What’s the financial risk going to be for 2020 and 2021 events?
ASN Events Director Mike Pickford explains what should be considered when assessing your financial risk around 2020-2021 events as a response to COVID-19.
In terms of risk assessment, before you start, your PCO should assist you in determining your financial exposure if things are going to go wrong and a major change to your event plans becomes necessary. There will be some incurred expenses from ASN Events accrued to the point of cancellation – we have a generous client support position of not charging until work is completed. Whilst that may actually seem high risk to ourselves, for us our preference is the relationship with our clients is based on trust and shared risk. That approach has been really tested over the last couple of months and we are thrilled (and relieved) to get the support we have from our clients as we navigate these times.
Not surprisingly, ASN Events also recommends you draw on our experience to review your budget. That’s the best way to quantify the risk and move to an informed decision. We can tell you the breakeven number of delegates you will need for any scenario. That said, consider the following points in making your assessment for events for the rest of 2020 or in 2021:
Can delegates come to the meeting safely and return when they expect, and if you are not sure yet, when can you expect to know?
What timeline is the venue putting on deposits, will it be re-start ready and as safe as the delegates normal workplaces?
Can you expect any overseas speakers to present in person? Will this save you money? Have you still got a great program?
What are the cancellation clauses and do they need reviewing?
Are currency changes going to affect any of your costs
Are there any financial incentives out there for meetings to take place as planned? (The answer is yes but you need to talk to us to find out more)
Don’t rush any decisions, time is actually on your side at the moment. ASN Events Senior Team members can all help you through this assessment, simply contact your Project Manager.
