What are the most common risks associated with conference cancellations or postponements?

1 Contractual obligations

One of the main risks of conference cancellations or postponements is breaching the contractual obligations with venues, suppliers, speakers, sponsors, and attendees. Depending on the terms and conditions of the contracts, the parties may incur penalties, losses, or liabilities for cancelling or rescheduling the event. Therefore, it is essential to review the contracts carefully and understand the clauses related to cancellation, postponement, force majeure, indemnification, and insurance. It is also advisable to negotiate flexible and fair terms that allow for adjustments or refunds in case of unforeseen circumstances.

2 Financial losses

Another risk of conference cancellations or postponements is suffering financial losses due to the sunk costs, opportunity costs, and revenue losses. Sunk costs are the expenses that have already been incurred and cannot be recovered, such as deposits, fees, travel, or marketing. Opportunity costs are the benefits that could have been gained from alternative uses of the resources, such as time, money, or staff. Revenue losses are the income that could have been generated from the event, such as ticket sales, sponsorships, or merchandise. To minimize these losses, it is important to have a realistic budget, a contingency plan, and a cancellation policy that covers the costs and compensates the stakeholders.

3 Reputational damage

A third risk of conference cancellations or postponements is damaging the reputation and credibility of the organizers and the event. Cancelling or rescheduling an event can create dissatisfaction, frustration, or mistrust among the attendees, speakers, sponsors, and partners. It can also affect the image and visibility of the event in the market and the media. To prevent or repair reputational damage, it is crucial to communicate clearly and promptly the reasons and implications of the cancellation or postponement, and to offer alternatives or solutions that meet the expectations and needs of the stakeholders.

6 Emotional stress

A sixth risk of conference cancellations or postponements is experiencing emotional stress or burnout. Cancelling or rescheduling an event can be a stressful and exhausting process for the organizers, speakers, and attendees, who may have invested a lot of time, money, and energy into the event. It can also cause disappointment, frustration, anger, or anxiety, especially if the event was highly anticipated, important, or meaningful. To cope with these emotions, it is important to acknowledge and express them, seek support and feedback, and focus on the positive aspects and opportunities of the situation.