Board relationship management yields rewards for both sides. Building and fostering relationships underpins client appreciation for your company and its services and increases brand loyalty. Associations who feel you are responsive to their needs will likely continue to use your company’s services. This is vital for association retention and helping your business run smoothly.
Furthermore, when your company gains a reputation for responsiveness and hands-on involvement, it can lead to new client acquisitions, helping you grow your portfolio.
Board Relationship Pain Points
The health of every association management company relies on its relationship with its boards. You and your management team should identify pain points your company and association boards may be experiencing — before they escalate into costly issues.
Association management company pain points may include:
- Producing timely financial reports for each of your boards every month
- Fielding financial status questions from each of your boards
- Retaining associations
- Maintaining board satisfaction
Your boards may experience the following pain points:
- Insufficient financial transparency
- Delayed monthly reports
- Lack of confidence relative to financial decisions and status
- Inability to receive speedy responses or resolutions to issues, questions, and concerns
All of these issues can lead your clients to feel they are receiving poor service from your company. This may hurt your company’s association retention, brand, and bottom line.
Fortunately, there is multi-faceted association management software available to help you manage your board relationship.
Association Management Software to Improve Board Relationships
Cloud-based software with online portals, automation, and a communication platform can help address the pain points of your association management company and of the boards you manage. Through its dynamic scalability, association management software can empower your company to maintain individualized services while managing and communicating with the growing number of boards in your portfolio.
Branded and Customizable Portals to Improve Transparency
One way to improve transparency, reduce confusion, and boost board satisfaction is to give your associations direct access to their financial data. By providing your boards a dedicated online portal, members can log in to see real-time financials and access board packages the moment they are ready.
Automated Monthly Report to Ease Board Anxiety
Automation can help ease board anxiety regarding monthly reports. Accounting software with integrated banking utilizes automated month-end reconciliation. Automated reconciliation ensures your boards consistently receive on-time monthly reports. Consistent reports translate to greater board confidence in your company.
Multi-Channel Communication Platform to Enhance Dialogue
Association software systems that offer a centralized platform with multi-channel communication can improve the dialogue with the boards you manage. Broadcast text messaging and integrated call logs allow your company to maintain and track effective and consistent board correspondence within the platform.
Relationships can be challenging. The right association management software can help your company build trust and promote a favorable relationship with the communities you manage today and tomorrow.