This time of year usually signals a chance to take a breath and look to see how the first half has gone in terms of result.
Any deficit in H1 will need to be made up in H2 and in this difficult market that won’t be easy. It’s no different for BEN, the automotive industry charity.
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Although BEN’s year starts in April, it faces exactly the same issues as any other company. In fact, running a charity is very similar to running a business. Concepts such as cash flow, cost management, income and KPIs are all familiar to BEN and exercising these disciplines diligently ensures BEN makes the most of funds that are raised.
Day-to-day running of the charity is undertaken by the executive team, but they report to the board of trustees who have to approve any major investments and also provide specialist skills. A large part of the executive team and all the trustees come from the commercial sector ensuring that BEN is run on a professional basis.
As well as the familiar financial measurements, we also measure and manage attrition rates for regular supporters and, in our care homes, ‘bed utilisation’ is a key measure to ensure that fixed costs are absorbed at the optimum level. These are terms that will be familiar to all those working in the motor finance sector. BEN also looks at the industry through its different sectors, ensuring that our message is relevant to that particular sector. For example, there is often a different view between how call centre staff in financial services relate to BEN compared to those in the manufacturing sector.
In respect of fundraising, we will never turn away any offer but developing sustainable revenue is a key to successful fundraising. Sustainability means taking away the uncertainty of ad hoc fundraising, thereby creating the ability to forecast income accurately over the financial year.
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By GlobalDataTypical initiatives that provide this are the Backing BEN auction initiatives, manufacturers contributing an amount for each vehicle registered, and finance houses making a contribution / written agreement.
At any one time, BEN provides support for about 15,000 people, as well as looking after 350 residents in our various care centres. Anyone who works, or has worked, in the automotive industry, including those in the motor finance sector, is eligible to apply for support. Last year, BEN achieved revenue of over £10m to provide support for its beneficiaries. This year is starting with tough targets and budgets, but with new initiatives in the pipeline and opportunities to contribute through existing schemes, we are already looking forward to the challenge.
Nigel Williams is commercial development manager of BEN
