Driver 2: Finance

Driver 1: Member – Sub-driver Questions (d. Member Acquisition and Competition)

d.1. Member acquisition management

NA. None of the statements apply (AP 1.1.9)

B. Members are acquired through traditional means and there is no focus on new member acquisition (AP 1.2.9)

D. There is planned approach to acquire members through various channels such as reaching out to potential members through industry engagement and networking events (AP 1.3.9)

L. Brand image and reputation generates membership sign-ups; The membership function proactively attracts and acquires members through the use of digital marketing tools (e.g. social media, website advertisements, google analytics, etc.)

d.2. Competitor analysis and pricing

NA. None of the statements apply (AP 1.1.3)

B. The competitive environment is analysed to identify and assess the impact of competitors’ pricing on the organisation’s pricing strategies (AP 1.2.3)

D. Knowledge of competitors is used to influence pricing strategies and to recommend an optimal pricing level for the products and/or services provided by the organisation (AP 1.3.3)

L. Competitors’ activities and market trends are comprehensively evaluated to proactively evolve products and/or services to value add to members

Click here to see the Action Plans

Finance Driver: Introduction

a. Finance Sustainability and Growth

c. Stakeholder Management

b. Finance Processes and Controls

All organisations need funds to grow. How an organisation manages its money will determine its course for the future. Leading organisations determine the best financial solution — or mix of solutions — for their organisation and derive maximum benefits from their management of available funds.

Finance Driver Components

Find out more about the various driver components by clicking on the icons below:

Questions to think about:

1. How would you describe the focus of your finance function? 2. What are the measures of success for the finance function? 3. What are some of your revenue sources? 4. How do you monitor your working capital and how does it compare to your competitors? 5. Who do you consider to be your key stakeholders when you think about finance and funding?

Click here to find out more about this Driver

Driver 2: Finance – Sub-driver Questions (a. Financial Sustainability and Growth)

a.1. Revenue sources

NA. None of the statements apply (AP 2.1.1)

B. Membership is the core revenue source for the organisation (AP 2.2.1)

D. Revenue sources are identified and evaluated to achieve financial stability for the organisation (AP 2.3.1)

L. There is access to multiple sources of revenue (e.g. training, events, etc.) to fund organisation growth

a.2. Working Capital

NA. None of the statements apply (AP 2.1.2)

B. Leaders are aware of how working capital supports funding (AP 2.2.2)

D. The organisation knows how to improve working capital but has not fully implemented it yet (AP 2.3.2)

L. The organisation’s working capital is fully optimised as an asset; There is a working capital allocation plan in place

To secure long-term financial sustainability, TACs in countries like Australia, Germany and Switzerland are moving beyond a pure membership revenue model. Other channels that can augment TAC’s revenue stream include: Marketing and Advertising Services, Training Programmes, Events, Advisory/Consultancy, Office Rental Services, Product and Supplier Directories and Job Bank Platform.

Driver 2: Finance – Sub-driver Questions (b. Finance Processes and Controls)

b.1. Finance processes and controls

NA. None of the statements apply (AP 2.1.3)

B. Financial controls are detective rather than preventative. They are primarily maintained by the staff (AP 2.2.3)

D. The organisation has robust financial controls, which are predominantly preventative (AP 2.3.3)

L. Financial policies, processes and controls are consistent across the organisation and are highly automated and strategic