How can you manage risks and contingencies while keeping to the corporate event budget?

Unless you know where you are you cannot go where you want to go, hence you have to identify and assess your current status, once you know where you stand you can take the next step

As a founder of SKIL Events, managing risks and contingencies while adhering to the corporate event budget is a critical aspect of our operational strategy. We prioritize thorough risk identification and assessment, followed by the creation of a robust risk management plan. Setting aside a contingency budget allows us to handle unforeseen challenges calmly and creatively, ensuring the success and seamless execution of every event. Continuous monitoring and review further enhance our ability to adapt and deliver exceptional experiences for our clients.

Some steps that are crucial: - Make an open plan keeping budgets, timelines, lapses, manpower, overheads, last minute changes or adjustments in the strategy to execute the event - Adopt the principle of visualisation. Think ahead. Seek out what could change or mishap that could happen and plan for them. Visualise what the event will be like when it rolls out. And then again plan backwards so that most things that can go wrong are accounted for. - Keep communication open, timely and transparent. Involve all that are crucial to the event. Get their ideas and commitment. Keep backups wherever required and possible. Visual checklists and updates. And execute for success!

In my experience, you should always have a contingency budget if you are hosting your event outdoors. There are too many variables, and too many opportunities to run into challenges with not having the adequate equipment, and obviously weather throwing a monkey wrench into your event. Sometimes venues have chances to negotiate on rentals, or secondary charges like audio visual, and hard equipment (staging and tables). I have used my negotiated discounts as my contingency (still planning on paying the full amount).

We recently ran a ski weekend on the first open weekend of the season. We knew there was no guarantee of snow but as it got closer the chance of skiing became slim. We ended up offering different options and ultimately needed to pivot the activity entirely. I think knowing that we were taking a risk initially helped keep us ready to adjust as needed. Sometimes the biggest hurdle to getting unstuck is the idea - “I never thought that would happen.” When you have the chance to process and plan, change is easier to manage

When faced with unexpected challenges, take a deep breath, assess the situation, and approach problem-solving with a clear and focused mindset. Panicking can hinder effective decision-making.Work closely with your team to address contingencies. Be flexible in your approach and ready to adapt to changing circumstances. Sometimes, unforeseen challenges can lead to opportunities for improvement or creative enhancements to the event.Think outside the box and be open to improvisation.

Personalization: We tailor every aspect of the event journey, from registration to post-event follow-up, to resonate with the audience. Accessibility: This encompasses physical accessibility of venues, accommodating diverse dietary needs, providing translation services, and offering options for attendees with disabilities. Engagement: We create interactive and immersive experiences that foster meaningful connections among attendees. Feedback Loop: Continuous improvement is key. We actively solicit feedback throughout and after each event to understand what worked well and where we can enhance the experience for future gatherings.