Greater Miami Chamber of Commerce Strategic Plan. Revised & Updated by A.Villoch; M.Rosenberg; C.Barney; R. MacNamara and B. Johnson 11/19/2015

Transcription

1 Revised & Updated by A.Villoch; M.Rosenberg; C.Barney; R. MacNamara and B. Johnson 11/19/2015 Previous Updates 2004, 2012, 2014

2 Table of Contents I. Executive Summary 3 II. Vision, Mission, Values 4 III. SWOT Analysis 5 IV. Strategic Priorities and Critical Action Steps 8 V. Appendix 12 Page 2 of 15

3 EXECUTIVE SUMMARY The Greater Miami Chamber of Commerce strategic plan is a living document which outlines the Chamber s initiatives focused on ensuring the Chamber is in concert with its Vision and is aligned with its Mission and Core Values. It is only by serving its members and meeting their needs that the Chamber will continue to exist. Strategy #1 To continuously align the organization with the needs of its members, the business community and to be forward looking in anticipating and responding to change. This is the key platform that forms the foundation of the Chamber. Strategy #2 - In order to support Strategy #1, the Chamber must have sustainable financial strategies that support the retention and acquisition of new members, relevant and valuable programs and events while leveraging the key competencies and unique value proposition the Chamber offers. Strategy #3 - Embrace and invest in technology, such as a mobile website and a continuously improving customer relationship management. The use of digital marketing to help members and engage the community is essential. Staying ahead of the technological shifts driven by the next generation of potential Chamber members is critical. Strategy #4 - Seek and engage in Partnerships and Co-operative Opportunities. Expand the Chamber s community relevance by seeking partnerships and cooperative opportunities with other organizations. The will be reviewed annually by the Chamber CEO and Leadership team in conjunction with the Executive Committee. The Plan will be a component of the annual budget setting process to ensure that financial resources are being allocated consistent with the Strategic Plan guidance. Page 3 of 15

4 VISION, MISSION, VALUES Vision The Greater Miami Chamber of Commerce is the Voice of South Florida business in the global marketplace. Mission The Greater Miami Chamber of Commerce is a catalyst to help members grow, improve and protect their businesses. It is dedicated to building the best environment for business in the Americas and committed to improving the economic vitality of South Florida by educating and advocating for solutions to members business needs. Core Values The Chamber will continue to build on its tradition as a leading business association. The core values of the Chamber serve as a guide for all aspects of personal and organizational behavior associated with the Chamber. The values are as follows: Member Driven: We are passionately committed to our members without whom we have no purpose. Integrity: We conduct ourselves with honesty and adhere to ethical processes in a trustworthy manner. Transparency: We exist to serve the members and as such there should be no barriers inhibiting that relationship. Personal Excellence and Accountability: We strive to excel in all we do with speed, accuracy, fiscal responsibility and accountability. Individual Dignity: We embrace diversity, inclusion, recognize new ideas, and learn from each other. Page 4 of 15

5 Teamwork: We value leadership and rely on teamwork. We can achieve far more as a team than as individuals. Page 5 of 15

6 SWOT ANALYSIS To understand critical issues that could affect the Chamber s future, the strategic planning group and the Chamber staff reviewed the strengths, weaknesses, opportunities and threats facing the organization today. Strengths The Chamber has numerous strengths to build upon, including: Reputation as the oldest and most significant voluntary business associations in South Florida and among the most progressive in the nation Size and diversity of its program of work and member leadership Broad-based community participation and inclusive goal setting process Staff dedication and professionalism Leadership and signature events and programs Ability to identify needs and deliver solutions for the broad community and region Not beholden to political forces - ability to do what is right for the members and the community without fear of fiscal impact Commitment to continuous improvement by: o Improving advocacy offerings o Constant evaluation of member value proposition and bundle offerings o Leveraging and expanding international programming o Focused public relations/communications resources to promote Chamber offerings o Disciplined approach to managing financials and cash position in order to withstand the challenges of economic turbulence. Page 6 of 15

7 Weaknesses The Chamber weaknesses include: Budget constraints often prevent the Chamber s ability to attract the most talented personnel and also often slow in the adoption of technologies to enhance member service: o As a Not For Profit, the Chamber is disadvantaged in competition for talent with For Profit businesses o Website and social media tools in need of continuous upgrade Continuing challenge to attract large number of new members to grow the Chamber. o Participation in membership campaigns continues to diminish. o Membership investment concept trend in decline across among all not for profits o Lack of large business and declining corporate involvement in Chambers The lack of an endowment or hard assets could affect the long-term financial stability of the organization. The Chamber s lease provides the Chamber with below market rent. Should the landlord elect not to renew the lease at the end of the period, or sell the property, the Chamber could be at a financial risk. The Chamber receives no outside funding in terms of government support, grants or other donors. Reliance on membership revenue as primary driver of organization funding will continue to be a challenge. This is especially true in the face of declining numbers of large corporations who traditionally were large drivers of Chamber revenue. Member transitions out of committees sometimes results in loss of institutional knowledge or continuity loss. The South Florida Progress Foundation lacks full time staff The Greater Miami Chamber is often considered in the same bucket as the many local municipal chambers and other economic development organizations with which we compete with for membership and sponsorship dollars. We are sometimes criticized for lack of diversity within the membership. Page 7 of 15

8 Opportunities The Chamber has weathered many storms and kept itself relevant year after year. As it forges ahead in the next several years, it may choose to explore several avenues including: Maximize the growing need to serve as a regional, not just Miami voice. Build upon its brand assets including the South Florida Progress Foundation. Expand and leverage on the Free Zone license for additional revenues. Opportunity to acquire/partner with other organizations to better serve members, increase value proposition or share cost of serving members. Opportunity to grow in geography or mission through merger or acquisition. Find ways to penetrate the 95% of South Florida businesses who are not members. Participation in evolutionary efforts to advance the business community. Establish an ecosystem to nurture start-ups and scale ups for new memberships and sponsorship. Threats The Chamber must consider both short and long-term threats that could materially impact its ability to deliver on its mission to members. Those threats include: The proliferation of competing community organizations adds to the financial and time burden on supporting members companies and may lead to insufficiency of their investment in any one organization Natural disasters that cause business interruption and impact ability to deliver on programming Displacement of traditional Chamber programs by the internet Lack of endowment/hard assets affects financial stability National trend of fewer companies making membership investment in favor of event/sponsorship dollars at a lower margin which is reflected in our market, too Generational shift to social media and the use of other emerging technologies for business connections that reduce the perceived need for Chamber Page 8 of 15

9 STRATEGIC PRIORITIES AND CRITICAL ACTION STEPS In order to maximize strengths, overcome weaknesses, embrace opportunities and mitigate threats the following strategies will be put into place. Strategy #1: To continuously align the organization with the needs of its members, the business community and to be forward looking in anticipating and responding to change. This is the key platform that forms the foundation of the Chamber. The Chamber currently has six priority areas (groups): Community Growth Governmental Affairs Industry Growth International Business Leadership Programs Marketing & Member Growth. The evolution of the community and the rise in entrepreneur businesses, technology, regionalism and a center for global business must be on the Chamber s radar screen. The current structure of the Chamber should support the needs and opportunities of the market place and be flexible enough to embrace future needs. This structure includes an annual review of all committees/task forces to determine relevance. Action Steps: 1. Conduct annual review of priority areas and committee structure prior to leadership slate selection for each new Chamber year. 2. Align Chamber staff with group/ committee structure, incorporate transparent performance metrics. 3. Annual review of key community issues to ensure alignment/ relevance with Chamber advocacy. Page 9 of 15

10 Strategy #2: In order to support Strategy #1, the Chamber must have sustainable financial strategies that support the retention and acquisition of new members, relevant and valuable programs and events while leveraging the key competencies and unique value proposition the Chamber offers. The Chamber has bolstered its financial infrastructure into a solid, disciplined platform. However, the changing landscape as identified in the Threats requires the Chamber to fully embrace ever-evolving technologies to market to/ retain/ attract new members. In order to fulfill Strategy #1, Member pricing and packaging options must evolve to reflect the needs of current and future members by: Annual review of the pricing levels and value proposition of each level Annual review of all events Incorporate use of Digital Marketing to expand and leverage reach of events Develop membership options that target age-specific demographics utilizing social media and other technologies to connect and tailor the Chamber s unique value proposition Develop membership options that reflect and target emerging/ non-traditional industries and their specific needs Annual review of non-traditional revenue opportunities: the South Florida Progress Foundation (a 501c(3) not for profit foundation and Miami Free Zone (the Chamber holds the license to the Zone #32), partnerships, grant opportunities, potential sale of event logistics - such as development of a Powered by the GMCC brand. Action Steps: 1. Annual assessment of all operational systems - develop investment & training plan to consistently upgrade and use tools to deliver on member needs. a. Make it easier to do business with the Chamber via electronic devices b. Ensure all platforms are responsive in their design - and easily visible on mobile platforms and devices. 2. Create and Maintain a set of accurate metrics to guide sales and marketing decisions and measure ROI: a. Annually use data and metrics to determine appropriate value proposition vs. cost of service and maintain expected margins for all levels of membership b. Use revenue margins & retention data to provide direction for marketing campaigns and measure campaign ROI. Page 10 of 15

11 3. Maintain financial discipline to ensure sufficient cash reserves and maintain agreed upon financial margins. 4. Reestablish an investment committee recommend help manage Chamber funds 5. Develop a full plan to maximize and leverage the Miami Free Trade Zone and the South Florida Progress Foundation Strategy #3: Embrace and invest in technology, such as a mobile website and a continuously improving customer relationship management. The use of digital marketing to help members and engage the community is essential. Staying ahead of the technological shifts driven by the next generation of potential Chamber members is critical. Action Steps: 1. Incorporate consistent technologies for all Chamber programming. Use all available tools to enable the Chamber to reach and connect with potential new members that prefer to interact via digital marketing, social media and other communications vehicles 2. Ensure all communications are platform agnostic- i.e. responsive design is critical to all communications. 3. Increase use of video for all orientations/ communications to expand on the Chamber s value proposition.. Strategy #4 - Seek and engage in Partnerships and Co-operative Opportunities. Expand the Chamber s community relevance by seeking partnerships and cooperative opportunities with other organizations. In seeking new members, the Chamber competes with large and growing group of community based organizations each offering a variety of sometimes overlapping benefits. Potential members face choices in terms of both time and resources. The Chamber has already seen the value in sharing resources with some of its peers and has felt the implications of a shrinking corporate base that is not able to fund all peers to the fullest. Action Steps: Page 11 of 15

12 1. The Chamber should adopt a more aggressive stance in monitoring and engaging community based groups in order to uncover opportunities where market share can be taken, shared or acquired. In addition, we may uncover best practices that improve our ability to deliver excellent member services. 2. Develop a list of community based groups and track their strengths and weaknesses to determine how we engage with these organizations. Consolidation is a trend across many industries, particularly in difficult economic times and the Chamber should be able to take advantage of its strengths to offer solutions or create partnerships that add value to members and prospects. 3. Use community based group reviews, member feedback from satisfaction survey and non-member research to annually review all operational and marketing communications for consistency of message and update list of benefits to ensure value proposition for every level of Chamber membership remains robust. 4. Develop co-list of major targets with other similar organizations, major companies that are not involved in any civic organization at this time - and adopt a team approach. 5. Explore enhancing the promotion of the South Florida Progress Foundation brand. Although the entity is separate and distinct, there is overflow marketing benefit that can be achieved by marketing South Florida initiatives within the Chamber 4. Appendix: Below is chart identifies four priority areas by the role each serves Chamber members; Leadership, Infrastructure, Programming or Advisory. Also, the chart indicates how the groups/committees line up against those areas. The dotted lines at the bottom show two ancillary brands, the Miami Free Trade Zone license and the South Florida Progress Foundation. The Executive Committee is a guidance group and a subset of the Board of Directors, which has the ultimate decision making power according to Chamber Bylaws. Page 12 of 15

13 The following details the four recommended priority areas: Succession/Leadership: The Chamber has a strong and successful plan for continuing volunteer leadership. It has a Chair, Chair-Elect, First Vice Chair and an Immediate Past Chair serving on the Executive Committee. These volunteer leaders are also responsible for the successful delivery of the Chamber s signature programs. The Chair is responsible for assigning responsibilities among the Executive Committee to lead support/fundraising Sand in My Shoes, Goals Conference and Open House and other targeted events, as warranted. Also, to ensure continuity at the Group and Committee level, preference for new chairs should be given to those active within the group and the selection process by leadership and management should include a recommendation from those in the group and Chamber Leadership staff. There is no automatic successional structure for any committee or group chair. The exception is limited for the positions of First Vice Chair, Chair-Elect and Chairman. Infrastructure: The priority areas under infrastructure support Chamber activities and make it possible for members relationships with the Chamber to be efficient and easy. Page 13 of 15

14 The Treasurer (and Finance Committee): The Treasurer works with the Chamber s President and Controller to manage the Chamber s financial performance and provides reporting to the board. Having strong financials gives members security that the Chamber can deliver promised services. Of Counsel: This non-voting member of the EC ensures the Chamber acts according to the bylaws, operates ethically and manages the Chamber s legal needs. Diligent legal work inspires member confidence. Marketing and Member Growth Services: This priority area works to add new members at all levels and ensures that the Chamber delivers on its value proposition Government Affairs: This area ensures the Chamber is connected to local, state and federal governing bodies is responsible for managing public policy and political outreach on behalf of Chamber members as relevant issues come up through committees. Programming: This area provides the content that members expect as part of the Chamber s value proposition to grow, improve and protect their businesses. International: The international group structure provides intelligence and opportunity for those members engaged in international trade. This group looks for growth in international relationships that lead to increased international business in South Florida. The Group will encompass special initiatives, like the Asia Task Force. Leadership: The leadership group is focused on defining and supporting future Chamber/community leaders at both the junior and senior levels. Committees within the Leadership Group include the Chamber s flagship program Leadership Miami, Senior Executive Orientation and HYPE (Helping Young Professionals Engage). Community Growth/Industry Growth: This programming area is the largest group within the Chamber. Its goal is to help members grow, improve and protect their business. Because of the size and depth of the programming within this group the ning Committee advised splitting the group into two areas Community Growth and Industry Growth. Community Growth: The committees in this area are focused on regional infrastructure and economic drivers that affect quality of life and ability to support business development in South Florida Industry Growth: The committees in this area are focused on business segments that are either leading or emerging. The annual review process allows for flexibility so that the Chamber can explore the addition/inclusion of emerging business categories Page 14 of 15

15 Advisory Role The Chamber benefits from the participation of volunteer leaders on the Executive Committee who serve in an advisory role. The at-large advisors were increased to six. The number of at-large advisors can change annually as long as the end result is an odd number of voting members. Page 15 of 15