustainable BAM vision and robust strategy to begin with.

2. The leader failed to execute against the strategy and has not been held accountable to it.

The good news for BAM practitioners is that there are plenty of resources available to help with the first challenge – and putting together the right team and structures can help overcome the second. Read more

Not the Typical Strategic Plan: Creating Plan for Performance Part 2

by Bill Cousineau

In Part 1 – A Planning Process for Breakthrough Performance, we discussed the issues of traditional strategic planning. We summarized it by saying that in too many instances, the polished business plan is nothing more than a highly thought-out collection of concepts and ideals, tied together by wishful thinking. None of which result in customers flying through their doors with money in hand, nor in an organization that is united, focused and intentional in its execution.

By contrast, the Strategic Action Plan describes how an organization defines success and how it intends to create value for its stakeholders, customers, and team members. The critical distinction is that this is a living document that does not sit on the shelf collecting dust. This document is used to not only guide priorities and decisions, but it is a plan that is measured, tracked, monitored, and discussed regularly.

Before you begin to create the Strategic Action Plan there are critical prerequisites and five steps in the process:

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Not the Typical Strategic Plan: Planning for Performance Part 1

by Bill Cousineau

Some years ago I worked at an Aerospace company. At one offsite location, a man by the name of Dave Hanna coined the phrase, “Every organization is perfectly designed to get the results they are getting!” That phrase has always stuck in my mind. Think about it: As leaders in business we may find ourselves plateaued or under-achieving our organizational goals. These times call for us to look deeply at every aspect of our business and leadership to determine why the desired results are yet unattained.

When a business really takes this key statement to heart, they begin to peel back the layers of their company and come to reveal the deficiencies in their strategic planning process. My experience has shown that as leaders examine their planning process, they realize they do not have consistency of purpose. Their organizations tends to work as silos, optimizing their individual silo at the expense of the larger organization.  How can this happen?  No matter how much time Executive Teams spend preparing for and conducting their Strategic Planning session, their plans fail to achieve the desired results.

In Part 1 of this article, we will discuss the difference between traditional strategic plans and developing plans that engage the organization for breakthrough performance.

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Helping Entrepreneurs Turn Ideas Into Startups

by Stu Minshew

It is such a privilege that the Lord calls His people walk alongside Him as He advances the gospel to the nations. Today, more than ever, business is powerful tool that He is using around the globe. As a Christian entrepreneur, I am extremely excited to see all that He is doing.

As the BAM movement continues to gain momentum, I see two key growth opportunities that I believe will lead to greater impact. First, let’s make it easier for entrepreneurs to turn ideas into successful startups. Second, creating strong communities of support for startup businesses must become a top priority. Let’s see how we can make progress in accomplishing these two tasks.

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8 Unexpected Questions from Investors

by Patrick Lai

Lions and Martyrs are entering the colosseum to do battle. The Lions are investors, hungry to invest in solid BAM/B4T businesses. They hope to make money, as well as create new opportunities for the Good News among the least reached. The Martyrs are starting new businesses in spiritually, and some cases, economically difficult locations. The Martyrs are coming to lay it all on the line, praying not to be eaten alive. They are hoping to tame a Lion or three and bring each Lion, along with their expertise and their money, into their start-up business.

If you’re raising money for your company and you want to pitch potential investors and shareholders, it’s important to plan ahead for the questions savvy investors may ask.

Naturally, the Martyrs, and anyone who is seeking capital, can expect to be asked about your financial projections, timeline, the competition, your team, marketing strategy, risks, personal experiences, how much “skin” do you have in the business, and your exit strategy. Expect experienced investors to study your business plan with a fine brush and comb. Plus, investors will also grill you on your spiritual and personal life, to learn what you are made of.

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6 Reasons Why Your Vision May be Failing (And What to Do About It)

by Chris Cloud

Since there are many excellent articles on Vision Casting out there, I have decided to come at this from a different angle. My question is: Where is a vision likely to fall off the rails? I’d argue that most individuals, and most organizations, are not guided by a clear vision.

I have been a part of a few organizations that nailed it, and a few that could have achieved so much more if they had a clear vision and steered towards it. I’ve also consulted with dozens of companies regarding their brand and strategy, and inevitably vision comes up as one of the most powerful elements of growth and impact.

Without a vision, the people perish. – Proverbs 29:18

Here are some simple observations on where a vision commonly goes off the rails, and what to do about it. Note: I believe a clear vision is just as transformative, and sadly, just as rare for an individual as it is for a group or organization. So even if you aren’t leading a company, this is for you.

Where do Visions Fail?

Lack of Clarity: “What exactly is our vision?” It’s either too complicated, or it’s too ambiguous. Keep it simple enough for a 4th grader to understand. Poor vision: “we’re going to be big and successful one day”. What does that even mean? Strong vision, “We’re going to put all of the world’s information online.” (Google’s vision). It’s clear. It’s stupid simple, though it’s not easy by any stretch. It’s ambitious, almost pretentious, but it’s compelling. It conjures up visceral imagery. The old explorers were great at this. For example, Ernest Shackleton’s vision was, “To accomplish the first crossing of the Antarctic continent.”  Read more

Spiritual Relationships, Courage and Your Next Big Business Decision

By Dave Kahle

I’m facing a big business decision – whether to invest a significant portion of my retirement funds into a new venture whose financial success is hardly assured. At the same time, last week I worked with a friend who is faced with a very similar decision, whether to invest a big portion of his wealth into a new venture.

Of course, I’m going to use all the analytical tools I have accumulated over the years. We’ll create a best and worst case proforma, do all the due diligence we can on the potential revenue and costs, attempt to identify the potential risks and put in place strategies to mitigate them. All this will make the decision a bit more clear and make us feel a bit better, or worse, about the decision. I’ll recommend my friend do the same.

Unfortunately, none of this worldly effort will uncover the answer to the ultimate question: Is this what God wants us to do? If the answer is a clear and unambiguous “YES,” then all the analytics and due diligence won’t matter. And, if the answer is a definite “NO,” then all the numbers we created will prove to be inconsequential.

Acquiring that “clear and unambiguous yes” is the first challenge. There are a number of excellent books written on the subject of discerning God’s will for your life, and for the big decisions within it. We’ll save a detailed exposition of that for a later post.

Probably the most important element of discerning God’s will in your life is your personal relationship with Him. If you have lived long enough and struggled mightily enough to have entered into something approaching a conversational relationship with Him, then you’ll be secure in the direction you get from Him. If he truly is the senior partner in your business, then you should know Him well enough not to have to guess at his direction.

In a very real and tangible sense, the closer your relationship with Him the more secure you can be in the direction he points you, and the decisions that you must make along the way. Building an ever-growing relationship with God is, then, a mature and wise business strategy.  Read more

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

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

5 Risk Factors Guaranteed to Doom a BAM Business

by Larry Sharp

 

The Good, the Bad and the Ugly: Stories from the Frontline

Last year I was leading a seminar in a conference in Arizona, when a local business owner asked the question, “Are there no failed BAM businesses?” While I readily agreed there were, I began to think about the question in a more profound way. What is the “good, the bad and the ugly” of real life BAM business experiences – those that demonstrate that there are BAM failures along with the successes?

Over the past 10 years, I have observed risk factors for BAM enterprises which should stimulate every stakeholder in the BAM community towards better recruitment, better preparation, better deployment and better accountability. Many a sports leader, military hero, or young entrepreneur has demonstrated the oft-quoted statement of Benjamin Franklin, “Failure to prepare is preparing to fail.” And that is true in the Kingdom business endeavors of today.

So what are these factors and where are the stories which help us understand basic principles for launching and landing well in a cross-cultural business? How do we best start companies designed to work out the Great Commandment and the Great Commission? How can we improve so that there will be fewer failures and a greater chance of successful transformational businesses in the areas of the world that need them the most? If these five risk factors don’t actually doom your BAM company, not paying attention to them will seriously endanger it… at the very least!  Read more