MAJOR CHALLENGES FACED BY THE EVENT MANAGEMENT COMPANIES

MAJOR CHALLENGES FACED BY THE EVENT MANAGEMENT COMPANIES

Without foundations, there can be no fashion.

Event management is not a fairy tale business. There are numerous challenges that we have to face daily. In today’s world there are so many difficulties in just organizing and putting together a successful event.

All of these challenges will not necessarily be applicable to all events, but will depend on the type of event you plan

  1. Budgeting
  2. Reaching new attendees
  3. Venue and Vendors
  4. Theme
  5. Sponsorships
  6. Uncooperative weather
  7. Having a Star team
  8. Follow up with the technology
  9. Travel and stay charges
  10. Increased Government Regulation
  11. Environmental Issues
  12. Rising Costs During the Planning of the Event
  13. Planning a Memorable Event
  14. Time Management
  15. Managing multiple Events
  16. Keeping track of little things
  17. Menu and servings

In this modern age of distraction it is important to make events memorable and to make sure that guests of the event are remembering, and even talking about, the event days and weeks after it is over. By making sure we leave a good impression on the guests  we also make good connections and better market status with the clients and the partners.

Insufficient event budgets

Budgeting is no one’s favourite part of planning events. But without a thorough understanding of every penny you spend, you’re setting yourself up to go over budget.

Tracking your pennies is critical to improving your event’s return on investment and managing your total cost. But you don’t have to be a math whiz to keep your event’s spend on track, just maintaining every expenses detail and keeping a track of it is the best.

Overspending or not having enough money is also a major issue faced by a lot of us nowadays which  is again the result of improper maintenance of the expenses.

Getting into the black hole of poorly crafted event fund is not something new. I am certain that every event planner has faced this problem at some or the other time.

The idea of ‘plan and spend as you go’ is what most of the event planners are going wrong with and end up spending more then the actual budget. Sometimes it is too late to realize what mistake they have made.

Hence, framing an event budget and deciding where and how to spend your event funds as soon as the planning incepts is recommended and the most trusted method to work.

 

Securing sponsors for your event as competition for sponsors is fierce. It is not easy to get sponsorship as a lot of factors are included. Craft a sponsorship strategy that’s above and beyond your peers’, develop a creative inventory of sponsorship assets and

accurately assign value to your sponsorship offerings, and prove ROI and lastly

Find, win, and manage sponsors as true partners.

 

The benefit of having a great team is that you’ll not have to remember every single detail and do every little task by yourself. Assign tasks to your team and follow up with them every week to know how things are falling.

This is a productive way to get things done without letting them fall into the cracks at the last moment.

Event managers need full visibility into the skills and workloads of all their resources, vendors, contractors and outsourcers. Once event planners know everyone’s capabilities and their tasks it becomes far easier to work out who’s doing what and how to allocate the resources.  When you’re working as an events manager and coordinator, it’s your job to show exceptional attention to detail and to sweat the small stuff.

Events managers are world-class jugglers who often handle multiple events being planned, and even happening at the same time. You can’t get one event confused with another when you’re dealing with caterers, venues and the clients themselves.

The number one challenge faced by event creators in the year ahead is reaching new attendees. With more events comes more challenges, and one in particular: finding new people to attend these new events. So it’s no surprise that the number one challenge faced by event creators in the year ahead is reaching new attendees. Here is where all the marketing skills work and show results. Using various digital and social platform to reach out to new groups of people and gaining their interest is one of the ways to increase attendees and guests.

 

Selecting the perfect venue which suits your event is arguably a very important thing in event planning as well. An event venue sets the theme for the event and many other subsequent details like whether you’ll need decor or transportation, accommodation available and also if its within the budget or not.

It is recommended to choose a venue which fits to your event and adds a lot of value too.

Uncooperative weather is an instant epidemic which can totally break your event within a few seconds. And hence, preparing yourself with the backup supplies is recommended.

You might not be able to face snowstorm or extreme heat wave but you can surely tackle rain showers, light snowfall or moderate heat with a little homework and having extra supplies on hand.

Your attendees will surely appreciate your forward thinking.

Also, this way you get an extra opportunity to market your event through event merchandise which will benefit you maintaining relationship with your sponsors.

Time Management is another major point, it is advisable to plan as soon as possible by outlining your short term vs. long term goals.

Depending upon the complexity of your goals, figure out a specific time to touch base your progress on the calendar. Have a sample timeline for you to incorporate and make necessary changes when ever required.

Budget to Add or Upgrade Technology and Skills to Keep Up with Technology.

Keeping up-to-date with new developments, products and services through social media, newsletters, relevant marketing materials at exhibitions. An investment worth taking a further look into, upgrading technology can ultimately be an inevitable part of holding tenure as a successful member of the meeting and events community. There’s no affording being left behind as technology continues to develop in our industry. Keeping pace with the constantly changing world of technology is something event professionals certainly aren’t immune to. Luckily, many technologies available in the events industry offer sophisticated, timely on boarding classes so you never feel out of the loop. These pieces of software are crucial in reducing problems faced in event management.

Travel costs can be a time and wallet suck. Making strategic decisions around annual travel can add massive wiggle room to a budget, and at the same time provide the education your team may need to get to the next level In managing budget and maintaining them.

Making adjustments to housing costs can prove to be an astronomical help when moving from event to event. Between renting spaces and housing an event-planning squad for the day-to-day, this event planning challenge is one that’s unavoidable by no one and also that has to have a second check.

Increased Government Regulation, the item on our list that is the farthest from our control. Event professionals nationwide can end-up at the mercy of governmental regulations that can either hinder or help the efficiency behind putting on a great event. It is also vital that you ensure that your company as a whole is in compliance with all local and national government regulations

An increased sustainability and environmental focus is more essential in today’s corporate environment than ever before, and the continuing demands of an ever more expressive population means that companies need to address their green initiatives in an open transparent manner, reduce their carbon footprint and engage in corporate social responsibility in a manner that will satisfy the communities effected.

Depending on the kind of function or event you’re coordinating, the onus may fall on you to select the menu. Choosing the menu can be challenging because palettes differ so vastly, fruits and vegetables are seasonal, and food allergies are a big, big deal and always need to be kept in mind. When in doubt, trust the professionals asking the chef’s advice is never a bad idea.

We are our own worst critics, so we should take feedbacks, correct the flaws from our previous events.

Make sure that everyone involved in the planning of the event, and in the carrying out, setting up, or clearing up of the event itself, knows the timeline both leading up to the event, and the timeline for the day of.

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WRITTEN BY:

Darshan Kumar K the CEO of Extent DC and Planotech Events & Marketing(opc) Pvt Ltd Bangalore, is a man of energy, self-motivation, optimism and confident about the future and success.

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