Event Budgeting

  • RFPs: A view from both sides of the events industry

    By Jennifer Glynn and Joe Nishi Getting a quote on pricing for your meeting and event is more challenging than ever. Trying to find the right venue, at the right value as quickly and efficiently as possible, with fewer resources than ever can be stressful for meeting planners. On the other side, venues have sophisticated revenue models, yield management and space optimization parameters that must be followed. There is constant pressure to increase profit margins to make up for past…

  • Venue contracts: A meeting planners’ call to action

    I couldn’t believe my eyes! There, in an email, was the statement that put into words a sentiment that I’ve heard over and over again from meeting planners: “The way I have been brought up in this industry has always been to just reduce the rental and food and beverage minimums, add your concessions, sign and send.” This quote was written by an experienced meeting planner employed by a reputable Canadian organization – in response to an email dialogue we…

  • Food and beverage budgeting: 16 tips for doing more with less

    Every event planner strives to deliver the ultimate participant experience during their events. We live for the thrill of seeing the participants (and our clients or employers) wowed and amazed. However, in these times of economic restraint, we’re being asked to create these experiences on limited or declining budgets. We’re required to improve the bottom line but not sacrifice the participant experience. For many events, food and beverage is a critical component of the participant experience. While we long to…

  • Top four tips for negotiating your event venue contracts

    Venue contracts: Love, lust or run? TLC’s popular show Love, Lust or Run? is based on the premise of everyday people reacting to the featured guest in their preferred (albeit most often quite strange) outfit. People are asked to indicate if they would “love, lust or run” on the guest based on their appearance. I propose that if meeting planners’ reactions to reviewing venue contracts were to be gauged in the same “love, lust or run” approach, most planners’ first…

  • Steps to end food waste in the event industry

    All of us working in this wonderful industry know there’s an inconvenient truth – food waste. We all dislike it, yet feel powerless to stop it. According to a updated study released in 2014 by Value Chain Management International, food waste in Canada equates to an estimated $31 billion annually, of which eight per cent (about $2.5 billion) is attributed to the “food service” industry (hospitality and restaurant industry). When I read the report, I was not surprised because I’ve…

  • Building trust: What meeting planners want suppliers to understand

    Meeting planners are hardworking, resilient and well-organized individuals who rely upon a variety of suppliers to deliver the meetings they manage. They face the stresses of orchestrating an endless array of tasks and suppliers into a seamlessly delivered meeting, conference or convention. The reliance of the planner upon their suppliers cannot be emphasized enough. There is no second chance as the planner gets one opportunity to deliver their meeting well. Each supplier inherits partial responsibility, not only for the success…

  • Sustainable exhibit design: How one Canadian company is changing exhibits for good

    In a big design and production facility in Brampton Ontario, one exhibit company is revolutionizing how their corporate event clients save money, reduce waste and fight climate change. Meet The Taylor Group. You may not know them, but odds are you know their work, having designed experiences for 30 of the top 50 brands in the world. In fact, Time Magazine recently identified their work for Intel as the Number One most eye-catching booth at CES 2015 (photo below). Now…

  • Six strategies to mitigate outside supplier fees applied to audio visual services

    A growing frustration for meeting planners, when managing their conference budgets, are excessive or undisclosed fees imposed by providers of essential services. Conference facilities are such a provider. Many facilities impose fees in an effort to block outside suppliers from servicing conferences, in turn forcing the use of in-house suppliers. These exclusionary practices and policies are becoming prevalent with audio visual services. Most conference facilities have an official audio visual supplier who pays a commission to them for the services…

  • Six reasons outside supplier fees are a bad idea

    Meeting planners have the complex task of managing conference budgets and the wide array of suppliers that come with it. We do our due diligence to ensure everyone gets their fair share while maintaining a positive bottom line. Unfortunately, some suppliers that are an essential service to hosting a conference, like conference facilities, are taking advantage of their position. One of the ways is through outside supplier fees in the area of audio visual services. Most conference facilities have an…

  • Why meeting and event professionals must have financial literacy

    Some business owners lack key financial knowhow, survey finds I read this article by Lisa Wright in The Toronto Star in January, and I can’t get the facts out of my head. How many businesses in the meetings and events industry are comprised of less than 10 employees? How many are a single person who orchestrates with many suppliers to get the job done? How many people can put up a shingle and say they can plan events, meetings and…

Venue & Supplier Profiles