Whether you are holding your event within the UK or overseas, keeping costs within budget is at the top of all event organisers objectives…after delegate satisfaction of course! Jamie Ades shares 10 top financial tips to aid you in getting the most out of your money:
10. Currency Exchange. When dealing with international suppliers discuss the currency exchange rate with them and discuss agreement to a fixed rate – no matter when your event may be!
9. Use Volunteers. Contact local Event Professional Chapters or universities at your destination and ask for volunteers to act as hosts within the hotels/venues to save money on hotel accommodations and staff transport costs.
8. Terms and Conditions. These days everything is open to negotiation. Don’t be afraid to challenge the terms and conditions set by suppliers. While this may not result in initial cost savings, it may help further down the road should a cancellation occur.
7. Hold Back. When dealing with hotels and venues only confirm the main space first if possible. This will help with initial cash flow and will also ensure you do not sign for space that may not be required.
6. In-House Audio Visual Facilities. Using the in-house AV facilities at hotels or venues can save operating costs and transportation of equipment to the venue.
5. Build Relationships. Building relationships with your suppliers will not only make the process much more pleasant but could add to the added value of your event.
4. Tax Incentives. It is worth investigating the tax incentives the host destination has to offer. The UK is one of a limited number of EU countries that allow non-EU claimants to reclaim VAT.
3. Profit Share. Speak with Conventions Bureaus or PCOs (Professional Conference Organisers) to discuss the possibility of shared risk and shared profit.
2. City Passes. Some destinations offer city passes that give your delegates free or discounted travel and access to local attractions plus restaurant discounts.
1. Sponsorship. Approach the hotel or venue about sponsorship for the welcome reception or dinner. Most would be more than happy to accept an opportunity to showcase their facilities and services.
By Jamie Ades, Account Manager, The Queen Elizabeth II Centre
This article was originally published in ‘The Chatter’: The official newsletter of the PCMA Capital Chapter, USA