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