Congratulations — your association has approved its budget! The first step is over, and now comes the task of putting that budget to work.
But before getting into the nitty-gritty on how to implement your budget, you need to make sure it prioritizes three actions:
- Maximizes your members’ value
- Improves your operations
- Helps achieve your strategic goals
Let’s break down the key areas in which your association should focus its spending, keeping tabs on the actions above. We’ll offer tips on how to implement your budget effectively for maximum impact.
[Related: What To Know About Online Fundraising]
1. Technology Upgrades
Technology is one of the best investments your association can make.
However, spending money on the latest and greatest tech wizardy is a seemingly endless endeavor. Something newer and better is always around the corner … but the key is choosing tools that have staying power — or in other words, will provide you value for years to come.
But when you pick the right products to invest in — and we mean products that help you achieve at least one of the three actions listed earlier — that’s money well spent.
A worthy tech upgrade (and strategy) streamlines your processes, increases member engagement and creates a better all-around user experience. Here are some tech upgrades to consider with your freshly approved budget:
- Association management systems (AMS). Invest in a robust AMS to automate tasks, track member interactions and provide members with easy access to resources. An effective AMS has a high chance of improving both your member retention and satisfaction.
- Website enhancements. A user-friendly website (on both desktop and mobile) engages and informs members far more than a difficult-to-navigate one. Aim to budget for regular site updates, such as smoother site navigation, mobile optimization and the latest security features.
- Cybersecurity. As cyberthreats continue to grow, so does your need for data security! Consider investing in cybersecurity training, software and regular system audits to protect your members’ sensitive data.
[Related: The Hidden Costs of Poor Technology Integrations]
2. Member Engagement Programs
Your members are the heart of your association, so dedicating funds to their engagement is ideal.
Remember: Programs and initiatives that meaningfully support members enhance your association’s value! Why? Your members feel seen, heard and most importantly, appreciated.
Here are some member engagement opportunities to consider:
- Networking and events. Think about allocating your budget for both in-person, hybrid and virtual events such as conferences. These give members a wide range of opportunities to connect and grow professionally.
- Professional development. Support continuous learning through either subsidized or free certifications, courses, webinars and workshops for members. These efforts drive loyalty while helping them achieve their career goals.
- Member recognition programs. Show appreciation for your members who go above and beyond by adopting a recognition program. Consider budgeting for awards or incentives that celebrate particularly outstanding contributions.
[Related: How To Ensure High Membership Renewal Rates]
3. Marketing and Outreach
Building awareness and boosting membership growth require a dedicated budget for marketing and outreach efforts.
Invest in strategies to expand your association’s reach and engage prospective members. Here are a few ways to do so:
- Content marketing. Create informative and engaging content, such as blog posts, case studies and routine newsletters that speak to your target audience’s specific needs and interests. And don’t forget about search engine optimization (SEO). Paired with content generation, SEO earns you the right metrics to attract new members online.
- Social media. Boost your association’s online presence by budgeting for social media tools and paid ads. You also might enlist a dedicated social media manager (they’ll make your life a lot easier). Platforms like LinkedIn and Facebook are especially great for community engagement and member networking.
- Email marketing automation. Keep members in the loop with automated email campaigns for onboarding, event promotions and general updates. Consider using tools that allow for audience segmentation and message personalization for targeted results.
[Related: Is Now the Right Time to Integrate or Automate Your Association Tech?]
4. Administrative Costs and Staffing
Behind every well-run association is a dedicated team with diverse skill sets.
Costs spent on your administration and general staffing (think webinars, trainings, and office upgrades like newer tools and supplies) are sometimes left by the wayside. But setting aside some of your budget to take care of your payrolled folks goes a long way. For starters, investing in a great work environment ensures your staff members are well equipped to easily carry out their day-to-day operations.
Here are a few areas to consider when implementing in-house development actions with your budget:
- Training and development. Invest in staff training programs to build expertise in key areas, like project management, event planning and member services.
- Office equipment and supplies. Maintain your operational efficiency by purchasing up-to-date technology, software subscriptions and any office equipment that supports in-office, remote and hybrid work environments alike.
- Financial planning. Consider budgeting for a financial consultant or financial software to track, analyze and project your association’s financial health year-round.
[Related: Why Your Organization Needs a Learning Management System]
5. Evaluation and Improvement
Regularly reviewing your budget allocations’ success helps refine spending for future years.
Dedicating part of your budget to evaluation tools ensures your association remains agile and responsive to member needs. Using these tools helps you determine the best places to spend your dollar:
- Survey and feedback efforts. Allot funds for surveys, focus groups or feedback platforms that allow members to share their thoughts and experiences. Use this feedback to adjust programming and prioritize upcoming budget allocations.
- Data analytics. Invest in data analytics tools to measure the impact of programs and initiatives, helping you assess which investments yield the best returns.
- Continuous improvement initiatives. Budget for small-scale projects and pilots, such as a new event format or an emerging technology trial. And make sure to test them on a limited scale first! You can assess their effectiveness before full implementation.
[Related: Overcoming Resistance, Fear and Uncertainty: 10 Best Practices for Change Management]
Need Help Implementing Your Budget? Contact Dennison & Associates
By strategically allocating resources, your association can make meaningful strides toward achieving its mission.
With careful planning and a focus on high-impact areas, you not only make the most of your budget but also set up your association for a successful year ahead.
But it’s all easier said than done. At Dennison & Associates, we understand that each association is different and we’re particularly keen at determining what you should budget uniquely. On top of that, we’ll help you implement items afterward.
To learn more, contact us today — we’re eager to get started!
Featured image via Pexels
