Chambers: How to Embrace Changing Revenue Models and Mergers in 2021

As we enter 2021, we know there are two very concerning challenges our Chamber customers are faced with: should my Chamber be considering changing our revenue models and should we be discussing a possible merger or acquisition?

Recently, Accrisoft partnered with the Association of Chamber of Commerce Executives (ACCE) and two expert panelists to host a webinar to discuss these two very important topics. Dan Lindblade, CAE, President & CEO of Greater Fort Lauderdale Chamber of Commerce, and Kris Kellogg, Chief Revenue Officer at the Charlotte Regional Business Alliance, shared how an intentional approach in creating focused, productive and mission-driven teams has resulted in successful new organizations. 

In case you missed this insightful webinar discussion, we wanted to share some key takeaways.

• The Chamber business model started to change prior to the pandemic with easy access to network with other professionals through social media like LinkedIn and Meetup. 
• The COVID-19 crisis happened and now a vast number of professionals are working from home and not able to meet in-person. This tricky combination has put many Chamber leaders in a position to change their revenue models, consider alliances and mergers to increase investor value, advance community-wide goals and position their organizations for future success. 
• 2021 is the time to put your money into your mission. Is your revenue model aligned with your mission and is it profitable? If not, get rid of it.
• Start with the end in mind for your new revenue model and backwards engineer. 
• Your value proposition must lead your business model. Millennials and entrepreneurs join causes not clubs; they connect over purpose. They are not interested in funding traditional institutional organizations. The rise of Foundations is a result of this. Companies want specific causes with measurable results not general categories of work. Remember–you’re only as relevant as your newest investor.
• Be bold and consider a new structure or direction that may be well outside of tradition. How do you do this? Ensure board and stakeholder buy-in. 
• Make sure staff executives and CEOs are in agreement that regardless of if they keep their job, that this merger needs to happen. 
• Develop a merger plan to make sure you have a timeline and measurable outcomes set up, so you know exactly what's going to happen. The structure might look a lot different than it originally was supposed to be. For example, your Board of Directors might now be the Board of Governors. 
• There has to be clear identification of the culture of the new organization so everyone knows what they're buying into. 
• There is no cookie-cutter approach to mergers and acquisitions. There are many pitfalls, and you must be able to walk away from the deal if it doesn't make sense in your gut.

To watch the recorded webinar, check out the video below. 

Be sure to also check out: Revenue Models Disrupted: Tech Strategies to Support Your Greatest Opportunity. This is another 45-minute webinar co-hosted with ACCE.

If you’re looking to learn about implementing a total software solution to help manage your Chambers member experience and grow your revenue, contact Accrisoft today. 

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Revenue Models Disrupted: Tech Strategies to Support Your Greatest Opportunity

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