From the CEO September – 2020 business plan summary
“Coming together is the beginning. Keeping together is progress. Working together is success.”
Henry Ford
The Business Plan and Budget for the 2020 year continues the investment theme of 2019, with several projects continuing or starting later than expected.
As with 2019, investment in a number of key strategic initiatives that will provide an increase in member benefit; investment in strategic initiatives that will diversify and strengthen IAP2 Australasia’s future revenue streams; investment in the value and recognition of the IAP2 brand with improved marketing and communications; and investment in the Business Improvement Plan (including the ICT Project) which is the critical foundation required to support achievement of the overarching Strategic Plan to 30 June 2021.
The successful delivery of the Business Plan for 2020, is expected to provide increased member engagement and satisfaction, as well as new income streams that will grow in future years.
Strategic Theme to 30 June 2021
The strategic theme is ‘Strengthening engagement, Advancing practice’ which is supported by three external strategic pillars (advocating for engagement, strengthening engagement networks and advancing professional development), together with internal strategies as identified in the ‘overarching strategic model’ developed by Management last year.
New Strategic Initiatives
There are a number of continuing initiatives to increase member engagement, satisfaction as well as the total number of members and an improved retention rate.
However, the three most exciting initiatives are the introduction of three short-courses. These sit outside the ‘Learning Pathway’, however they will carry CPD points. More information about these exciting new short courses will be released during the year.
Approach
The new financial year sees a continued investment in future growth for IAP2A. This is being driven by three key elements, being:
1. ICT Project (in partnership with IAP2 International)
2. Increased resources (both staff and consultants to support key initiatives); and
3. Introduction of new initiatives to grow and diversify income streams (a longer term strategy).
Achievements to date
IAP2A continues to enjoy good growth in members, training participants and revenue. The success of the investment based approach over the last two years, which places members at the centre, is evidenced in the Big Data (see attached). And we still have some way to go with a number of strategic initiatives, such as the Audit Assessment Tool and expanding our course offering to include innovative short courses as well as our core education and training products (IAP2A Learning Pathway).
The Budget
The 2020 budget as approved by the Board, provides a surplus of $129,286 before Special Projects and desired expenses, with income of $4,510,125 (Forecast 2019: $4,029,621) and required expenses of $4,380,839 (Forecast 2019: $3,856,720). After Special Projects and desired expenses the result is a deficit of ($248,696).
The budget includes new income of $332,500, of which $294,750 relates to new professional development opportunities (short courses) which is expected to increase in future financial years.
The budget includes new required expense items, including development costs for three new professional development opportunities, additional salary costs of an estimated $150,000 excl super, and the licensing of new software to create efficiencies and/or improve customer satisfaction, and increase cyber security standards.
There are special projects carried forward from 2019 totalling $177,500 (Pitch for the Practice, review of the IAP2 Quality Assurance Standard for Community and Stakeholder Engagement and the development of an IAP2 Audit Assessment Tool), and $134,482 to support the ICT Project. There is desired expenditure of $66,000, of which about 50% is to support marketing initiatives.