A Chamber of Commerce has myriad of competing priorities at any given time. It’s easy to fall into the trap of pursuing some new initiative or leading the charge for an advocacy issue.
Your organization is – above and beyond all else – a living organism that requires a clear focus on what matters most to ensure its survival. It all boils down to the four cornerstones of financial stability.
Dues-based revenue. As a member-based organization, the Chamber is driven by, and depends on, membership dues. Having stated that, history and current market conditions mean that it can represent an unstable revenue base. Are you measuring your member metrics from a reality-based perspective?
Non-dues revenue. This financial category is now the “power behind the throne.” The need for non-dues revenue has moved from nice-to-do to a necessity for survival. Partnerships, sponsorships and events are a key to financial stability. Do you have a metrics-based non-dues revenue and growth strategy?
Expense control. This category is where you can make a difference. The status quo is no longer an option. It is your responsibility and your obligation to continually source new and innovative ways to cut costs and improve productivity. What expense-related metric will you revise or re-invent this year?
Profitability. Just as with any other organization, all roads lead to the bottom line. Even as a not-for-profit entity, your success is ultimately measured by your ability to manage and maximize positive outcomes. Is your mindset focused on profitability metrics?
Remember, what gets measured gets done.
Don’t forget to register for the November 15th Webinar -Tools For Growing Your Chamber of Commerce! 5 ways to Increase Productivity, Lower Costs and Grow Revenues