Local business associations are essential drivers of economic progress in developing communities. However, these associations can find themselves in financial peril due to the same economic development factors which make them so vital.
CIPE recently hosted a webinar titled Fostering More Resilient Private Sector Organizations through Financial Sustainability to explore best practices in financial sustainability, including the presentation of case studies from CIPE partner organizations. Speakers from CIPE and the International Training Centre for the International Labour Organization (ITC ILO) presented to an audience of local business associations and chambers of commerce across the Global Majority on how to grow their organizations and preserve financials gains.
Using Local Business Associations to Create Opportunities
ITC ILO’s Paolo Salvai provided his overview of a recent report on how business associations can enhance their financial sustainability, drawing on lessons from the COVID-19 pandemic. The report outlined best practices including increasing income streams, controlling expenditures, and managing reserves. To increase income, Salvai recommended that associations can grow memberships, expand services, and seek new projects with high rates of return. Salvai also underscored that enhancing financial sustainability is dependent on mitigating costs, which associations can do by diligently tracking expenditures.
CIPE’s Work in Expanding Communities
CIPE’s Director of Association Development, Stephen Rosenlund highlighted CIPE’s initiatives on supporting business membership organizations to become more resilient in times of uncertainty. He also explained that financial sustainability is an essential component of an organization’s ability to weather disruptions in times of crisis. Carmen Stanila focused on how associations can generate revenue streams through various methods, including hosting events, creating innovative products and services, and organizing training workshops.
Additional Resources
- CIPE and ITC ILO Training Module: Boosting Financial Sustainability for EBMOs
- CIPE: Strengthening Economic Resilience
- CIPE: Financial Sustainability and Management
- CIPE: Boosting Association Revenue in Africa
- ITC ILO Report: Navigating Employer and Business Membership Organizations (EBMOs) Financial Challenges
Event Details
Location:
Online
Date:
December 12, 2024
Featured Speakers:
Paolo Salvai: Manager of the Employers Activities Program, ITC ILO
Stephen Rosenlund: Director of Association Development, CIPE
Carmen Stanila: Senior Consultant, CIPE