Re-Evaluate Each Year
With each membership year comes new goals and challenges for your association and how you may be able to cut costs. You may have the event schedule set and locations confirmed for the entire year, however at the end of each year you should make changes to allow the association to become the best it can be. During an annual board planning meeting is the opportune time to reflect on the prior year to address what worked and what could be improved in the year to come. You need to look at the association as a whole and break it down into different categories such as events, member benefits, board meetings, non-dues revenue, etc.
As it relates to events, here are some questions you should be asking:
Which events brought in the most revenue?
Which events do members appreciate the most?
Which events could you do without in an effort to save money?
Does the revenue made on each event outweigh the expenses?
If your members have come to expect a certain number of events each year, there are still other ways to cut costs. For example , instead of holding a sit-down dinner with open bar and entertainment during your annual convention, you could serve a buffet-style meal and only provide two drink tickets to each guest. Or you may decide to shorten your three-day conference to two days this year.
Regarding member benefits, here are some questions you need to ask:
What were the best member benefits offered?
Which benefits should no longer be offered?
What are some new benefits that would be of interest to members?
What is the percentage of members actually taking advantage of the benefits being offered?
If the member benefits offered do not affect the bottom line of the association either positively or negatively, then you may decide that there is no need to change what is being offered. However, you may find that a new member benefit could actually add to your non-dues revenue. For example, you may find that by offering different types of insurance, the association may be able to receive a percentage of the total insurance paid. Or by working with a specific company, they may offer the association a small kickback of the total sales made by those members who are taking advantage of the benefit.
Obviously, these are just a few ways you can reflect on this year to make sure next year is even more successful for you and your association.
If you are interested in hearing about what association management services Greydan Communications can offer, please call us at 1-888-525-8810 or send us an email to discuss your association’s needs.