Like many associations, SFA needed a way to streamline and focus their product and service offerings to remain relevant and competitive. By assessing their current portfolio comprehensively, SFA would be able to identify areas for investment and programs they could divest from and prioritize strategic initiatives aligned with their core values and mission.
They also knew that there would be some stakeholders who were apprehensive about the idea of divesting from specific programs, so it was essential to conduct research and communicate with them throughout the process.
During the portfolio analysis, several specific factors and data points played a pivotal role in the decision-making process:
- Financial and staff time data was instrumental in accurately assessing the necessary investments and returns of each program, service or product within their portfolio.
- Market research helped the SFA team understand evolving market trends and input on how the portfolio performed and aligned with members' needs.
- The competitive analysis allowed them to gauge their position relative to competitors in the industry.
- Performance metrics gave them a clear view of how well each offering met its intended goals.
The McKinley team facilitated sessions with SFA’s staff and board of directors throughout the process to review the data and receive feedback. The analysis of data and facilitated conversations provided valuable insights that guided their choices. The SFA team was able to invest in programs, events, and offerings that had growth potential and were strategically aligned with their goals. They also were able to divest from products that were no longer aligned with their strategic vision.
The process yielded a sharpened organizational focus, bringing heightened clarity and direction to their strategic plan.
- The SFA introduced new programs that garnered remarkably positive initial feedback from their members.
- Their investment in the Fancy Food Shows translated into a double-digit percentage increase in exhibit space and attendance.
- SFA had the highest number of new members in the organization's 70+ year history.
Fancy Food Show. Photo: Loop Seven