Unlocking Maximum Revenue Potential: Strategies for Local Authorities to Boost Their Income Streams
Funding, developing, and maintaining public services has become increasingly daunting for local authorities over the past few years. With the lasting effects of the pandemic and the cost of living crisis, we have seen budgets get tighter, pressures get higher, and resources get thinner.
To tackle these challenges, local authorities are getting creative and exploring new ways to generate revenue. But, is commercialisation the answer? We are exploring how local authorities are navigating this new terrain responsibly and in a regulated manner, and how ESPO’s frameworks can help:
Incorporating innovative technology
As our daily lives increasingly demand quick and efficient processes, it can be frustrating when certain services feel outdated. From instant access to information to contactless payment, modern technology has revolutionised the way we live, work, and interact with the world around us.
Technology is often the driving force behind change and by embracing it you can offer services such as contactless parking, digital bus timetables and online support. Providing the community with efficient services encourages use, keeps satisfaction high and can streamline your resources, leaving a positive impact on your finances.
Unleash the power of marketing
As one of the most valuable tools to any business, not just the private sector, we are seeing a huge shift in focus towards marketing from the public sector. Email campaigns, social media, traditional media – you name it, it’s an option. By leveraging these marketing channels, you can attract more people to your services, increase brand awareness, and ultimately drive revenue growth. Whether you are a government agency or a non-profit organisation, effective marketing can help you communicate your message to the masses, build a loyal customer base, and achieve your goals.
Utilise consultancy services
The aging population is putting unprecedented pressure on public services, from housing and social care to staffing resources and community safety. As people live longer, it's becoming increasingly challenging for local authorities to manage the growing demands.
To effectively address these challenges, many public service providers are turning to consultancy services for expert advice and guidance. Consultancy services can help you identify areas that require improvement, streamline your processes, and enhance the quality of your services. By doing so, you can build thriving communities and ensure that your facilities are well-managed and sustainable for the long haul. You can also optimise your budget and invest additional profits in the areas that matter most to your community.
By harnessing the power of consultancy services, you can successfully navigate the challenges of managing public services and build a stronger, more resilient community.
Maximise the potential of existing assets
Utilising existing assets, such as buildings and property, is a brilliant starting point when it comes to long term revenue. While strategic planning is essential when investing in new property or land, it's equally important to focus on maintaining your existing portfolio. From cleaning and waste services to pest control, grounds maintenance, and alarm systems, effective maintenance works can help you stay on top of any problems that may arise. By working with reliable and trustworthy suppliers, you can save money in the long run and channel those savings towards other critical services.
At ESPO, we offer a wide range of frameworks that support public sector organisations in implementing new processes and sourcing the goods and services they need. With frameworks covering ten different categories, including parking management solutions, document and IT systems, consultancy services, and building services, you can find the right solutions to meet your unique needs.
Find a full list of frameworks at espo.org/procurement-done-properly