Budget better with membership tech
As the UK Government presents its Budget and with the end of the financial year approaching, now is the time for associations to review their finances and plan for the year ahead. Here are some areas to focus on which will help develop a better growth strategy - and how association management software (AMS) can help improve your financial planning.
Associations should review their financial performance for the current year, looking at revenue, expenses, and profit/loss. This can help identify areas of strength and weakness and guide budgeting for the coming year.
AMS solution: Real-time financial reporting allows associations to continually monitor their revenue and expenses - informing decisions about budgeting and forecasting. ReadyMembership - the all-in-one association management software from Pixl8 Group - captures all member purchases in the CRM. Integration with leading accounting software Xero ensures a complete financial picture of members at group and individual levels.
What are your barriers to members joining and renewing? These could include confusing online user journeys, complex join options or manual forms.
AMS solution: Automate the billing process for membership fees and other purchases - ensuring timely payments and reducing the administrative burden of manual billing.
In ReadyMembership, you can set up automatic email reminders as renewal time approaches. Plus, integrations with card payment and direct debit providers such as GoCardless and World Pay ensure that payments are easy to make and receive. Invoices are automatically generated in the CRM and Xero.
Analyse your membership data to understand trends in membership growth or decline, member demographics, and member engagement. This can help identify areas where your association is succeeding and areas where it may need to focus on improving member benefits and services.
AMS solution: Automatically track your members and identify trends in membership growth or decline. This information can be used to adjust membership fees, forecast revenue, and plan for future expenses.
ReadyMembership CRM gives you a 360 view of each member - letting you see subscriptions, events bookings, shop purchases and email opens. You can also download reports to analyse your membership segments.
Solicit member feedback from your members to understand their needs and preferences. This can be done through surveys, focus groups, or other means of engagement. This feedback can guide the association's strategy for improving member value and engagement.
AMS solution: A great AMS should include tools that make it easy for members to feedback at any time. With ReadyMembership members can provide feedback in their login area, or you can set up automatic email sequences to solicit feedback on your services and benefits. The Groups function also gives members the ability to talk to other members and share ideas within interest groups or committees.
Associations should evaluate their events and initiatives to determine which ones are delivering the most value to members and which ones may need to be revised or discontinued. This can help the association focus its resources on programs that are most effective and aligned with its mission.
AMS solution: A high performing AMS should include software include event management tools. With ReadyMembership, associations can plan, ticket, promote and manage events - from simple one day events to conferences with many simultaneous sessions. The event dashboard lets admins easily forecast revenue from ticket sales.
Based on the insights gained from financial performance, membership data, member feedback, and program evaluation, associations should develop a strategic plan for the coming year. This plan should include goals and objectives, a budget, and action items for achieving the association's mission and vision.
Overall, association management software like ReadyMembership can help associations streamline their financial planning processes and make more informed decisions about their budgets and revenue streams. By leveraging the data and insights provided by this software, associations can optimise their financial performance and ensure long-term sustainability.
By focusing on these key areas, you can develop a better strategy for growth going forward and ensure that they are effectively serving their members and achieving their mission.