Although it's been a decade since the Great Recession, its legacy remains: Ten years later, companies still are keeping a close eye on the bottom line. Especially when it comes to meetings and events. And yet, many meeting planners continue to struggle with budgeting.
"Many companies are especially budget conscious nowadays. Yet, many organizations continue to make event planning mistakes that explode their budgets," contributor Anne Thornley-Brown writes on Meeting Professional International's (MPI's) blog.
To keep a corporate meeting budget from spiraling out of control, Thornley-Brown says meeting planners should maintain a laser focus on scheduling.
"It's hard to coordinate calendars and dates, especially when planning executive retreats and events for senior executives who are notoriously busy. For this reason, many executive assistants and internal event planners contact all of the participants and lock in their dates before ever reaching out to hotels, venues, facilitators, and independent meeting planners," Thornley-Brown explains. "This presents a number of challenges."
For example, some destinations work with a dynamic pricing model that varies week to week based on demand. Meanwhile, international holidays, special events, and other unforeseen circumstances can drive meeting costs -- including airfare and hotel rates -- unexpectedly high.
"Solution: Contact event planners, facilitators, and hotels early," Thornley-Brown says. "Ask them to give you an idea of the best value dates. Then, present only those dates to participants."More Tips:https://www.mpiweb.org/blog/article/6-event-planning-mistakes-that-will-destroy-your-budgetQuestions, Comments, Suggestions?Contact Successful Meetings Editor in Chief Vincent Alonzo with your "How To" ideas.