“If everyone is moving forward together, then success takes care of itself.”
Business owners must constantly have one eye on their balance sheet to ensure revenue is healthy and expenses are in check, particularly when they’re just starting out.
For many businesses, outlaying a membership to an industry association can feel like an extravagance, but it’s important to look closely at the value these memberships can deliver and return, well beyond the initial investment.
Most Australian industries have a representative association, but what are the benefits of belonging to one?
Shape your industry
Industry associations provide a mechanism for you to input into and shape the direction of your industry. They also represent their members in government, policy and other negotiations so having a voice in these discussions can be really valuable for your business.
Knowledge is power
Industry associations often author reports or commission research into areas of its members’ interest. As a member of the association, you’ll often have free access to the latest industry information, trends, statistics or tools—this can only be a good thing for your business.
As a central point of contact with a comprehensive database of businesses aligned to an industry, associations can effectively match supply to demand and act as a conduit to introduce its members to new projects, partnerships and other opportunities.
Power in numbers
When an industry works collectively, they have the power to effect change—whether it’s to lift standards, create opportunities, mitigate risk, and more—an industry is more effective when it works together as a whole.
Networking, mentoring and professional development
Industry associations often provide opportunities for its members to attend networking functions, hear from guest speakers, participate in workshops and seminars or to mentor newcomers to the industry, or vice versa. This can be a cost-effective way to participate in these kinds of activities, tailored specifically to the industry within which your business operates.
Being a member of an industry association also brings with it a level of credibility and recognition. It demonstrates that your business was assessed by the secretariat and recognised as a worthy inclusion to the association—that’s why many businesses note their memberships on their websites or business cards.
These are just a few of the many benefits of joining an industry association and PaySmart works closely with a number of them. Keen to find out more? Contact your Business Development Manager today for their insights and an introduction to your industry association.