Blog
Empower your growth mindset.
HR Trends 2023: Solutions for Associations & Nonprofits
In the ever-evolving world of Human Resources (HR), staying on top of the latest trends is pivotal to thriving in today's workplace environment. Recently, OTUS Group CEO Cherry Chan had a conversation with Karen Brownrigg,…
Structuring a Strong Finance Team for Associations: The Key Roles and Collaboration for Success
In the world of associations and non-profit organizations, financial management is crucial for ensuring sustainability and achieving the mission. A strong finance team is the backbone of any successful organization, and it's essential for the…
Navigating Economic Uncertainty and Inflation: A Guide for Association Leaders
Economic uncertainty and inflation are two significant challenges that association leaders must contend with in today's dynamic landscape. Our recent OTUS Association Exchange (OAX) survey sheds light on the extent to which uncertainty is impacting…
Setting Sail to Financial Success: Navigating Your Association’s Financial Priorities
In the ever-evolving landscape of associations, financial stability is the North Star that guides every decision, every initiative, and every leap forward. As association leaders, it's crucial to chart a course that not only addresses…
Challenges Associations are Facing and Their Solutions
Top 4 Challenges Associations are Facing In today's rapidly changing landscape, associations face a myriad of financial challenges that demand proactive solutions. From understanding and applying effective risk management to selecting the right financial team,…
4 Indicators That You Need a General Account
Four indicators that you need general accounting services: It takes too long to get financial reports – financial information is not timely. I can’t understand financial information – financial reports are not useful. I am…
Membership Fee Pricing Strategies
Membership fees often represent a significant share of an association’s total revenue. This article highlights a few specific strategies you can apply to help maximize this important revenue stream. Review Fees Annually According to our 2020 OAX…
Are You Still Using Paper Cheques?
On Tuesday October 5th, along with the Ottawa Business Journal, we were pleased to have our sponsors and many association representatives from across Canada join us for the launch of the 2021 OTUS Association Exchange (OAX) report. OAX…
Dollars vs Sense: Grow Revenue or Cut Costs?
On Tuesday October 5th, along with the Ottawa Business Journal, we were pleased to have our sponsors and many association representatives from across Canada join us for the launch of the 2021 OTUS Association Exchange (OAX) report. OAX…
Risk Awareness = Better Decisions
In June I was kindly invited by Doug Nelson at the Discovery Group to participate in the Discovery Group Podcast – The Discovery Pod. Doug and I discussed many aspects of risk management, including how…
Start Your Digital Transformation With a Pen and Paper
We are pleased to welcome Shyamal Addanki as an associate at OTUS Group. We are pleased to share these insights from Shyamal that you can use to facilitate change in your organization. Start your Digital…
Fraud – Are You at Risk?
In November 2020, CBC News highlighted a common situation Canada-wide - individuals in positions of trust stealing or allegedly stealing money from youth sports organizations. An investigation by CBC Sports revealed that in the…
Membership Retention Strategies For Challenging Times
In November 2020 OTUS Group hosted a webinar to explore membership retention strategies. Our guests included Dana Cooper from AMCES, Randy St. Louis from the Canadian Association of Occupational Therapists and Tony Lyons from Alphabet Creative.…
4 Reasons the Support of a CFO Is a Resourceful Way to Master Financial Control
Discover for yourself what our Virtual CFO (VCFO) clients already know. Here are four reasons why organizations engage our VCFO services: Less spending – Many of our VCFO clients are achieving sustainable cost savings exceeding…
4 Risk Management Tips to Give Your Executive Team Greater Confidence
The following questions can help your team identify risks that could impact your organization’s objectives: What are you trying to do? (your objectives) What might affect you, good or bad? (your risks) Which of the…
4 Tips for Busy Executives Facing Complex Challenges
No matter our role, we all need a sounding board from time to time—especially if you might be too close to a problem to see every angle. Our executive advisory services will help you achieve…
Membership Fee Pricing Strategies
This blog was originally posted on www.TheNPOGroup.com Membership fees often represent a significant share of an association’s total revenue. This article highlights a few specific strategies you can apply to help maximize this important revenue…
Tips for Holding a Virtual AGM
Many associations are planning to hold their Annual General Meeting (AGM) in the coming months, and due to health risks are now faced with the prospect of either postponing those meetings or holding them virtually.…
5 Tips to Mitigate the Financial Impact of Cancelling an Event
An unprecedented number of events have been cancelled or postponed in recent weeks due to COVID-19. If your organization is considering cancelling an event, it is important to ensure the cancellation is handled in a…
Why Associations Need Reserve Funds
Associations require reserve funds to maintain sufficient liquidity to meet obligations as they come due, and to continue as a going concern. The appropriate size of a reserve fund depends on the major business risks…
It’s Time to Stop Using Paper Cheques
Cheque usage poses a serious risk to businesses. While many have eliminated paper cheques, others still use this out-dated payment method and are likely unaware of the risks: An employee of Teva Canada, a Toronto-based…
Why Your Organization Needs a Line of Credit
Cash has been described as the life-blood of an organization and running out of cash can mean the death of a business. It is therefore important to have access to a reliable source of funds…
The Case for Outsourcing Payroll
Processing payroll in-house can be expensive and time-consuming. It requires on-going recruitment and training of payroll specialists, buying and maintaining payroll software, and safely storing and managing payroll records. Whether it be the federal government’s…
Is it Time to Audit Your Auditor?
Organizations often go for many years with the same auditor, without considering if it may be time for a change. In my experience, organizations typically raise two common objections when it is suggested that they…
Measuring Advocacy Effectiveness
Many not-for-profit organizations engaged in advocacy and policy work often struggle with a common challenge: how do they measure the effectiveness of their work? Stakeholders, such as funders and members, seek assurance that grants and memberships…
Three Key Financial Ratios NPO Board Members Should Monitor
Financial ratios use data from your financial statements to provide indicators of financial performance, helping you to understand financial results and flagging trends or patterns. They can serve as useful early warning indicators of potentially…
How to Choose an Auditor
You’ve been tasked with finding a new external auditor for your organization. You have identified several auditors that have been recommended by other organizations similar to yours, and you are now wondering how to go…