Pusing Blogger : 5 Financial Considerations For Better Event Planning

5 Financial Considerations For Better Event Planning


By Richard Brody

Nearly everyone should agree, making an event, a meaningful, significant, well - accepted, happening, is, often, quite challenging! Most organizations depend upon events, either for fundraising purposes, organizational ones, and/ or some combination of these. While some think of these, merely as things, smart leaders understand, and realize, the difference between successful ones, and the rest - of - the - pack, is how fully, and well - planned, they are! With that in mind, this article will attempt to consider, review, analyze, and discuss, how financial factors, impact the results, and, specifically, look at 5 specific considerations, when used effectively, will generally produce, far better, event planning, results.

1. Begin by creating priorities: Before you proceed, consider fully, and create priorities, based on what you seek to achieve, and why! How will you know, what makes your event, a successful one? Is the goal, raising revenues, attracting new members, inspiring and motivating existing ones, organizational/ structural, or some combination of these? If you don't begin this way, how will you possibly, achieve relevant objectives, and get, the most, bang - for - the - buck?

2. Negotiate accordingly: Based on your needs, priorities, and objectives, consider, create, and develop, a relevant, realistic budget. Under - estimate revenues, and think of expenditures, in terms of the worst - case scenario! Do this before considering the venue, specific format, etc, because, unless you plan properly, and prepare accordingly, from a financial perspective, you will end up, fixated on costs, and become unable, to, think outside - the - box! When you negotiate, never pre - select one venue, but, rather, create competitors, and use a properly prepared, Request for Proposal, or RFP, to clearly present your needs, and budgeting limitations, and get a responsible approach!

3. Win - win negotiating: Far too often, pseudo - leaders, or amateur negotiators, either reveal too much, or exaggerate what they offer to the venue. When there is a balance, each side pursues an empathetic, win - win approach, sharing the risks, costs, and savings, when they effectively work together, towards achieving a mutually successful event!

4. Under - promise/ over - deliver: Both, in terms of negotiating strategy, and the way you pre - communicate and market the event, the wisest strategy is to under - promise, and over - deliver! Although you might attract more attendees, by stretching - the - truth, relevant, sustainable results, require those who attend, to depart, feeling they have spent their time, energy, and resources, effectively!

5. Understand the bottom - line: Event planners must, realistically, understand and appreciate the bottom - line, including both, sources and amounts of probable revenues, as well as expenses/ expenditures. Unless the financial aspect of any event is sustainable, how might it possibly, be deemed a success?

Professional event planning begins with financial considerations, and a thorough understanding of the impacts and ramifications. If you want better, more relevant and sustainable events, follow this process.

Richard has owned businesses, been a COO, CEO, Director of Development, consultant, professionally run events, consulted to thousands of leaders, and conducted personal development seminars, for 4 decades. Rich has written three books and thousands of articles. His company, PLAN2LEAD, LLC has an informative website http://plan2lead.net and Plan2lead can also be followed on Facebook http://facebook.com/Plan2lead

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