Event Planning: Controlling Expenses for a New Year

Event Planning: Controlling Expenses for a New Year

Sep 16, 2013

September is a good time to start thinking about next year before the excitement and busyness of the holiday season begins. Here are some cost and time saving things to think about as you plan your new year.

1. Time Management  – TIME is MONEY. As much as things change, this is still true. In order for your business to grow you have to carve out time to make and implement growth plans. If you find yourself always working on client tasks it is going to be hard for your business to grow. Look for opportunities to delegate.  Schedule time to work on your business in the same way you schedule time for clients. Compare and analyze growth potential against investment of hiring, marketing and equipment cost.

2. Risk Management – Call your business insurance provider and review elements of risk on your past events. Explore what is included in your policy and what will require special event coverage per event. Dave Nelson from Tegner-Miller Insurance Brokers says, “All insurance policies are not created equal. Many policies do not provide broad enough coverage for all of your events. A separate special event policy in most cases is required.” To manage the risk of surprise, keep a separate emergency bank account that you add to each month. This will help avoid financing fees on expenses you did not plan for.

Photo Courtesy of Amarillo Opera

3. People Assets – With every goal you set, ask yourself who is needed to achieve that goal? What kind of experience and skill set do the people around you need to have? Is it time to find a mentor? Be strategic about your networking. Be transparent and think mutual. Mutual thinking keeps people in business relationships. The longer the relationship, the more time and money you save in training, communication and implementation over time.

4. *Rent or Buy – Add up all your rental costs from the previous year. What expenses are the highest? What are you likely to use the same amount or more in the next three years? Will the cost of ownership save you money? Get quotes for custom work and equipment.  Note: Owned goods become business assets that can be insured.

5. *Planning for Discounts – Most companies have some sort of loyalty program to reward customers who make frequent purchases.  Look at your upcoming year of expenses. Do you plan to advertise? Where can you streamline purchases and rentals from a select few vendors? Approach each one with your purchase plan and ask if you are eligible for multiple purchase discounts.

*Ask your Grosh representative to help you compare cost of rental and custom work on backdrops and drapery. Our Backdrop LIFT is a great piece of equipment to own to save time and labor costs on event setups. We always discount for multiple backdrop rentals, so let us look at your upcoming event season and show you where you can save money.