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Diversifying Income Streams
Rob Denny & Laura Tinner (2016)
Diversification of sources of income is an aspiration that many businesses strive to achieve. A strategy of diversification can help organisations weather financially difficult times by providing a range of different sources of revenue.
In many respects, the professional body sector is no different. Just as any private enterprise is vulnerable to economic downturn, changes in consumer preferences, or other unforeseen external factors, so too are professional bodies. However, the jury is still out on whether or not income diversification is appropriate for the professional body sector. Some argue that these efforts are a distraction from the organisation’s core mission of developing and maintaining professional standards, and acting in the public good. Others make the case that diversification and increasing commerciality are likely to be resisted by members.
This work offers a systematic exploration of these issues and acts as a useful resource for those involved in financial management and strategic planning at professional bodies and other types of membership organisation.
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