As the Republican primary approaches here in Florida, the television and airwaves are saturated with claims of a continued failing economy detailing how it is still impacting small business. Who is responsible, who can fix the economy and is the economy trending in a positive direction. Certainly these debates will become more intense as the general election draws near. But no matter who is right or wrong, recent years have forced us all to take a look at our own fiscal fitness, both personally and professionally, as we each share some responsibility.
One of the largest challenges both individuals and organizations have had to deal with over the last few years is doing more with less. As citizens we are adapting to the sluggish economy by trying to be more responsible in our own homes, clipping coupons and cutting expenses, limiting unnecessary driving to reduce gas consumption and reducing our leisure expenses just to name a few. Professionally, businesses are also learning to function on not only fewer financial resources, but reduced staff and consequently, less knowledge and experience, forcing creative alternatives in work and production. In the meeting and event planning world, these shortages translate to cancelled or smaller meetings, less incentives, and fewer amenities.
Planners have largely been able to absorb this loss, by outsourcing items such as site selection and contract negotiating, as well as encouraging continued business through incentives and concessions which, up until the last twelve months or so, have primarily been provided by hotels and other venues. As we slowly enter a seller’s market, incentives are disappearing, rates are rising, and negotiations are no longer solely on the buyer, or planners, side. As many clients are still being ultra conservative with their meeting and incentive budgets, this poses a unique challenge for meeting planners. While this juxtaposition is seemingly difficult, I believe it can also be significantly beneficial overall for not only the hotelier and the planner, but the most important piece of our puzzle, the client. Consider this, when economic times are tough, clients have the opportunity to be selective with whom they work with and demand the highest quality service. These transitional times forces suppliers to not only increase the quality of their work, but increase their personal value to the industry to meet these demands. I know, economics 101, supply and demand, but that should, in theory, apply to the quantity of services available, not the quality of work provided. When we better ourselves, we better our organization as a whole. Be honest. Improve yourself. Work together. The cornerstone of most effective industries, and especially that of meeting and event planning, is relationships. Take advantage of the resources that are available, outsource when necessary, and know the difference between your needs and wants.
One of the largest challenges both individuals and organizations have had to deal with over the last few years is doing more with less. As citizens we are adapting to the sluggish economy by trying to be more responsible in our own homes, clipping coupons and cutting expenses, limiting unnecessary driving to reduce gas consumption and reducing our leisure expenses just to name a few. Professionally, businesses are also learning to function on not only fewer financial resources, but reduced staff and consequently, less knowledge and experience, forcing creative alternatives in work and production. In the meeting and event planning world, these shortages translate to cancelled or smaller meetings, less incentives, and fewer amenities.
Planners have largely been able to absorb this loss, by outsourcing items such as site selection and contract negotiating, as well as encouraging continued business through incentives and concessions which, up until the last twelve months or so, have primarily been provided by hotels and other venues. As we slowly enter a seller’s market, incentives are disappearing, rates are rising, and negotiations are no longer solely on the buyer, or planners, side. As many clients are still being ultra conservative with their meeting and incentive budgets, this poses a unique challenge for meeting planners. While this juxtaposition is seemingly difficult, I believe it can also be significantly beneficial overall for not only the hotelier and the planner, but the most important piece of our puzzle, the client. Consider this, when economic times are tough, clients have the opportunity to be selective with whom they work with and demand the highest quality service. These transitional times forces suppliers to not only increase the quality of their work, but increase their personal value to the industry to meet these demands. I know, economics 101, supply and demand, but that should, in theory, apply to the quantity of services available, not the quality of work provided. When we better ourselves, we better our organization as a whole. Be honest. Improve yourself. Work together. The cornerstone of most effective industries, and especially that of meeting and event planning, is relationships. Take advantage of the resources that are available, outsource when necessary, and know the difference between your needs and wants.
The market WILL turn around, the economy WILL improve, and people will again become more liberal with their meeting budgets. That certainly does not mean that we should be any less responsible with the task with which we have been entrusted, or reduce the quality of work we provide, quite the contrary. Success in the future of our business and our country will depend not on how we take advantage of each other during challenging times, but on how we learn from these challenging times and use this information to work together for that ultimate goal. For meetings and event planners and our partners, that means getting EVERY client, no matter the size, the best possible meeting for their budget during any economy.
