With less than 20 days to the end of the year 2017, many event managers will live to count their losses while others will live to relax and enjoy the interest accrued to their bank account. The year 2017 has been a very challenging one, amidst the country’s economic situation, where individuals as well as organisations were not willing to spend and/or events budget were cut down drastically. However, what matters is not how far you had gone, but how well you had gone in the year under review. No matter the amount of money you have made, it does not guarantee that your clients will seek for you in the year 2018. The sure guarantee is how well you were able to provide prompt solutions to their event challenges. These few points will help you carry out some critical reviews in order to properly appraise your effort and re-strategies for the next eventful year of 2018.
Expected outcomes vs Actual outcome
Did you set expected outcomes for all events and other processes at the beginning of the event year or at the beginning of each event? This is all about being realistic and deliberate by setting a target and indicator for yourself. It goes beyond just planning, it’s about setting achievable but quality expectation for each of the project. It does not mean you failed if you don’t meet that expected outcome; rather it will help to show how well you are travelling on the road to meet that expected outcome. Your actual outcome versus the expected outcome will give you your report card. If peradventure you did not set this parameter not too worry, 2018 is another year for you to indulge.
Basic communication strategy
Almost 80% of your success must have been hinged on how you were able to communicate with your clients, followers (or audience) and your staff (adhoc or main). Didn’t you notice that some of the pitfalls you experienced in the year under review, were due to some form of poor communication or breakdown in the strategy you chose to involve in the communication process? Do a critical back view by isolating each communication strategy that you used in each instance, correct by involving the persons involved and do reset for 2018.
Work inputs/ tools
“A bad work man will always quarrel with his tools” is a proverb that is very popular in our society. It may be interpreted to mean that a workman who is not hard working will blame his inability to succeed on his working implements. Are you an event manger that also deals in event equipment such as lights, sound, multimedia, Mackie, chairs, chaffing dishes and so on? Probably using them in form of rentals services and or using them to power events, you need to do a lot of recertification. In the first place, find out if the equipment that have been of most value or had generated the most income, find out the equipment that gulped more funds much more than generating revenues, the reason behind this abnormally is a great asset for you. Based on this information, you will be in the right stead to know the true state as well as the future of your asset. The assets you will be willing to put to work in 2018.
Cost effectiveness
From experience, this one area is very challenging for some event managers. They find it challenging to comprehend, how they should get just the right price for their services at a particular point in time, valuing their fixed and other asset in other to be able to know their worth. What are you worth as an event company? This simple question, if answered well could help you to know if you have making profits all the way.
Competitors
Don’t ever look down on your competitors they are necessary evils if I may use that term. Imagine the number of many other event managers that have come into the business for the past one year. It simply shows that the space is becoming very stiff and very competitive. It’s becoming very likely that you have to be unique and stand out to be able to break through. By way of review, do you know your competitors? What are they doing right and how are they doing it? They are spying on you and they seek to be better than you. So, it’s time to review your tactics and refine them to make you different from your competitors. Coca Cola will never stop researching ways of making themselves remain at the top and unique as Coca Cola, as Pepsi is giving them a good fight.
Image source: katestone.com.au
Written by
Mfon Barry
Mfon Barry is PR professional, a social media and communications strategist. He works with DOXA DIGITAL Nigeria
