Financial Management of Your Meeting. Look at the financial needs of the meeting from both the organization’s perspective and from the attendees’ needs analysis. It is essential that you identify techniques, which provide fiscal control for the entire meeting to analyze expense and help determine registration fees and other anticipated revenue. As well, identify procedures and practices for the on-site management of funds and budget.
The budget is developed after the establishment of the meeting objectives, since it is very difficult to determine costs until we know what must be accomplished with the meeting. A budget is a realistic list of expected expenses and revenues that provides fiscal control for the entire meeting. As the budget is developed, you must keep in mind who will attend this meeting; who will pay the fees; and, the philosophy of the sponsoring organization. Is it okay to lose money on a meeting? Yes; if that is the objective and the expectation of the sponsor. Budget projecting in a systematic manner establishes a solid basis for later control and management of that budget. The budget must be updated and revised as necessary.
As an initial component of the process, you must know your organization or client’s budget and financial philosophy. Like any other objective, budget objectives should be measurable so you can demonstrate the ROI of the meeting. Are you concerned about costs? Do you want to make a profit and if so how much? Do you want to break even? Some organizations do feel it is unfair to the attendees to make a surplus from their participation. Are you prepared to lose money?
Financial control provides professional guidance to your employer and your suppliers