Shifting Your Operations in a Recessionary Market
Here are seven methods to protect your revenue
Adapting operations to react to the COVID-19 pandemic was a uniquely challenging adjustment for any association professional. Now, with many economists projecting a recession in the next 12 to 18 months, we’re once again called to adapt and change to face unfriendly market forces. Here are seven things you can do now to mitigate the impact of the next recession, whenever it might come.
Build and maintain relationships. Jay Clouse, founder of Unreal Collective, points out that relationships are strengthened when leaders, staff, and volunteers are faced with challenging times. Associations are counted upon most not when market conditions are great—but when a profession or industry is faced with a unifying struggle.
Provide virtual resources. In-person events have financial and time commitments that pose risk for your association. That’s not the position you want to be in when the future is unpredictable. Instead, associations should consider offering asynchronous, on-demand learning that members can access from their office or home. Pandemic conditions proved this to be an efficient delivery method for continuing education, and the same rules apply should there be an economic downturn.
Please select this link to read the complete article from ASAE's Center for Association Leadership.