An event Business Plan serves to
communicate the strategic plan for taking the event forward, usually over a
period of three to five years (if it is not a one-off proposition). Every event
should have a business Plan.
Regardless of the scale, age or history of your event, the
Business Plan is an essential tool that will:
> Communicate the vision,
purpose and benefits of the event to others
> Enable you to focus on the
event’s potential to develop and grow
> Illustrate and help secure
the event’s viability and sustainability in the longer term
> Show how much money is
needed and what it is needed for
> Help you plan the resources,
delivery and operating structure
> Help you raise funding
> Help you measure success
Don’t let the term ‘Business Plan’ put you off. You are likely to
have already thought about everything you write in the plan many times over. By
writing it down, it will help you organize your thoughts, share them with
others and allow you to make mistakes on paper before putting plans into
action. A Business Plan doesn’t have to be complicated. Keep it simple and
logical. Use your resources and invite key members of the team as well as event
partners (if appropriate) to contribute to its formation so that the plan is ‘owned’
by the team. Key areas to be addressed in an event Business Plan include:
> The event’s vision and
mission – i.e. what it ultimately aims to achieve
> Who the key stakeholders
are, what benefits they will accrue and how the event fits with their strategies
> The relevant experience and
track record of the organizers
> The event’s background and
an overview of plans for the current year chapter two business planning 23
> The SWOT analysis (identify
strengths, weaknesses, opportunities and threats)
> The
audience/spectator/participant profile (existing and targets)
> Key objectives and
achievement strategy for the current year
> A development plan – key
aims and objectives going forward (beyond the current year)
> Marketing and communications
planning
> Event requirements –
staffing structure, facilities, services, venues, etc
> How much the event will cost
– budget projections over 3–5 year period
> How will it be paid for –
identifying income streams
> Management and business
controls
> Risk management and
contingency plans
> Future considerations
A broad guide can be provided to help you create your own unique
Business Plan. You can add or exclude elements that you feel are appropriate to
your event and situation – that means there is no right or wrong format. The
scale and complexity of the event will determine the size of the plan so don’t
be alarmed if your final document seems too short or very long. As long as key
issues pertinent to your event are thoroughly addressed and it is written in
plain English, it will be a very useful document that gives you, and others, confidence
to take the event forward.
Some guidance can sets out a logical sequence for compiling a
generic event Business Plan. It is suggested that this approach may fit all
events, can also give you a starting point if you feel you need guidance.
Subscribe for this guide or more information at eventspartyridersmgtconsult@gmail.com
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