Creating experiences, setting the stage for networking opportunities, and fostering connections among colleagues and association members are what the meetings and events world is all about. However, without a proper budgeting plan and contractual agreement with vendors and hotels that play a part in making your event a reality, there’s no event to be had.
Over the last year, Smart Meetings wrote about contract and budgeting tips and trends this year for the event planner who wants to keep on top of their financials, so they can keep creating memorable experiences.
To offer some helpful insight in what legal areas to be on the lookout for, Smart Meetings sat down with Ty M. Sheaks, attorney, author and faculty legal advisor for International Association of Venue Managers to break down the major legal challenges meeting profs should be aware of, like force majeure clauses and why knowing the difference between an employee and independent contractor is important.
Budgets are great for estimating and tracking spending. What they aren’t so great at is considering the nuances in your financial plan. Heather Mason, CEO of Caspian Agency, makes the case for thinking more expansively about your event spend, and shifting your mindset from what your event is to what it could be. In short, think big.
Cheryl M. Payne, strategic partner at INNOV8 Meetings + Events, gives her take on the current marketplace of contract agreements and stipulations and its impact on meeting planners and how to negotiate that next big event contract. Difficulty lies ahead, according to Payne, but luckily, she provides several tips that’ll arm you with the right knowledge to head into that next negotiation well prepared.
“Meeting professional” is a relatively new career track. Heather Mason, CEO of Caspian Agency, says this can be gleaned from the way the government looks at those in the meetings industry. Usually grouped in the broad category of “hospitality,” which can include anything from small weddings to large-scale conferences, can affect meeting profs in the form of legislation that gets passed. Mason lays out what that means and what you can do about it.
As an event professional, you know the strategies of structuring a solid event budget: the setting up, managing and requesting budget increases are all a part of the game. However, shooting for a solid financial model rather than a mere budgeting plan can place you a more advantageous position where everyone is a winner.