In this business ideas are valuable but as an event producer you have to determine the feasibility of your event ideas.
When determining event feasibility I usually look at a few key factors; 1) Cash Flow, 2) Resources and 3) timelines.
Understanding where the cash flow comes from is important to determining if you will have the cash flow available and required during the planning process..
Cash flow for events depends on the revenue stream of the event. It is integral to ensure that there is ample cash flow throughout the planning process in order to ensure that all deposits can be made and suppliers are secured with ample planning time.
Resources, both internal and external are an important part of determining event feasibility. Internal resources can include strengths of the company that can be pulled from and utilized during the planning process. Internal resources may include time investment from internal staff to assist with the event process or skills from the internal team that can be utilized such as graphic design or marketing. Internal resources can also be tangible event expenses such as printing or photography.
External resources such as your regular suppliers have to be able to meet event timelines and turn- around times and be available to support this event. As a third party planner you are only as good as your external and internal suppliers.
Timelines are also an important consideration in determining feasibility of moving the event forward. Ensuring there is ample and realistic timelines to complete the event will help to ensure a successful event. Unrealistic timelines will only hold the event back from its potential success and create a stressful environment for the team.
