Secrets of Non Profits To Help You Grow Your Bottom Line
Imagine my surprise as a corporate event planner the first time I volunteered to chair an event for a non profit and learned that I had to not only create the budget, I had to raise the funds! Working with a number of non profits over the years, I discovered there are several lessons to be learned when working with investors and others. Who else would know better how to increase revenue than one who must start with nothing? I also learned that growing revenue isn't just about the all mighty dollar. Below are six secrets from the non profit world that will help you to increase resort group business and keep you profitable now and in the future.
1. Be a Visionary. See beyond where you are now to where you want to be and share that with your team. Lead your team with enthusiasm for the end result. Always stay ahead by taking stock of where you are, new ideals and current needs while continuing to reach higher. Avoid the rut of "we've always done it that way". The vision of a non profit is at the forefront of every revenue generating activity.
2. Be Receptive to Feedback. For our purposes here, your clients are your investors. Listen when they express to you what you are doing right. Keep doing it! More importantly, listen very well when they tell you where you could use improvement. Consider this feedback as a gift, regardless of the packaging. Non profits listen closely to what their investors have to say, and make necessary changes while still focusing on the vision.
3. Develop Your Younger Human Capital. Leaders of one organization of over 30,000 people had an epiphany when they asked this question at their annual board meeting, "How many of you will retire in the next ten years?" The response was shocking. Until then, there was no succession management and yet in the next ten years, most of them would be retired! They immediately designed a program to train the next generation of leaders to keep their organization strong. What are you doing to mentor your younger team members?
4. Attract and Retain Your Funding Sources. Group business is a substantial funding source for you. Retaining group business is the solid foundation you need to survive as a profitable hotel. To thrive, non profits continuously look for the next opportunity and so must you! Be the hotel that attracts new group business! Network by joining associations, serving on committees and attending conferences. Set up lunch dates with people you generally do not network with. They may not directly have business for you but you become more visible in your community and that will generate leads. Revenue generation for non profits depends heavily on a continued marketing mindset in all things. Adopt a continued marketing mindset and your property will reap the benefits.
5. Integrity is Key. You've heard the term "transparent" in relationship to operations and financials, particularly with non profits. Apply the integrity rule to every facet of your product, financially and otherwise! This value should be practiced by every employee at your property. If each task of each employee is carried out with integrity your "investors" will see it and will trust your property with their group business.
6. Say "Thank You!" Appreciate those who invest their dollars into your hotel or resort. Remember, they chose you when they could have chosen elsewhere. A stellar non profit includes recognition of investors as part of their strategic plan. Likewise, by developing an appropriate and effective way to thank your investors, your gratitude strategy will touch every group that chooses your property as home for their meeting.
Source: www.cvent.com blog
By: Sherry Cummins, CMP, CMM, who has over twenty years experience in the meetings and events industry. She is currently president of Meeting Professionals International Michigan.
Wednesday, June 13, 2012