Top 10 Tips To Reduce Event Risks
Eventina has been managing events for over twenty years. We’ve seen a fair share of risky events taken to market and this post highlights the tips to reduce the risks of your next event.
1. Build your event on a proper event management process
If you want to bulletproof your event the best way to do that is to use a tried and tested event management process. Here’s the Gallus Events Nine Steps. We use this for every event we organize. Following this process makes sure we do the right thing at the right time. Here’s a detailed overview as a 10min Video that explains how you can use this process to manage any event.
2. Include a contingency in your event budget
Every event should include an emergency. However, that’s not always the case! Often when we carry out our “Event Check” we often find event budgets that don’t include this crucial way to minimize risk.
3. Operate a yellow, amber and red warning system
If you run a series of events, we highly recommend using a secure traffic light system to highlight any potential risks. We implemented this for a client a few years ago, and it saved their events business. In simple terms, you can highlight an event green when it passes brake even status, mark it amber when you think you are on target and red if you see a lower than expected revenue. This helps you quickly and easily target the events that most need your attention, thereby reducing the event risk.
4. Provisionally book and don’t sign ANYTHING straight away
Even if a venue is chasing you to sign, you should hold off until you are sure of the number of attendees. Just because they ask doesn’t mean you need to sign straight away. Eventina often has venues on hold for a few months. It’s rare that you lose a temporary grip but of course, if you need that venue, then you have to sign, however, make sure you sign for as low a cost as you can.
5. Ensure you have maximized your income streams
For most event planners if you increase revenue, you will reduce the risk. The most significant risk, after all, is losing money. So, please pay the absolute most attention to your revenue stream. Are you able to secure more sponsors, add an exhibition, or sell the content during or after the event? Can you maximize revenue from food, drinks or other expenditure that takes place at your event? Tighten up on the revenue, and you will reduce risks.
6. Stay on top of expenditure
The same goes for your costs. Have a bulletproof budget and let it guide you. If you don’t have extra spending, you will reduce the risk of losing money.
7. Insure your events
You can still be left with a huge problem if your event doesn’t work; however, having insurance will help you reduce your risk profile.
8. Have up to date terms and conditions
We have probably all been guilty of forgetting to amend or update our terms and conditions. This is an easy one to miss, but it can cause you some serious problems. If your attendees haven’t signed your t+s, or they are out of date, you are in a pretty shaky position should anything go wrong.
9. Engage appropriately with all your stakeholders
Most of the event organizers show an absolute trust (without seeing them in action) in all their suppliers and stakeholders. Those supplying services are crucial to its success. So event organizers should know as much as possible about their suppliers and where possible have seen them in action. It’s not possible in every case, but event organizers should do everything they can to look at their suppliers in action before their event.
10. Consider crowdfunding
Perhaps the best way to reduce the risk of an event is to crowd fund the event. Crowdfunding is the ultimate market research. With a crowdfunding campaign, the organizer gets to ask their “potential” attendees to guarantee their attendance BEFORE they have organized the event, or spent any money on the event!
Knowing how risky your event is an event essential
Being able to show that you have an understanding of the risk profile of your event is crucial if you want to be seen to be in charge of your event. It is a bonus if you can demonstrate to your boss, or your stakeholder what you have done to limit that risk.
Eventina has been providing best in class events and entertainment services since 2009. Experienced, enthusiastic and creative, Eventina is a specialist corporate and social event management, with a difference.
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