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Meeting in the middle; Cost-saving measures when planning a big event

Source: Tribune Media Services

With what appears to be the worst of the recession behind us, many corporate meeting planners are still challenged with delivering quality meetings on reduced budgets. While companies recognize the importance of face-to-face interaction, everyone is looking to do meetings in a more cost effective way. Cadence, Inc., a meeting planning and event production company based in Wheeling, Ill., has assembled the following tips for cost reduction:

Outsource. Take stock of the things you personally need to stay involved with, and outsource everything else. Look for areas where your time can make the most impact on the program or the budget. Focus energy on those activities only, and leverage suppliers and outside resources to accomplish everything else.

Get accurate. Employ a more detailed registration system to get more detail on meals. Reducing headcount on breakfasts for people who only want coffee, and skipping meals for walk-in attendees translates to big savings.

Eliminate a meal. If corporate policy dictates three meals on company business, consider asking for a suspension of policy or a review. If you’re in a metro area, a per diem will go much farther than a banquet budget. The fact that attendees need to coordinate dinner plans will foster networking and social time.

Shop locally. Local sales representatives for a hotel or venue will work harder and can provide significant savings over a national rep or broker. They have a pulse on the local market and can offer incentives unique to their property.

Consolidate. If budgets are tight, place as much as you can with one or two vendors. Your project will look bigger, garner more attention, and you’ll save time and money in the process. Every vendor you add creates a profit center for that vendor and adds at least 10-20 hours of management time for you. When the program changes, or you need to revise your budget, you’re fighting each vendor for their profit and spending significant amounts of time to accomplish small reductions.

Be creative. Find something that doesn’t really cost the hotel or vendor and leverage it. For example, airport transfers can sometimes be provided at no charge if a hotel has buses. It’s a relatively low cost item to the hotel, but can save tens of thousands in transfers or cabs. Also think about asking for free printing from the hotel’s business center. Free prints means saving on print and even more savings on shipping.

Go dutch. Sharing meeting and production expenses with another company is novel but effective. For a savvy buyer, splitting costs with another group is an easy way to get your numbers down. Brokering the deal can be challenging, and you have to be somewhat flexible. Need a match? Often times your planner, the hotel, or even a supplier can find the right company.

Don’t cram. Avoid the temptation to pack 12 hours of meetings into an eight-hour day. Packing in content will drain your attendees. The effectiveness of the meeting is a primary goal. If attendees are engaged, the meeting generates business results. Don’t lose sight of the purpose. Maintaining that learning environment is the key to a successful meeting.

© 2010, Tribune Media Services