event-management-mumbai

5 TIPS FOR REDUCING EVENT RISKS

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Every event comes with its fair share of risks and potential setbacks. When an event involves some different parties, prior commitments, bookings, and advance payments, things can get hard to track very fast. A skilled event manager knows the tricks to implement so that their event has the least possible chances of failing or incurring huge losses. Below, we’ve listed a few things that you can keep in mind to reduce the risks of your events considerably.

event-management-mumbai
  1. PROCESS

    Event management has some different processes and methods that you can adopt, but the important part is making sure that you DO find one and stick to it throughout the event so that there are strict timelines and steps to follow. This will help you in ensuring that events happen at the right time and you are not caught off guard as the event approaches. More importantly, it will also help you keep track of all the elements you need to focus on and the ones you have already handled. For more information regarding event management processes, either speak to someone who has years of experience in the field, or turns back to the trusted internet. The process will soon feel intuitive to you once you have gotten down to handling the first few events.

  2. PROVISIONALLY BOOKING

    Even if your event is fast approaching, and your venue is pressuring you into signing for it immediately, hold out until you are completely sure. Unless your event has enough participation or registration, booking a venue can be the worst thing to do. It is possible to keep venues on hold for anything from days to months depending on how you target it, and if you play your cards right, you will never have to pay extra or incur losses simply because you booked a venue that was too small or too large to house the final crowd.

  3. REVENUE

    It goes without saying that if you are planning an event, you will need constant streams of funds. This could be either from sponsors, through ticket sales, or a variety of other sources. Depending on your event, make sure that you have different revenue sources and are not dependent on a single one that may fail at a later stage.

  4. TERMS AND CONDITIONS

    Most events today come with their share of terms and conditions, simply because there are very high-risk factors involved. Simply put, if you have terms and conditions that are not up to the mark, have loopholes, or are not up to date, you stand a chance of incurring heavy losses should anything go wrong for the attendees. While this may seem like a very marginal risk with very low probability, it is a good idea to ensure that this is never a cause to worry about by simply updating your policies regularly.

  5. CONTINGENCIES

    Irrespective of how hard you try and how well your event is planned, all events are influenced by a number of external factors and there is a high chance that you will never account for certain things happening. When these do happen and your event fails, it can seem completely out of the blue. The only way to manage this is to have contingencies in place for most known problems and to have a common contingency to state how you will handle any issues you haven’t predicted. While this may seem a very vague concept, it can be as simple as setting aside a portion of the budget for unknown events or having backup plans in place for all major elements of the event.

As you get into the event management industry and begin handling events more regularly, you will realize that risks and losses are bound to happen and usually not something you can completely escape. With these few tips, you should be well on your way to reducing those risks substantially. With time, these will come to you intuitively and you will find your risk management and contingency planning improving. Good luck!

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