Kyle Payton
Kyle Payton is general manager of ThriftCart.
Discover three creative ways to increase profitability while staying mission focused.
Implementing low-cost ideas to generate quick revenue is a good starting point for associations wanting to boost profitability. But the best strategies are sustainable long-term—and go beyond membership dues. When you improve your association’s overall fundraising capacity, you can stop worrying about ensuring your doors stay open and start planning for your future.
With member and donor expectations evolving and operational costs rising, today’s associations need innovative, strategic ways to build revenue while keeping their missions front and center. Here are the top three strategies your organization can use to boost its profitability and build long-term sustainability.
You don’t need to start from scratch with your fundraising campaigns. However, to increase your rate of success, you do need to plan smarter.
One of the most effective and simple ways to increase donations is to align your fundraising campaigns with periods of high generosity. The three main periods to prioritize are:
Aside from these general periods of elevated giving, your association can also align fundraising campaigns with times of heightened generosity that are specific to your cause. For example, an OB/GYN association might host a fundraising campaign during May for Women's Health Month.
Use themes that resonate with supporters during these times and incorporate emotional storytelling to deepen community engagement. You should also market your campaign across multiple channels with consistent messaging to reinforce your donation appeals.
Launching a merchandise store, such as a thrift store or online shop, can drive consistent income while spreading awareness of your mission. Here are a few types of stores that associations see great success with:
Launching a store is a major undertaking, so you want to be as sure as possible that your association will benefit from one. If you have strong community support, a mission that aligns well with retail opportunities, and underused space, then a store may be the right choice.
When many associations think of profitability, they usually focus on increasing revenue. An often overlooked piece of the puzzle is minimizing revenue losses, which is just as important.
One of the biggest sources of revenue leaks is inefficient processes. That’s why investing in technology can help you boost profitability, even though it requires an upfront investment.
Start by evaluating your internal tools and workflows to identify cost-saving opportunities. Then, purchase software solutions that address your most urgent concerns, such as:
Depending on your association’s fundraising programs, you may also need software that’s more specific. For instance, if you operate a store, you might look into point of sale (POS) solutions to manage functions like payment processing and sales.