Business plan for Event Management

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The projected Business plan for Event Management gives a detailed insight on the cash plan that identifies the attainment, distribution, and expenditure of the fiscal resources for an event as per the precedence and requirements of the event procedures.

Preparing an Event Management Business plan encompasses envisaging the entire event in terms of finance, locating all its probable sources of revenue and expenses and arranging them into operational units, generally as per the groups indicated in the Chart of Accounts.

Previous business plans, revenue accounts and fund flow statements are generally used to organize a draft budget, but in case if no past statements exist, zero-based business plan should be formulated utilizing the value projections and analogous plans from other events. While projecting the profits and expenditures for a budget, income estimates should be done in a traditional manner and cost projections should be neutral.

The budget plan should be formulated comprehensively and entail the computations to reach at the line item projections, so that the plan's performance can be measured against competently.

Preparing business plan for Event Management

Preparing business plan for Event Management should be done on the basis of comprehensive market evaluation, competitors' assessment and SWOT study of your event management company. Mentioned below are few points which one should keep in mind while developing a business plan:
  • Be practical and steer clear of sanguinity while evaluating the fund needs, sales and revenues.
  • Do not neglect expansion plans which may be convenient in case of hardship in your business.
  • Summarize your business goals. Mention what you want to attain by implementing the short and long terms plans. However, do keep the business objectives short and precise and do not exaggerate as it may become pointless due to chance in market trends.
  • Formulate an emergency plan. List down the strategies you desire to deploy in case of wealth loss, financial crisis or market recession.
  • Evaluate your fund needs for one fiscal year and formulate plans on how to administer the cash flow.
  • Establish the approach to be implemented to locate clients and the kind of services offered to them. Define your guidelines, policies and methods relating to the imbursements, settlement, fines and termination of services.
  • Identify your employee requirements and what their skill sets should be. This will help in attaining the planned business objectives.

Business plan for Event Management - Format

  1. Executive Summary
  2. Objectives
  3. Future Visions
  4. Keys to Success
    • Constant, precise satisfaction of the customer's need
    • Competitive costing for the excellence of services provided
    • Considerable profits earned on each event planned
  5. Company Summary
    • Company Ownership
    • Start-up Summary - Requirements and Funding
    • Company Locations and Facilities
  6. Products and Services
  7. Competitive assessment
  8. Market Assessment Summary
  9. Market Division
    • Private Organizations and Businesses
    • Public Organizations
    • Age Breakdowns
  10. Target Market section stratagem
  11. Service Business Evaluation
  12. Strategy and Execution Synopsis
    • Sales plan
    • Sales Prediction
    • Highlights
  13. Management Synopsis
    • Directorial Arrangement
    • Staff Plan - Event consultant, Site executive, etc.
    • Payroll
  14. Fiscal Strategy
  15. Vital Assumptions
  16. Major economic indicators
  17. Break-even Assessment
  18. Anticipated Profit and Loss
  19. Anticipated Cash Flow
  20. Anticipated Balance Sheet
  21. Business Proportions
  22. Appendix