Nearly 60% of those working in the meeting and event industry started since the onset of the COVID-19 pandemic, according to research by Freeman. In these 101 articles, we provide key learnings for those new to the industry or those seeking a refresher to help set them up for success.
By Victoria Stanton
In the fast-paced world of professional conference organizing, staying organized is the key to success. As the mastermind behind seamless events, a professional conference organizer (PCO) must navigate through a myriad of details, timelines and budgets. In this article, we will explore essential strategies to help PCOs maintain order and their finances to their finances to orchestrate unforgettable conferences.
Create a Comprehensive Checklist: The foundation of successful conference organization lies in a well-crafted checklist. Break down the entire event planning process into manageable tasks and create a timeline for each. This checklist should cover everything from venue selection and speaker coordination to marketing and post-event evaluations.
Budgeting: It is imperative that you create a budget for your event and keep accurate records of all event-related expenses, such as venue rental, catering, marketing, speakers and materials and event-related revenue, such as such as sponsorship and registration fees It is helpful to track expenses separately as you’ll need to compare actual expenses to the budget and ensure you haven’t spent more than what’s coming in. A financial advisor or bookkeeper can help setup a template for each event and or client to help track expenses and reimbursements is vital to you managing the overall event budget and your fees.
Utilize Software: Leverage technology, such as CVent, Social Tables and Whova, to streamline various aspects of conference organization, including registration, attendee management and communication. Choose a platform that suits your specific needs and allows for seamless collaboration among team members.
Delegate Responsibilities: Recognize the strengths of your team members and delegate responsibilities accordingly. A well-organized team can handle various aspects of conference planning simultaneously, making the process more efficient. Regular check-ins and status updates will help keep everyone accountable.
Contingency Planning: Prepare for the unexpected by developing a solid contingency plan. Identify potential risks and have backup solutions in place. This proactive approach will help you navigate unforeseen challenges and ensure that the show goes on, no matter what.
As you prepare for contingency planning for your finances, it is important to identify financial risks, establish a contingency fund, monitor budget variances and select an emergency decision-making authority. Potential financial risks can include unexpected expenses, sponsor withdrawals or low attendance affecting revenue. When factoring this into your contingency plans, consider external possibilities as well, such as economic changes that may impact the financial landscape. A portion of the budget should be allocated to a contingency fund specifically for unforeseen financial challenges. Regularly track and analyze budget versus actual expenses to monitor for budget variances. This can be a responsibility of you or your team, or you can implement a system for real-time monitoring to identify potential financial discrepancies early on. Lastly, clearly define an emergency decision-making authority with roles and responsibilities regarding financial decisions in emergency situations. These positions should have the authority to make necessary financial adjustments, including accessing the contingency fund.
In the dynamic world of professional conference organizing, keeping your finances organized is not just a skill; it's a necessity. By implementing these strategies, PCOs can start to navigate the complexities of event planning with finesse, ensuring that each conference they organize is a resounding success. Remember, a well-organized event leaves a lasting impression on attendees and sets the stage for future triumphs in the world of conference organizing.
Victoria Stanton is advisor with Breakaway Bookkeeping + Advising
