To remain financially sustainable and relevant, organizations must take a proactive approach to revenue diversification, engagement, and leadership. These five strategies help associations and private companies build resilience, foster stronger connections, and navigate an evolving landscape with confidence.
Associations and private companies alike face increasing challenges when it comes to financial sustainability, member and customer engagement, and staying relevant in a fast-changing world. Organizations that adapt quickly and build resilience into their operations are best positioned for long-term success.
Drawing from insights shared by industry leaders, here are five key strategies that both associations and private sector businesses can use to strengthen their organizations and drive sustainable growth.
1. Diversify revenue streams.
Over-reliance on a single funding source - whether government grants, membership dues, or a dominant client - can be a risky proposition. Organizations must actively seek ways to generate revenue beyond their traditional models.
For associations, this may involve monetizing intellectual property, offering professional development programs, or creating new certification and training opportunities. Private companies, on the other hand, can explore strategic partnerships, new market expansions, or subscription-based services.
It’s a big effort and you can’t dabble – the entire organization must be committed to business development.
That said, proceed with care. Diversification must be strategic. Shifting focus too far from the organization’s core mission can alienate key supporters. The key is to find opportunities that align with long-term objectives and bring value to members, customer, and partners.
2. Close the relevancy gap.
For associations, retaining and attracting members depends on staying relevant. The same holds true for private companies and their customers.
Relevance comes in many forms, from tangible benefits—such as exclusive discounts or professional development opportunities—to broader advocacy and networking opportunities. More than anything, people want to feel part of a community or cause that matters to them.
This engagement leads to greater shared understanding of member needs and organizational value which enables the association to better align its activities to the interests of members. For federated associations, direct engagement with individual members—rather than only through regional chapters—can create stronger ties and increase loyalty.
3. Strengthen Communications and Storytelling.
A compelling narrative is critical to engagement. Whether you are an association speaking to your members or a business reaching out to customers, communications should go beyond dry facts and figures.
Effective storytelling puts a human face on the organization’s impact. Showcasing champions—whether through member success stories, customer testimonials, or case studies—can inspire and create stronger emotional connections.
To enhance communications:
-
-
- Develop a clear narrative based on what members and customers value most.
- Use multiple channels (social media, newsletters, podcasts) to reach diverse audiences.
- Highlight success stories that demonstrate tangible impact.
-
Ultimately, great communication is about fostering connection—ensuring that your audience sees the real-world benefits of their relationship with your organization.
4. Address diverse member and audience demographics.
Both associations and private companies serve multi-generational audiences with varying preferences, expectations, and communication styles. Understanding these nuances is essential to building long-term relationships.
For instance:
-
-
- Younger professionals and customers may prioritize career development, networking, and digital-first engagement.
- Senior leaders and long-time members may look for thought leadership, policy advocacy, or more traditional engagement formats.
-
Meeting these varying expectations means developing flexible engagement strategies. Associations can create mentorship programs where senior members support those new to the field. Private companies can tailor customer engagement strategies that speak to different segments, ensuring all audiences feel valued.
5. Engage the board of directors as advocates and champions for the organization not just stewards.
A high-performing board or leadership team does more than provide oversight—they serve as champions for the organization. Strong governance plays a pivotal role in guiding both associations and private companies through change and growth.
Organizations can empower their boards and leadership teams by:
-
-
- Clarifying roles to distinguish strategic oversight from operational execution.
- Holding shorter, more focused meetings to drive action and decision-making.
- Encouraging board members to act as advocates, actively engaging with members, customers, and industry partners.
-
For some organizations, revitalizing board composition may be necessary to bring in fresh perspectives and expertise aligned with emerging needs.
The Path Forward
Few organizations—whether associations or private companies—lack purpose-driven missions or strong foundational values. The key to long-term success lies in ensuring that members, customers, and partners remain deeply engaged and invested.
By focusing on financial sustainability, member and customer relevance, strategic communication, audience diversity, and leadership strength, organizations can build the resilience needed to thrive in today’s evolving landscape.
As one industry leader put it, "The closer someone gets, the better we look." That’s not just a reflection of confidence—it’s a reminder that when engagement is strong, value becomes clear.
Are you looking to refine your organization's strategy for long-term success? Stratford Group specializes in helping associations and private companies build sustainable growth models, strengthen governance, and improve member and customer engagement. Contact us to learn how we can support your journey.
[FROM THE ARCHIVES: This article was originally published in 2014 as "5 Important Business Survival Skills". It has been updated with new content.]