What mistakes should you avoid when renewing vendor contracts for event planning?

1 Not reviewing the contract terms

One of the biggest mistakes that event planners make is not reviewing the contract terms carefully before signing them. You might assume that the contract is the same as the previous one, or that the vendor has not changed anything significant. However, this can be a costly mistake, as you might miss some important details, such as price changes, cancellation policies, liability clauses, or service level agreements. These details can affect your budget, your flexibility, and your risk exposure in case of any issues or disputes. Therefore, you should always read the contract terms thoroughly, and compare them with the previous one, before agreeing to them. If you have any questions or concerns, you should clarify them with the vendor, and request any changes or amendments that you need.

4 Not building a relationship

A fourth mistake that event planners make is not building a relationship with their vendors. You might treat your vendor as a transactional partner, or as an adversary. However, this can limit your collaboration, trust, and satisfaction with your vendor, and affect the quality and outcome of your event. To avoid this, you should build a relationship with your vendor, based on mutual respect, appreciation, and communication. You should treat your vendor as a strategic partner, who can help you achieve your event goals, and who has your best interest at heart. You should also show your vendor that you value their work, expertise, and contribution, and that you are willing to support them, and work with them. You should also acknowledge their achievements, celebrate their successes, and reward their loyalty.

5 Not evaluating the contract performance

A fifth mistake that event planners make is not evaluating the contract performance after the event. You might think that the contract is over, or that you don't need to give or receive any feedback. However, this can prevent you from learning from your experience, improving your future events, and maintaining or ending your relationship with your vendor. To avoid this, you should evaluate the contract performance after the event, and share your results and insights with your vendor. You should measure the vendor's performance against the contract terms, your expectations, and your event goals, and identify the strengths, weaknesses, opportunities, and threats. You should also solicit feedback from your attendees, stakeholders, and staff, and see how they perceived and valued the vendor's service. You should also give feedback to your vendor, and thank them for their work, and recognize their achievements. You should also discuss any issues or complaints, and seek resolutions or improvements. You should also decide whether you want to continue or terminate your relationship with your vendor, and plan accordingly.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?