7 Signs of a Good Event Manager

Financial Transparency

1. Financial Transparency

It is important when organising an event that you have confidence your Event Manager is able to meet your financial goals and budget. One of the best ways to achieve this is through financial transparency.

What does financial transparency look like?

2. Regular and Accurate Reporting

Why is this important?

It provides assurance that your budget is being carefully managed as well as giving you a greater understanding of event costs. This knowledge will not only help you monitor the budget effectively and make changes if required, it will also provide you with the necessary information to confidently justify event expenditure to senior management or board members and allocate funds or have them approved for future events.

3. Negotiating the Best Deal

Why is this important?

In a competitive climate, hotels, venues and suppliers are usually willing to review their prices and offer reduced rates to secure your business, but is your Event Manager working hard to secure these discounts and are they passing on the savings? Whilst discounts aren’t guaranteed and the working relationship your event partner has with suppliers, the size of your event and the overall spend for your event is taken into consideration…savings can be made.

4. Ability to Reconcile Your Budget in a Timely Manner

Why is this important?

It simply comes back to regular and accurate reporting as well as your Event Manager recognising that paying suppliers and returning any event income to you is an important component of your event.

5.   Contingency Planning for Unexpected Expenses

Why is this important?

An experienced Event Manager will incorporate a contingency into your event budget to provide greater flexibility for minor changes you may need to make in the event planning process that have a cost implication.

6.  Declaring Commissions or Kick Backs

Why is this important?

Professional Conference Organisers are entitled to receive commission for accommodation and meeting packages booked on behalf of their clients. These commissions are not payable to clients directly and do not increase the cost to you. But should be declared to you as assurance that they are totally transparent with costs and are not encouraging you to work with a particular supplier who may provide them with a greater financial incentive.

7.  Understanding Financial Objectives of the Event 

Why is this important?

It is important in the early stages of your event planning, to establish your financial objectives with your Event Manager as this will determine what income is required and how expenses are allocated within your budget. An experienced Event Manager will be able to provide suggestions and strategies to ensure you achieve your goals.

 

ACTIONS:

  1. Clearly communicate your financial objectives / budget
  2. Request regular budget updates
  3. Ask your Event Manager to disclose any commissions or back end bonuses
  4. Check what contingencies your Event Manager has for unexpected costs

 

By Sue Ryman-Kiernan GAICD AMM