Resource management in the events industry- 4 things you must know
Poor resource management can make managing events a logistical nightmare. Do it right.
Using your resources efficiently requires allocating your resources in the right places, and at the right time.
Specific to the event management industry, it is extremely important to invest in the necessary resources to be able to generate optimal ROI's.
Event managers must wisely invest in various different verticals that are necessary to keep the business afloat.
Here are 5 things about resource management that you must know before planning your first event:
1. Don’t take accountancy for granted
Managing the input and output of resources becomes extremely important to ascertain the growth in business over time.
From a decision-making point of view, bottom lines and cash flow will do the talking; and it's crucial to have them on point.
A well-trained accountant with prior experience is essential to maintain a record of petty, as well as, high-end transactions.
Event management is a high CAPEX business. Larger upfront investments must be made, in order to generate substantial ROI's.
It all boils down to customer experience. Events are extremely consumer-centric, and providing them with a memorable experience is key.
3. Sources of revenue
Event companies are not the spotlight when it comes to angel or VC funding, especially without a proven track record and proof of concept.
It is obvious that if revenue is not generated, re-investment is either low or non-existent.
Stepping into various sources of income such as advertising, sponsorships, merchandising and ticket sales ensures a constant flow of revenue into the company's books.
Figuring out such streams of income is crucial even before starting out.
4. Fostering sustainable events
Sustainability is the talk of the hour.
People find one way or the other to throw away brochures, tickets and pamphlets which require time, money and natural resources to print.
One of the most effective ways is digitizing. In other words, going paperless. Event managers should get creative and find new ways for people to read and share material (QR codes, e Brochures, etc.)
However, this is just one aspect of it. You also have to get them to read it. Instead of spending your valuable investment on brochures, that can better be utilized if a consumer opens a document through a QR code from their mobile phone and reads the document, then, he/she could earn a reward. It’s a win-win situation.
5. Consult experts
Practice equals proficiency, when it comes to event management. Advice from an established events company, is worth every moment of it.
Logistics and resource management is just one of several verticals that must be executed proficiently in order to conduct a seamless event.
About Stride Plus Events
Stride Plus is an events organizing and management company based in the UAE, focused on business, networking and community events.
Learn more about out services here.