Businesses look forward to promotional events as it’s a way to not only gain brand exposure but to gain profits as well. You put a lot of money in your event expecting a return on your investment. However, this is not always the case. A promotional event for businesses can put them in debt if proper planning, organization and coverage are not put in place. To help prevent this from happening, we have outlined a few ways businesses can protect their bottom line before, during and after their event.
Before An Event
- First, while planning your event, have a budget in place. By not spending over your limit, it will allow you and your team to manage your funds more wisely.
- Research! Don’t just google vendors near me and go for the first place you see. Make sure you look up each vendors background and reviews. Securing a non-credible and non-reliable source could cause problems down the line.
- When reaching out to vendors to put down deposits and fees, don’t wait until the last minute to pay. This can cause a vendor to back out of your event and not take you seriously. A phone call or email a few days before the event to reconfirm is a great way to put your vendors and yourself at ease.
- What good is having an event if no one shows up? Make sure you get the most of your money by putting aside a budget to market your event. You want to make sure people show up so that your event is not just an event for you and your employees. Affordable options include announcing your event on your company newsletter, send an online calendar invite or promoting it on social media.
- Don’t use personal finances to buy business-related items for your event. This will create a false illusion and make you think you have more than you actually have.
- Have a plan for how you will handle the worst case scenarios. For example, if your event is cancelled due to severe weather. Getting weather insurance will be a great way to make sure your finances are protected. Or if damage is done to the venue due to a rowdy guest. Do you have event insurance with your vendor in case these events occur?
During An Event
- Scope out the room and check in on guests. Are they interacting or participating the way you intended? If it’s a networking event, Before you hit the buffet line and mingle with your colleagues, make sure you get all the leads you can in order to reach out later to get a potential customer.
- Also keep an eye on vendors. Are they providing their services like you intended?
After An Event
- Check in with vendors and thank them for their service. This is a good way to confirm satisfaction of service and prevent a party from coming forth days or months later stating they never received a payment or was mistreated.
- That last point leads us to this tip – keep receipts! Even though the event is over, you still want to keep track of your finances for business and of course tax purposes.
- Make note of everything, and then use that knowledge to help you better plan and host your next corporate event. If things didn’t go as planned, how can you change it next time.
Too much debt can stifle cash flow and put your business at risk. When it comes to your money, there is no room for making poor decisions and poor planning. For more help in coverage your business bottom line, give US Weather Insurance a call at 888-982-5488.