Four Strategies for Dealing With Today’s Rising Costs
Associations can employ these tips to manage inflation
Everybody is talking about the impact rising prices are having on their lives, but fewer are talking about how they’re dealing with it. To learn what associations can do to keep economically healthy during this time, we turned to C. David Gammel, FASAE, CAE, chief practice officer at McKinley Advisors.
Gammel recommended a few strategies to help deal with inflation. Among them: increasing revenue by revamping prices, budgeting accurately, retaining talent and having nimble decision-making processes.
Revenue and Pricing
“The key thing we’re seeing with organizations is they’re paying attention not only to the cost side but also the revenue side,” Gammel said. “Associations really went through a lot of cost-cutting over the last couple years as they adapted to COVID, so there’s probably not a lot left to cut. They’re going to have to have the revenues in place to deal with an inflationary environment to cover costs.”
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