Associations and chambers play a vital role in fostering growth and success for their members. One powerful strategy they can employ to generate revenue and enhance sustainability is through affinity programs. By partnering with businesses that align with their members’ interests, these organizations can offer exclusive discounts and benefits, fostering member loyalty, attracting new members and enhancing the association’s value proposition. These programs not only boost revenue but also create a sustainable ecosystem where members thrive.
Amhara Region Chamber—Auditing Services
How Innovative Auditing Services Are Boosting Amhara Chamber and Its Members
The Amhara Region Chamber of Commerce and Sectoral Associations (ARCCSA) has found an innovative way to generate revenue while ensuring the sustainability of the chamber. By offering auditing services to its members, the Chamber not only enhances its own financial stability but also provides valuable support to chambers in the region. This proactive approach has proven to be beneficial for both the chamber and its members.
Recognizing the challenges faced by many local chambers in the region, the Amhara Region Chamber of Commerce introduced the auditing service three years ago. Some members struggled to find independent auditors in their cities, while others couldn’t afford their services due to the high costs involved. In response, the chamber collaborated with an auditing firm to offer annual audit and accounting compliance advice to its members, including city and Woreda chambers.
By leveraging this service, chamber members can establish and strengthen their internal controls and financial procedures. This not only protects them from potential fraud and mismanagement of funds but also enhances their overall financial management capabilities. Over 90 members have already taken advantage of this auditing service, which was made available for a fee exclusively to ARCCSA members.
The introduction of the auditing service was made possible with donor support, showcasing the chamber’s ability to foster strategic partnerships. It serves as an excellent example of an affinity program, where the chamber collaborates with a third-party provider to offer services at a discounted rate to its members. This arrangement allows the chamber to generate revenue while sharing the profits with the auditing firm.
To promote this valuable service, the Amhara Region Chamber of Commerce actively spreads the word to its members. The annual general meeting serves as a platform to highlight the benefits of the auditing service, and regular communication through email and social media channels helps keep members informed. For further information about the auditing service, interested parties can contact Nibret Bantegegn, the Secretary General of ARCCSA, at nibret2014@gmail.com.
In conclusion, the Amhara Region Chamber of Commerce and Sectoral Associations’ auditing service has proven to be a win-win situation for both the chamber and its members. By providing an essential service that supports financial management and compliance, the chamber generates revenue while assisting chambers in the region. This innovative approach exemplifies the chamber’s commitment to its members’ success and the overall economic growth of the Amhara region.
About Amhara Region Chamber of Commerce and Sectoral Associations
Established in 2007, the Amhara Region Chamber of Commerce and Sectoral Associations is an autonomous, non-profit membership-based organization. Its primary objectives are to promote trade, industry, and investment in the region, coordinate the efforts of its chamber members, and provide recommendations on economic development to the government. With a membership base consisting of 223 woreda and city chambers, the Chamber collectively serves over 232,000 businesses in the Amhara region.
For more information about the Amhara Region Chamber of Commerce and Sectoral Associations, interested individuals can visit their official website at https://arccsa.org/. The website offers comprehensive details about the chamber’s activities, initiatives, and membership benefits.