‘How to Grow Events and their Profits’ – 5 Key Messages Learned

Our head of project management Nick Ruffles recently joined Editor of Event Industry News Adam Parry, and Ashley Miller, Business Director for ERP Marcoms at Deltek, for an insightful webinar debate on event growth and profits.

Held at Deltek Headquarters on June 6th 2016, the 20 minute webinar explores current industry challenges such as procurement, retaining talent, and managing growth and profits. The speakers also approach tangible ways to combat those challenges.

Here are five key takeaways from the debate:

Operational processes:

Clients are becoming a lot savvier with their budgets and subsequently expect more for less, and as events are a big spend on their annual budget, they are making their money work harder. For instance, if there are offices in the north and the south within the wider company, instead of having two separate events it makes sense to meet at a central point, using the same staging and staffing on two different days. It’s about making the most of the resources to hand.

Finding talent:

Recruiting young people and bringing them through the culture and processes of a company is really important. We are firm believers of ‘it can’t be taught in the classroom’ and learning whilst doing is key. drp is heavily involved in apprenticeship schemes and mentoring – nurturing talent is important and we build upon this knowledge by speaking annually at career workshops and fairs throughout the UK.

Retaining talent:

Our staff retention rate is high and this, put simply is down to investing in our team members, products, facilities, and infrastructures. Fresh thinking is what keeps senior level employees at companies, staying innovative, and achieving the best. Our unique in-house integrated offering means that we rarely employ freelancers – however it’s just as important to ensure that these albeit temporary members of staff are just as invested and part of the team.

Profit:

Profit is key and all businesses need it to survive. However, you can’t be afraid to turn away business if it is not profitable or has unrealistic timelines, be strong enough as a company to say no. Dale Parmenter, our CEO, does a forecast per month of the year ahead, which is a very open book approach (shows the actual accounts) showing where we are and where we are going, because at the end of the day, we are all striving for one same goal. You have to be clever at working your money and profits.

Procurement:

It would seem that there is a need for more of an education in our industry at procurement level as events involve a complex set of costs, and it’s important to be transparent and open. Keep communication clear from the beginning, know the budgets before you pitch, where possible, and this will save rejection and having to re-adjust proposals. Ensure the process is as simple as possible by setting out clear objectives from the start.

To see the full webinar click here:

 Emily Johnson

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