1. Trang chủ
  2. » Tài Chính - Ngân Hàng

Special events 7th ch05

26 85 0

Đang tải... (xem toàn văn)

Tài liệu hạn chế xem trước, để xem đầy đủ mời bạn chọn Tải xuống

THÔNG TIN TÀI LIỆU

Thông tin cơ bản

Định dạng
Số trang 26
Dung lượng 0,98 MB

Nội dung

Special Events, th Edition Creating, Sustaining, and Celebrating a New World Professor Joe Goldblatt, FRSA Chapter Five: Sustainable Financial Leadership Copyright © 2014 by John Wiley & Sons, Inc All rights reserved Chapter Agenda Copyright © 2014 by John Wiley & Sons, Inc All rights reserved Photo by the Author Agenda Animated introduction Opening Activity: Chapter Four Review Chapter Five Book Report Chapter Five Mini case study discussion ten Global event thought leader Lena Malouf Assignments Questions, answers, and discussion Copyright © 2014 by John Wiley & Sons, Inc All rights reserved Key Terms • Account Codes: The enumeration system listed in the far left column of the budget to allow you to easily track income and expense • Accounts Payable: Funds that are due from you to others for work orders, delivered or performed • Accounts Receivable: Funds due to you from others for work you have agreed to perform or have performed • Barter: Where the event company accepts a in–kind equivalent product or service in lieu of cash In the case of a hotel client this may mean rooms or food and beverage credit • Budget: The tool that forecasts, manages and helps control income and expenditure for the event Copyright © 2014 by John Wiley & Sons, Inc All rights reserved Key Terms (cont’d.) • Deposit: A portion (usually 75 to 90 percent) of the total final amount due to the event planning company • Hold Back: A small portion (usually 10 percent or less) held back from the total fee amount due to the event planning company until the work is performed • Payables and Receivables: Money that is due to others such as suppliers and money that is due to the event organization such as sponsorship fees, registration and advertising income • Venture Philanthropy: Investment from private organizations who desire a social return on their investment rather than a financial one Therefore, if a venture philanthropist provides your event organization with $10,000, they may desire evidence that you have made a significant contribution to the social welfare of your stakeholders Copyright © 2014 by John Wiley & Sons, Inc All rights reserved Chapter Four Review Identify different management styles Solve problems with a five-step system Use mirror etiquette and e-etiquette Improve communication skills Recruit the best staff and volunteers Educate, inform, train, and inspire staff and volunteers Create organizational charts Champion equality and accessibility Improve time management Copyright © 2014 by John Wiley & Sons, Inc All rights reserved Learning Objectives Understand basic event planning financial and accounting terminology Maintain event financial records Understand and interpret the event balance sheet and income statement Calculate the break-even point and profit margin for your event Forecast projected revenues and expenses for your event Estimate reliable budget goals for your event Increase cash flow Identify sustainable funding for your event Identify alternative funding for your event 10 Manage your event during turbulent economic times 11 Plan and allocate your event budget Copyright © 2014 by John Wiley & Sons, Inc All rights reserved What Does It Cost? Copyright © 2014 by John Wiley & Sons, Inc All rights reserved Photo by the Author Activity Form groups of four persons Within each group, one student will portray the accountant while the other students will portray the not-for-profit event chairman, the volunteer treasurer, and a board member Have a brief discussion about finalizing the budget for your festival Make certain that each member of the budget team has a different point of view The accountant is concerned about accuracy and providing the IRS with evidence that the organization is not in violation of the not-for-profit taxexempt code The chairman wants to make as much net profit (excess income) as possible The treasurer wants to cut the budget by at least 25% to reduce risk Finally, the board member wants to find additional sponsors Discuss why these issues are important and how proper financial administration can help review some of these problems Copyright © 2014 by John Wiley & Sons, Inc All rights reserved Discussion Did you have any divergent opinions within your group of stakeholders? How did you overcome your differences and reach consensus? Copyright © 2014 by John Wiley & Sons, Inc All rights reserved Maintaining Financial Records Budget Cash Flow Income Statement Profit and Loss Statement Copyright © 2014 by John Wiley & Sons, Inc All rights reserved Balance Sheet and Income Statement The balance sheet is also known as a financial statement that summarizes the event company's assets, liabilities, and shareholders' equity at a specific point in time The income statement gives operating ratios and performance for a specific period Copyright © 2014 by John Wiley & Sons, Inc All rights reserved Break–even point and Profit Margin The break–even point is the point at which costs or expenses and revenue for the event are equal: there is no net loss or gain, and one has “broken even.” The profit margin is the amount of revenue from sales that exceeds costs of the event Copyright © 2014 by John Wiley & Sons, Inc All rights reserved Forecast Projected Revenues and Expenses Use history, the macro, and micro economic conditions to forecast revenue and expense Generally, over-project expenses and under-project revenue as revenue is more volatile Copyright © 2014 by John Wiley & Sons, Inc All rights reserved Estimate Reliable Budget Goals for Your Event Profit or Surplus Break–even Loss Leader Copyright © 2014 by John Wiley & Sons, Inc All rights reserved Increasing Cash Flow Cash flow may be increased by speeding up the collection of receivables, Negotiating better and more favourable terms with vendor partners, and Reducing general overhead Seek the largest deposit possible and seek payment in full prior to the start of the event Copyright © 2014 by John Wiley & Sons, Inc All rights reserved Sustainable Funding Seek multiple sources of revenue for your event Seek contingency funding sources for your event Copyright © 2014 by John Wiley & Sons, Inc All rights reserved Alternative Funding Venture capitalists (VC) Venture philanthropists (VP) Friends schemes Audience Contribution Transfer (ACT) Copyright © 2014 by John Wiley & Sons, Inc All rights reserved Managing During Turbulent Economic Times Economic turbulence is natural and normal Watch overhead Seek financial partners to leverage your risk Copyright © 2014 by John Wiley & Sons, Inc All rights reserved Plan and Allocate Your Event Budget Carefully and conservatively plan your budget based upon historical or other evidence Allocate your event budget carefully to lower expenses and under forecast revenue Establish a one percent contingency line item in your budget for emergencies or opportunities Copyright © 2014 by John Wiley & Sons, Inc All rights reserved Chapter Five Book Report • • • • • • 10 minute presentation Everyone participates equally Overview of the chapter Three questions from book review group for class Three questions from class for book review group Final question from the instructor for the entire class Copyright © 2014 by John Wiley & Sons, Inc All rights reserved Mini-Case Discussion: 10 How would you pre-cycle items left behind following an exhibition? How may some of the resources from your event be transformed and repurposed into other usable products to benefit others? Copyright © 2014 by John Wiley & Sons, Inc All rights reserved Global Event Thought Leader: Lena Malouf, Past International President of the International Special Events Society How does Lena Malouf believe that event planners may be more successful? Copyright © 2014 by John Wiley & Sons, Inc All rights reserved Assignment • • Read and be prepared to discuss Chapter Read and be prepared to discuss mini case study 12 Copyright © 2014 by John Wiley & Sons, Inc All rights reserved Questions, Answers, and Discussion Copyright © 2014 by John Wiley & Sons, Inc All rights reserved ... Global Event Thought Leader: Lena Malouf, Past International President of the International Special Events Society How does Lena Malouf believe that event planners may be more successful? Copyright

Ngày đăng: 21/05/2018, 12:23

TỪ KHÓA LIÊN QUAN