written by | January 23, 2023

The Objective of Chamber of Commerce and its Value to Business

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Table of Content


The chamber of commerce is most often a local organisation that brings together community business leaders. It is an association made up of locally owned businesses that share a common interest. The idea behind this association is to further the goals and objectives of the organisation and of other companies and achieve mutual benefit.  They have an elected board of directors who are in charge of running the organisation and working toward common goals.   

Joining a chamber of commerce gives companies access to resources, discounts, and relationships that allow them to save money, market their products, and streamline their processes. A chamber of commerce can assist your company in finding B2B partners and sales, as well as assistance with customer acquisition and HR processes. 

Did you know that the chamber can range from a local to a state, country, or even an international organisation? For example, the United States Chamber of commerce which is a national organisation and the Euro chambers which is an international body.  

Purpose of a Chamber of Commerce

The main objective of any Chamber of commerce is to network with other businesses and professionals in the community which can further help strengthen existing business relationships and even open up new opportunities. Participation in a local chamber of commerce can also assist companies in reaching out to new customers.

Each chamber of commerce is governed by a board of directors, which oversees the organisation's strategies, functioning and agenda. The board also oversees daily operations and keeps the chamber's policies up to date. They can vote on the board of directors, which allows for more regulated and fair practices. This in turn helps build and execute policies which help to run the chamber effectively.  

Advantages of Chamber of Commerce

The existence of Chambers of Commerce adds value in bringing about a paradigm change as it helps in strengthening the objective of the government. The major advantages of Chambers of Commerce as an organisation are mentioned below-

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Helps in Building Collaborations

One of the most appealing aspects of joining a chapter of the chamber of commerce is the opportunity to network among local business owners, operators, and industry movers. They help in building collaborations and partnerships through frequent interactions and also help in building mutually beneficial marketing strategies.

Growth of Industries

The Chambers of Commerce function in tandem with the government to work towards growth and sustenance of Industries and internal trade. They help in removing barriers of trade and policy making which ensures promotion of trade and takes care of interests of industry partners.

Provides Valuable Resources

Membership of the Chambers of Commerce provides valuable resources, discounts, and relationships to businesses, allowing them to save money and market their products. 

Improves Visibility and Credibility

Any member can aim to achieve increased sales and improved visibility and credibility in the Industrial world. Any business that promotes itself as a member of the chamber can enjoy better privileges and enjoy credibility status of being associated with the Chamber. 

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Creates Opportunities

Being a part of this organisation leads to additional business opportunities with excellent industry exposure. Chambers offer business referrals, information on new local businesses, and opportunities to network with industry leaders. They may even have a directory of the various businesses and can create a platform for marketing of goods together in a cost-effective manner. 

Helps in Vehicle Issues

The transportation of goods across state lines involves a great deal of logistics. These chambers of commerce help with a few of these logistical issues, such as vehicle registration, e-way bills, transportation policies, insurance requirements, and so on. In fact, some of these organisations advocate for improved transportation and the construction of new highways and infrastructure. 

Resolves issues

The membership of the Chamber of commerce gives an opportunity to its members to interact with the local community as well as help in resolving issues and upliftment of local and small industries. They can partner with local organisations and create awareness of local needs thereby creating a sustainable business model and giving a push to the economy of any nation. 

Helps to Get Business Loans

Chambers also facilitate access to business loans. Chambers can make recommendations to banks and help banks trust a business' ability to repay a loan by cultivating relationships with banks. 

Access to Job Posting

They also provide instant access to job postings and employee referrals, which is beneficial to businesses that need to hire contract workers.

Community Engagement

Members of larger chambers frequently have access to their facilities where they can hold events. The use of facilities is critical to community engagement for smaller or medium-sized businesses. 

The Indian Chamber of Commerce

The Indian Chamber of Commerce was founded in the year 1925 by a very prominent Industrialist, Mr. GD Birla. The setting up of the chamber was closely associated with the Indian Freedom Movement as The ICC (International Chamber of Commerce) was the first collaborative voice of indigenous Indian industry.  It has its Headquarters in Kolkata, and it includes some of the most well-known Industries in its chapter. The charter of the ICCI is anticipate future needs, respond to challenges, and prepare economic stakeholders to benefit from these changes and opportunities. 

The Chamber's membership includes several of the country's largest corporate groups, with operations throughout the country and abroad. In recent years, it has truly emerged as a national Chamber of repute, with full-fledged Offices in New Delhi, Mumbai, Agartala, Hyderabad, Siliguri, Guwahati, Bhubaneshwar, Ranchi, and Patna functioning efficiently and building meaningful synergies between Industry and Government by addressing strategic issues of national significance.

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Membership in ICC 

Membership in the ICC (International Chamber of Commerce) can ensure strong ties with people and businesses of interest on a national and international scale. The development of the Northeast is a top priority for the ICC, citing the enormous opportunities that the region has to offer investors. In general, ICC events are held in high regard in India.  The chamber is moving ahead in adapting to global requirements and is readying itself to face the challenges of the modern world. 

Conclusion

The industries themselves can analyse the best needs of the industry. Thus, the Chamber of Commerce is an organisation that focuses on industry needs, local needs, and serves as a platform to assist industries in growing and moving forward. It also takes into consideration the requirements of small and local industries which normally don't receive the much-needed boost. 

When the company joins a chamber of commerce, it usually allows a certain number of employees to join as well. This gives employees in your company access to the same people and resources that benefit you and your company. Nobody knows your company better than you, and a chamber of commerce is an invaluable resource for its growth.  You can also look for opportunities to speak and write at meetings and events to help promote your company and industry knowledge. 

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FAQs

Q: How Does Chambers of Commerce get Income to run the organisation?

Ans:

Membership dues are the primary source of revenue for many chambers of commerce. Most chapters offer various levels of membership at various prices, each with its own set of benefits. Dues are required of all members to help cover the organisation's overall operating costs. Chambers may also hold fundraising events to raise additional funds or may require the purchase of special tickets to attend their events.

Q: What role do chambers play in representing competing businesses in the same market?

Ans:

Chambers allow competing businesses to join, so this is not uncommon. Regardless of industry, all members strive for common goals such as expanding their businesses and local communities. Each chamber has its own set of rules for speakers, sponsors, contributors, and coordinators. It would be up to each chamber to ensure that competing businesses do not overlap in these areas.

Q: What Impact Does a Chamber of Commerce have on Public Policy?

Ans:

Chambers of Commerce will work to promote public policies that are beneficial to business in general. They may also try to promote policies that benefit specific industries or geographic areas. Chambers of Commerce may use tactics such as lobbying, public interactions, educating its members and mobilising other business groups or factions on a specific issue.

Q: What is the difference between Chamber of Commerce and Trade Associations?

Ans:

Trade Associations are formed between firms from the same Industry whereas Chamber of Commerce is an association between firms from different industries and trade.

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Disclaimer :
The information, product and services provided on this website are provided on an “as is” and “as available” basis without any warranty or representation, express or implied. Khatabook Blogs are meant purely for educational discussion of financial products and services. Khatabook does not make a guarantee that the service will meet your requirements, or that it will be uninterrupted, timely and secure, and that errors, if any, will be corrected. The material and information contained herein is for general information purposes only. Consult a professional before relying on the information to make any legal, financial or business decisions. Use this information strictly at your own risk. Khatabook will not be liable for any false, inaccurate or incomplete information present on the website. Although every effort is made to ensure that the information contained in this website is updated, relevant and accurate, Khatabook makes no guarantees about the completeness, reliability, accuracy, suitability or availability with respect to the website or the information, product, services or related graphics contained on the website for any purpose. Khatabook will not be liable for the website being temporarily unavailable, due to any technical issues or otherwise, beyond its control and for any loss or damage suffered as a result of the use of or access to, or inability to use or access to this website whatsoever.