By Edith Chavez and Kassie Davis
Everyone today seems to be operating on a tight budget and associations are no exception. While organizations want to continue providing benefits to the members and striving towards their mission, they need to think about their expenses to determine if the expense is necessary to reach their goals.
The best way to easily cut down expenses is by removing items that members no longer need/want and instead use those funds in a more productive way. Examples of this include switching to digital marketing, such as utilizing email and social media options, rather than printing and mailing items to all members.
Here are some questions to ask/tips to make the most of what you have.
- Are the subscriptions your organization has reviewed regularly to ensure all are still actively used? Are they being renewed at the appropriate level? Is there a non-profit discount available?
- Are there items provided that are not necessary, such as having a mobile app and graphically designed printed program?
- Are there items that can be completed in-house instead of hiring out for them? Is there time available to do these tasks in-house?
- Are there ways to get creative to cut down on food and beverage costs for meetings? Examples include cutting pastries in half and using non-disposable cups for coffee.
- Are there additional items that can be added to the hotel contract? Can you offer additional staff rooms at 50% off the regular room rate?
- Are there ways to reduce shipping costs? Try shopping around to different providers printing locally where the meeting is being held so it can be picked up in-person and having purchased giveaway items shipped directly to local board members. Taking an extra suitcase packed with meeting items may be cheaper than shipping costs.
- Are there ways to get more use out of office supplies? Reusable plastic table tents using copy paper rather than printing new table tents on cardstock for every meeting is more economical.
- Are plug-ins utilized? There are apps that will look for coupons or cheaper places to purchase.
- Are credit card points redeemed? Using credit card points to pay for flights or account credits can offset the expenses. Also putting as many charges as possible on the association’s credit card will earn additional points.
- How many free/discounted memberships/registrations are given? Do any also receive reimbursements? Make the board aware of the potential loss of income/additional expenses associated with these as they can add up.
Carefully consider the pros and cons of each option before proceeding as each organization will be different. Once a decision is made, execute it, and begin making the most of what you have and hopefully that can help your net profit grow and give you even more in the long run!