Rumblings of economic turmoil were being heard long before the collapse of Lehman Brothers in the fall of 2008, but many see that event as the beginning of the financial crisis that has forever altered our economy and culture. Looking back at the 13 or so months since that institution’s demise, are there lessons to be learned for ministries and those who lead them? Absolutely.

Few of these lessons have been easy. Words such as “painful” come to mind when asked to describe them. In our work providing banking resources to evangelical ministries across the country, we’ve seen three particularly important lessons emerge.

Early Recognition and Response Matters

First is the need to recognize the scope and severity of economic conditions and make prudent, sometimes difficult, decisions sooner rather than later. Ministries that did this have generally weathered the economic storm better than those that just kept hoping things would get better. In the early stages of the economic crisis, we heard some ministry leaders say things such as, “We believe the Lord will see us through,” or “Our people will step up.” Some of them realized later that the real message from the Lord was probably more like, “You need to trim expenses and learn to live on less.”

Part of this lesson is that ministries not only needed to cut expenses, but also to scale back on their ministry lifestyles. Before the decline, effective ministry was often defined in terms of programs, projects and paid staff, all of which can translate into big expenses. We’re learning that effectiveness may be more accurately measured by factors such as depth of relationship, relevance of message, and the presence of a spirit of joyful volunteerism. This, in fact, may be the central lesson for all of us in ministry.

Financial Management Matters

We’ve also learned that the financial priorities our organization challenges ministry financial decision-makers to consider are crucial – because they result in prudent management of ministry finances with appropriate accountability. Embedded in this lesson is the growing realization that more effective ministry does not mean spending every dollar that comes in. While many ministries have learned the critical importance of maintaining adequate reserves and managing cash flow, others consider it almost a moral responsibility to spend every donated dime. Proverbs 6 suggests a wiser approach: Setting aside funds now for the coming season is part of good stewardship.

The action item from this lesson is that you simply may need to manage ministry finances differently. Failure to do so, especially in this changing economy, could mean putting ministry and – more importantly – people in jeopardy. Each ministry has been called to pursue a specific mission. Poor financial management impedes that pursuit.

Relationships Matter

Now more than ever, leaders are learning the value of relationships and resources that are available beyond the walls of their ministries. No ministry possesses all the expertise needed to pursue their mission well. We all need to recognize the value of outside resources. Interdependence is biblical, as is consulting with people who know things we don’t and have done things we haven’t.

Maybe you need to renegotiate service contracts to reduce expenses, but no one on your staff is particularly experienced at doing so. Network with your ministry peers to find some who may have traveled that road. Your need might be for expertise in project management or budgeting or financial forecasting. If you don’t know peers who can offer guidance, you could seek counsel from a consultant or a CPA. You may need to spend money on the front end, but you’ll ultimately save more in the long run.

Our staff places a high value on relationships, but during the past 15 months, we’ve elevated the importance of building even deeper ones. This includes relationships with outside experts who can help us do a better job of pursuing our mission to be a valued banking resource for ministries. Deepening our relationships with the ministries we serve was also a focus. As we invest additional resources into understanding what these church leaders need, we can offer a wider range of solutions that help them better do what they’re passionate about. Just as we work to maximize our limited resources, we want to help our ministry members do the same.

For example, a large Southern California church began its 2009 budgeting process early in the fall of 2008. However, church leaders saw enough of the writing on the wall to recognize that “business as usual” might not be realistic in the coming year. So, they developed three budget scenarios – one based on the church’s giving history, one based on their best guess given what was happening in the economy, and one based on a worst-case scenario. They ultimately went with a hybrid of the best-guess plan, but reviewed the budget regularly and adjusted it based on current reality. Along the way, they sought counsel from our ministry development team and others with whom they have relationships. In the end, this church not only weathered the storm, but became stronger in the midst of it.

No one can say how the economy will change during the next year or two. All of us, though, can apply the lessons learned since the Lehman Brothers’ collapse to be sure our churches are financially prepared for whatever the future brings. And there, perhaps, is the most important reminder: We’re all in this together.

Mark G. Holbrook is the president and CEO of Evangelical Christian Credit Union (ECCU), headquartered in Brea, Calif. ECCU is a banking resource to churches, Christian schools and other evangelical ministries across the country. For more information, visit eccu.org.