Econsult Solutions, Inc. (ESI) was retained by the Business Association of West Parkside (“BAWP”) to conduct a financial sustainability analysis to aid in the development of a long-term funding strategy. BAWP is a membership association that was created to promote the economic and environmental interests of the West Parkside neighborhood of Philadelphia.
ESI engaged BAWP’s board, membership and non-member businesses in different steps of the process. Group discussion, input and consensus were essential in developing a set of funding recommendations that could meet BAWP’s financial needs and goals of increasing depth and breadth of services.
ESI performed three different tasks:
- Local Business Survey – ESI worked with BAWP to create and distribute a survey to local non-member businesses to understand their needs and key issues facing the businesses of the West Parkside area.
- Competitive Analysis – ESI moderated a 90-minute competitive analysis with BAWP’s members to further clarify where BAWP fits within its competitive landscape in terms of mission, needs and the organization’s near and long-term goals.
- Financial Sustainability Matrix – ESI presented its overall findings including a list of funding options to BAWP’s board. The funding options were presented in order of immediacy, alignment with organizational structure and service offerings. Discussion during the presentation led to excitement for the further exploration of a new funding option.
