To most industrialists the three letter abbreviation ROI goes straight to the heart of their business, writes Yvonne Orgill, Chief Executive of the Bathroom Manufacturers Association (BMA).
ROI, return on investment, is regarded by many as the formula for evaluating how well a particular injection of cash has benefited their company. It’s an important business measure and my guess is that it just isn’t used quite well enough throughout British industry. I hope I am wrong.
But there is another performance measure with the same abbreviation and we use it a lot here in the BMA offices. ROI – return on Involvement. And for a trade organisation such as the BMA, ROI is crucial. Crucial in two directions.
First the ROI of BMA staff; our five full time people are extremely conscious of their ROI. One of our prime objectives is to represent the membership at UK government and European Commission forums. We are ‘The Voice of the Bathroom Industry’ and we lobby on member’s behalf. We get involved.
The Water Label
One of the most important subjects for discussion in the last few years has been that of sustainability, preserving our precious water and energy resources. The BMA has lobbied hard, with great results, throughout Europe and we were delighted last year when our brainchild, The Water Label, was adopted across the 27 states.
Our staff also represents members in technical standards and regulations development meetings. Forthcoming changes in laws which affect the construction industry are picked up well in advance and BMA members are kept abreast of the changes to give them chance to plan ahead without surprises. So members do benefit from the high ROI of the BMA staf.
Secondly, we must consider the ROI of the BMA membership, itself. Those members who are the most active within the association have a greater influence on the industry’s future.
And that is not an exaggeration. Their active participation brings results. They get a great ROI. They benefit from their involvement and gain competitive advantage. Their involvement then passes straight to the bottom line to give a better return on their investments. Its win win.
So for us at the BMA, ROI is a two way street and it’s absolutely true that, as with everything in life, you get out of it as much as you put in to it.
The Bathroom Manufacturers Association (BMA), based at Keele’s Innovation Centre, is the trade association for bathroom manufacturers operating in the UK. It is the principal ‘Voice of the Bathroom Industry’ and acts as an information highway between industry, government and the consumer on issues that affect the bathroom business.