12 ways you can improve your organisation’s profitability
The cost of living crisis is affecting the majority of people in the UK. The general public is tightening its belt and businesses are looking for ways to not only save money but increase their profitability to cover rising costs.
So how can you bring in more money during a time when most people are trying to spend less?
Keep reading to discover 12 key strategies to help your organisation not only survive, but thrive during these challenging times.
- Offer something unique
Whatever activity or service your organisation is offering, make sure you stand out from your competitors by providing something that no one else provides.
For example, if you run a dance studio, offer classes in more modern or niche disciplines such as Afro House or Cheer. If you’re a football club, you could offer Futsal or Footgolf to appeal to a broader range of people.
- Offer private lessons
These can be one-to-one or in small groups. The aim is to attract clients who want to increase their skill level but can afford to pay a bit more for exclusive or more focused training.
- Offer special workshops
These workshops can be used to focus on particular skill areas
- Sell merchandise and snacks
When club members enjoy and value what you offer, they will most likely be proud to wear your branded clothing or use your branded products. This also helps to advertise your organisation, reaching people you may never have had the chance to reach.
If possible, set up a little store where people can browse the products and also buy snacks and drinks. If you’re a LoveAdmin user, use our shop feature to sell merchandise online.
- Offer free trials
Free trials give you the opportunity to show your club or organisation off at its best – in action!
People who get to experience something and feel part of it are far more likely to sign up. It also shows goodwill on your side and that you really believe in what you’re offering. For advice on how to use trials to your advantage,
- Rent out your studio or pitch
If you have your own grounds or venue, use it as another income stream during those times when you’re not using it.
Doing this also helps to build goodwill in your community and introduce people to your club who may never otherwise come across it. With this in mind, always have information about what you offer in plain sight for visitors to see. For example, put up a public notice board near the entrance with information about how to rent out your venue.
- Raise your prices
This may seem counterintuitive, but people are aware of rising costs and will more than likely be sympathetic as long as the increase seems reasonable. It’s a fine line but your loyal customers would rather see the club thrive than see it start to decline because costs aren’t being covered adequately.
Taking time to research your local competitors will help you to determine how much you should charge.
- Look at harnessing external funding
There are lots of grants available that sports and community clubs can apply for, such as The National Lottery Community Fund, Tesco Community Grants and The Queens Platinum Jubilee Activity Fund. Funding can be used towards the costs of a new clubhouse, providing new sessions and so much more. We recommend researching local and regional grants available to you and your organisation.
Visit our blog to learn more about grants and funding streams you may qualify for.
- Find alternative income streams
This could include things like themed birthday parties. Drama clubs could offer workshop parties, and dance clubs could offer dance parties where the children get to learn a routine and then perform it for the parents. Kung Fu clubs could offer parties with a Kung Fu themed cake and certificates for everyone who took part.
Another great thing about these parties is you’ll be showcasing your club to potential new clients and if you give everyone a free lesson voucher at the end you may well up with some new members.
- Make paying easy
Keeping up with who’s paid and who hasn’t can be laborious without the right software. By simplifying the payment process, you take away a potential obstacle for your clients meaning you get paid more quickly and can easily see whose payment is outstanding.
If this is something your club struggles with, LoveAdmin can help you streamline your payment process and reduce time spent on admin. Let us focus on the admin so you can focus on what matters most.
- Make decisions based on data
It’s always worth taking the time to examine what’s working and what’s not. Which classes are profitable? Which classes, if any, are losing money? Would it be possible to combine classes with fewer attendees so that you save on teaching and utility costs? LoveAdmin can help you sort through all your clubs’ data and clearly see what’s profitable and what’s not.
- Partner with schools and offer to run lunchtime or after-school clubs
Schools can apply for help with funding for some clubs. If this is the case for what you’re offering then you can make them aware of what’s available and how to secure it. Sports and activity clubs can be transformative for children. If you go into schools with an impressive proposition, testimonials from happy clients and a free workshop you may well be on your way to developing a future relationship with the school of your choice.
To discover how to get your business into schools or nurseries, check out our blog post jam-packed with actionable tips and tricks.
Even though the economic outlook may appear to be bleak, it doesn’t mean it’s going to be bleak for your club or organisation. If you build a community and offer a great activity that feels like value for money, then you’re set to ride out any storm. Happy, satisfied members will be loyal and that loyalty brings with it stability for your organisation.
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