September 2, 2015Kim Bahr
Your CEO leads with mission-driven energy and confidence. An early sell-out might be welcome, but there are other surprises that CEOs Do. Not. Want. Ever.
Here are five big surprises that can turn a good day into a terrible one for your CEO (and you, too!) …
It’s great to know how much you charge for use of rooms and resources, but do your costs vary, and can you predict when higher costs will eat away profit? Bringing in $10,000 revenue on a room rental is great – but not when you find out it unexpectedly COST you $9,500 to rent it. CEOs love it when you keep your finger on the pulse of variable expenses, which can change under different conditions.
Suddenly noticing vacant spaces and unused resources when it’s too late to take action can be awkward to explain. Avoid the cringe-worthy question, “Why didn’t you catch this sooner?” Smart nonprofits don’t just track utilization, but project gaps and adjust strategies to hit utilization goals.
True story: “The gala was the biggest ever. We were all proud of the funds we would be raising for the museum. But then we discovered that several key equipment items had been mistakenly double-booked across the MS Outlook calendars we use. So, we had to rent a lot of equipment from an expensive outside supplier, and the gala’s net contributions were reduced considerably. The CEO was not happy.” Don’t let this happen to you!
The easiest way to budget is with what you know from past performance. However, if historical data for spaces, resources, and equipment is difficult to access, spread over multiple systems, or incomplete, this makes the process laborious. It can lead to errors and miscalculations. Be sure to budget based on the complete picture.
Billing for rooms, resources, and services can be complex. Some organizations just use the same pricing across varying conditions. Your CEO will not be pleased if your organization misses out on revenue. Ensure your system allows for variable, smart pricing to maximize revenue.
Stop all of these unhappy surprises today. Delight your CEO with efficient operations, excellent data-driven insights, and complete information. Artifax Event resource management software makes it simple. Contact JCA to learn more.