Open-access content Thursday 13th June 2013
At the end of 2011, the BIFM board was in the process of making some radical changes, in the form of an internal restructuring, comments Mark Morgan from the BIFM.
17 June 2013
The aim was to turn around a large deficit and stabilise the institute's finances, providing a solid platform on which to build in the coming years.
While the institute has been touched by the downturn in the UK and global economy, the restructure allowed it to remap its strengths and maximise its returns
on both membership and commercial offerings.
This improved performance has allowed the institute to develop a new medium-term strategy that will see a significant level of investment being made in the institute over the next three years and beyond.
The actual surplus for 2012 was £297,773 compared with the 2011 deficit of £432,490, representing improved bottom-line performance of £730,263.
Overall income rose by over 12 per cent. However, the recession continued to impact activities, such as sponsorship and regional events.
Membership numbers grew to 12,834 (from 12,214 in 2011) and outperformed our previous highest-ever numbers of 12,814 achieved in October 2008.
The institute decreased its running costs by almost 13 per cent during 2012, as it implemented the restructure, and focused on delivering improved returns from some of its commercial ventures. The institute was pleased to see that these actions not only delivered a reasonable saving, but also saw improved performance in virtually all income areas of the business.
The institute has continued its development programme from the previous years and, while some development has been delayed under the economic recession, the BIFM is still concentrating on delivering these significant plans over the coming months and years. We are expecting our new online platform to be released in the next few months.
The cash position of the institute remains strong and, combined with the actions taken in 2012, the institute is now well-placed to invest in the development plans.
As the economy begins to emerge from recession, we aim to be in a strong position to deliver continued growth and enhance the range of benefits and services that BIFM offer to members and the industry.
This year is looking to build on the impressive returns made during 2012. Investment in the new medium-term strategy, set by the board in 2012, is well underway!