AUSTRALASIAN COLLEGE OF PHYSICAL SCIENTISTS AND ENGINEERS IN MEDICINE
Australia and New Zealand
REVENUE DIVERSIFICATION
THE BRIEF
The Australasian College of Physical Scientists and Engineers in Medicine (ACPSEM) is a member-based professional college serving Australia and New Zealand. The college exists to advance medical science and keep communities healthy and safe by managing the standards of scientists and engineers.
ACPSEM recognised it had solid revenue streams but, for its long-term sustainability it needed a revenue diversification strategy to de-risk its financial future. Mayvin Global were engaged to:
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Analyse non-government revenue streams;
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Identify the solid growth opportunities;
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Develop the engagement strategy for the Board given the strategic and governance implications of this review; and
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Facilitate a workshop with the Board to discuss the options.
THE OUTCOME
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Ten (10) potential revenue streams were identified.
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Timeline indicators (where feasible) were agreed, including short, medium and long-term opportunities.
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Low hanging fruit (quick wins) were agreed.
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Board engaged in the process.
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Provided direction on options for next steps.
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The College followed advice regarding Risk Management next steps – a key component of Revenue Diversification.
"Mayvin Global were engaged as part of our 2022 Board Strategy Planning. The objective was to identify revenue diversification solutions that could be realistically considered. In preparation, Mayvin Global presented a benchmarking framework that compared international and local associations against ours. They identified opportunities and avenues related to our potential growth. During the Strategy Day, Deanna facilitated an interactive workshop, using the framework and Mayvin Global’s assessment of potential revenue streams and risks.
We were provided a roadmap of revenue diversification opportunities – short, medium and long term. We were impressed with Mayvin Global’s strategic approach, ability to challenge thinking as well as understanding the size of our College and what is feasible. The Mayvin Global team worked seamlessly and delivered a great result that we continue to refer to and implement. We re-engaged Mayvin Global to support us again in late 2022 as a result of their expertise in revenue diversification. "