Event management is a business that is not as simple as one comprehends. A company, big, medium or small, has to have in-depth knowledge of various sectors and must know how to handle last minute hiccups without blinking. However, like all businesses, event management companies have their set of problems as they deal with the pressure of building a positive and proactive image of their clients. Astro-strategist Hirav Shah strips a business of all its short-comings and gives it a road map for future success
Events are huge these days and everyone wants to grab eyeballs through their event. And why not? When one splurges money to create an event for specific audiences, then they want to get their money’s worth. There was a time when only big companies with very large gatherings had people to coordinate and manage an event. Today it is no longer so. The birthday party of a celebrity’s kid also requires a well-known and well-established event management company.
As a matter of fact, if one is indeed good at organising events, both official and private, then there is not much risk in the business. However, the event managers do have to build credibility and a new start-up in the business has to work extra hard to get word of mouth publicity. Of course, in today’s time, the business has the advantage of reaching out to people who need their services through various social media platforms. Still, a good event management business thrives on word of mouth publicity. Not all events are similar and neither are all customers similar. Corporate and business events have a certain protocol which has to be maintained at all costs and this is rather easy for the event managing companies.
On the other hand, there are private or personal events. This is where the event managers or an event management company needs to pull out all tricks up their sleeve to please their client. These events require creativity, innovation and surprise elements to please their clients.
From festivals, conferences, ceremonies, weddings, formal parties, concerts and conventions all come under the purview of event managers. In fact, events of all sizes such as Olympics to simple business breakfast meetings, event management companies are involved in all activities these days.
The main tasks of an event management company is to study a brand, identify the target audience, come up with an event plan, coordinate with various people involved to successfully pull off an event.
A whole lot of industries, celebrities, charitable organisations and others hold events to popularise, publicise their brands, build business relationships, raise money and celebrate achievements. Though on a smaller scale, private events are also organised to showcase one’s achievements or for celebrations or important milestones in one’s life, both personal and professional.
The global events industry was valued at $1,110 billion in 2018 and is expected to grow at a CAGR of 10.3 per cent to reach $2,330 billion by 2026.
So, when one is talking about the events industry, then it means big moolah.
Why does one need an event management company?
■ Event managers are experts at their job. They are professional project managers and have good knowledge and know how about the kind of events they organise.
■ Hiring an event management company saves time and money for the organisation or people or individuals. With a dedicated group of people working for their event, the organisers can save on time and lots of money, which can be spent due to haphazard planning.
■ When event managers come into picture, the onus is upon them to come up with inspiring, sensational and creative events to uplift the image of the organisers.
■ Since the event managers tend to be pros in their business, they put together skilled people to successfully conduct and conclude an event.
■ The best part about hiring an event manager or event management company is being able to clearly figure out how much will be spent on a planned event and how the money will be spent in the best and most economical manner, without compromising on quality.
Challenges of event management companies and need for revenue forecasting
1) Tight purses. Not all organisers are willing to pay upfront for getting an event organised. Nor is it a norm in the industry. So, event managers or companies have to work with tight budgets to create miracles at work. Sourcing of products and human resources mean costs.
2) Strict compliance with protocols: Huge brands or any brand for that matter is highly particular about the kind of image they project. So, the event managing companies have to have the right knowledge of the industry they are dealing with and also know the various protocols of organising an event.
Even for private events, there is a need to know the local laws, the dos and don’ts so that the organiser or organisation does not face any problems at any stage.
3) Of late, the target audience of any kind of event has a short span of attention and in the social media world, crave for variety and excitement. Irrespective of how big or small an event is, the event managers have to up the game, so the target audience is kept involved throughout the event.
4) Another major issue for event managers or event management companies is to secure sponsorships and partnerships for an event. This is crucial when organising events for organisations, interest groups and charitable events. Best brands would want similar or niche brands to sponsor or partner their events. This could be pretty tricky for an event managing company as it means shelling out resources, both human and monetary, to achieve their targets.
5) Socio-economic and political reasons also impact the functioning of event management companies, because at times events are organised in other countries or even continents. So, the event management companies have to be completely aware of the social, economic and political situation of a place, to make sure the event organiser does not face any hiccups throughout the event. This means resources, loads of research and hiring local partners for better execution.
6) Last, but surely not the least, event management companies must be aware of all safety and security laws of a place or country where they are holding an event. This holds good even for a private party, because no one wants unwanted people barging in. The responsibility of hiring and managing good security personnel also falls upon the event manager. Again, it is an exercise that needs resources prior to the time when payments are made.
What advice could astro-strategist Hirav Shah give to event managing companies?
To begin with, Hirav Shah is a one-man business consultant. Just like event management companies need to have the know-how regarding various industries to excel in their job, Hirav Shah is a pro in handling problems of various industries across sectors. He is a corporate guru, who constantly guides corporates to perform better and up to their potential.
Financial forecasting is a must for everyone who is in the business of making money. Foreseeing challenges and being prepared for them is a healthy sign of long-term survival. Markets are volatile and situations can change in a jiffy. Huge event management companies and small event management companies need to have the capacity to mobilise resources, both human and material, at short notice. In fact, this is where their expertise is tested by the event organiser.
Event management is a thriving business. Still, a lot of glitches can pop up leading to mismanagement of resources, especially finances.
Knowledge is top priority in the industry and it is in knowing teeny-weeny details about both the corporate and celeb world helps event management companies survive and ace the business.
Hirav Shah with his in-depth knowledge and analysis will help the event management companies, irrespective of whether they are big, small or medium to take the necessary steps to be successful and remain successful. He gives a road map for the companies to help them plan for the future.
Like each business has its intrinsic problems, each individual also has some problems that need to be considered. Hirav Shah, with his expertise in astrology guides event management companies regarding the direction that they need to take.
In short, astro-strategist Hirav Shah is an event management company’s go-to man.