Open Air Business June/July 2017

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The organiser of Event Production Show and publisher of Access All Areas is delighted to bring you the... 27 - 28 SEPTEMBER <strong>2017</strong>, SANDOWN PARK Attend to discover venues, creative event suppliers and innovative solutions for your next festival or outdoor event Register now for free! festivalandoutdoorshow.co.uk @festoutshow Media Partners Content Partner
EVENTS Control of the Cash Having a sound overview of an event’s finances is crucial for its success says Nick Eade, who also warns about cutting corners AT FIRST GLANCE event finance is a dreary topic for an article, but as one of the largest considerations you will have as an organiser, it is a very important one. Often event costs increase dramatically, especially in larger events, and cost overruns are going to be one of your biggest concerns. The importance of budgeting is crucial at every stage of an event’s life, from initial idea to implementation to finally BLADEN, 2016 Financial management for events establishing what profit (or not) has been made. Many of my industry friends have, with the best intentions, tried not to over spend resulting in their events being cancelled, which is ultimately the worst possible outcome. Managing expectations behind the scene can be complex. All organisations within the event industry, even charities, need to keep a close eye on what is going in and out of their balance sheets; financial decisions are almost always the reason for an event not making it to a second year. Even at the concept stage, the numbers need to add up. Take a look at the flow diagram to see how financial management can be incorporated into your event and the areas to consider. ADDING UP Given that some of the more complex festivals within the UK take around 10 months of continual planning, there should be continuous attempts to establish whether or not things simply add up. The smaller, more niche events, such as incentive days or food festivals, should focus harder on their finance simply because there is generally no back up. Huge companies such as Live Nation can move capital around whereas the smaller, more independent event does not have this option. If your finances can stretch to employing someone to overview this, it should be given consideration. To find out earlier rather than later that there is simply no money left can at least bring an organiser back to reality so they can decide against delivering the event or, better still, allow themselves time to seek further revenue streams. My advice is to review an event’s finances at least weekly. Identify where you can save money, check you are where your forecasts say you should be, and prepare the following week’s expectations. Interestingly, almost all ‘event theory’ neglects to examine the finances of event organisers. Some of the many items that should be taken into consideration around the budget include: WWW.OPENAIRBUSINESS.COM 49
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Open Air Business June/July 2017

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