25 min listen
Economy, Recessions and Associations: What You Need to Know
Economy, Recessions and Associations: What You Need to Know
ratings:
Length:
36 minutes
Released:
Jun 26, 2023
Format:
Podcast episode
Description
On the latest episode of The A100 podcast, OnWrd & UpWrd’s Colleen Gallagher and Meghan Henning welcomed Bill Conerly, an economist specializing in economic trends and writer for Forbes Magazine. They discuss how trade associations can survive tough times and how seriously they should take the threat of a looming recession.
A pressing question on every association executive’s mind should be: “can my association survive a recession?” The answer is yes, but it will take some planning. Bill recommends that associations should look back to 2008 and see how they weathered that recession or look at how they performed during the pandemic. What did they do to keep themselves going?
The discussion turned to whether resiliency gained during COVID will serve associations well when faced with future recessions and what steps associations can take to best handle a recession. Bill advised association executives to adopt proactive risk management strategies. Start with assessing your risk and then make sure you start contingency planning for various scenarios before they actually play out. It’s a lot like crisis communications strategy – it’s always better to plan in advance than in the middle of a crisis. Bill’s main takeaway here is that the companies who fared best during past recessions are the ones who act quickly.
Communicating your value proposition always matters for associations, but reminding your members that during a recession is when they need you most and telling them why will be key to your survival during a recession.
Listen to the full episode to hear more about how you can make sure your association is prepared should a recession hit later this year or next and be sure to check out Bill’s recent Forbes article about the impact of an impending recession on trade associations.
Subscribe today so you never miss out on future episodes.
Follow along for best practices, top trends, helpful ideas and smart strategies and tactics that work in the world of associations:
Twitter: @association100
LinkedIn: /company/the-association-100
A pressing question on every association executive’s mind should be: “can my association survive a recession?” The answer is yes, but it will take some planning. Bill recommends that associations should look back to 2008 and see how they weathered that recession or look at how they performed during the pandemic. What did they do to keep themselves going?
The discussion turned to whether resiliency gained during COVID will serve associations well when faced with future recessions and what steps associations can take to best handle a recession. Bill advised association executives to adopt proactive risk management strategies. Start with assessing your risk and then make sure you start contingency planning for various scenarios before they actually play out. It’s a lot like crisis communications strategy – it’s always better to plan in advance than in the middle of a crisis. Bill’s main takeaway here is that the companies who fared best during past recessions are the ones who act quickly.
Communicating your value proposition always matters for associations, but reminding your members that during a recession is when they need you most and telling them why will be key to your survival during a recession.
Listen to the full episode to hear more about how you can make sure your association is prepared should a recession hit later this year or next and be sure to check out Bill’s recent Forbes article about the impact of an impending recession on trade associations.
Subscribe today so you never miss out on future episodes.
Follow along for best practices, top trends, helpful ideas and smart strategies and tactics that work in the world of associations:
Twitter: @association100
LinkedIn: /company/the-association-100
Released:
Jun 26, 2023
Format:
Podcast episode
Titles in the series (51)
When Knowledge Walks Out the Door by The Association 100 Podcast